NEW YORK, Aug. 17, 2010 (GLOBE NEWSWIRE) -- El Maniel International Inc (OTCBB:EMLL) announces today that its board has unanimously agreed to move forward on initiatives to conduct Alluvial Gold mining in Ghana, West Africa.
Alluvial mining is a process used where a river runs or has previously run through ground which is rich in gold. The effect of the erosive power of the water in the river is such that the surrounding rock being light (of low density) is carried downstream whilst the gold, being very heavy, resists being moved. Once in a state where gold has already been concentrated by natural alluvial processes, a further step is used which traps the small gold particles, allowing remaining sand, etc. to pass through. The final gold concentrate is cleaned further by amalgamation and distillation.
El Maniel's plan covers more than 200 acres of Gold mining concessions in Ghana with initial action to take place on a parcel of 25 acres, an alluvial gold mining plot located in Asikam, Kibi, at the East Akim District of the Eastern Region of Ghana. Gold accounts for about 40% of total exports in Ghana, ranking it as one of the largest areas of Gold deposits in Africa, second only to South Africa. Ghana is currently the 10th largest Gold producing country in the world.
El Maniel will execute this initiative efficiently as a joint venture with a local partner with extensive experience in alluvial gold mining technology. "This gives us the resources and equipment necessary to expedite this for collective benefit," states EMLL CEO Jamie Khoo.
"It's important to note that Gold accounts for 40% of the total exports in Ghana. It is well known for its abundance in minerals with the discovery of Gold dating back 500 years," adds Khoo. "The 25 acres we plan to begin with is expected to have a gross estimated alluvial gold reserve deposit value of a minimum of 260,000 oz. This is subject to final geological survey, but even as an estimate, we are confident the project will be highly profitable as the current U.S. Gold price is USD1,221 with upward expectations, while the cost to produce Gold per ounce in Ghana is roughly USD400-500, allowing for tremendous margins for El Maniel."
A report Monday showed that Gold prices rose to a six-week high on signs the global economy is faltering, boosting demand for the metal as a protector of wealth. In the last year, China has increased its gold holdings, by weight, by 75.69%, Russia by 18.78%, the Philippines by 18.50% and Mexico by 108.91%.
The company feels its strengths moving forward in regards to overall growth and position will be to place its focus in the oil/petroleum distribution and alluvial Gold mining projects while continuing to build its alternative asset portfolio as with the recent Stamps & Collectibles asset valued in excess of USD4 million and will be updating website, OTC Markets and other financial press distribution outlets to reflect this focus.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: The statements contained in this release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks and uncertainties include the Company's entry into new commercial businesses, the risk of obtaining financing, recruiting and retaining qualified personnel, and other risks described in the Company's Securities and Exchange Commission filings. The forward-looking statements in this press release speak only as of the date hereof, and the Company disclaims any obligation to provide updates, revisions or amendments to any forward-looking statement to reflect changes in the Company's expectations or future events.