NEW YORK, Sept. 8, 2011 (GLOBE NEWSWIRE) -- El Maniel International Inc (Pink Sheets:EMLL) has successfully established a local subsidiary in Papua New Guinea (PNG) known as PNG Gold Resources Limited to focus on developing our gold business domain in PNG. "We are very excited about the establishment of this subsidiary in PNG and the first project undertaken by PNG Gold Resources Limited will be the alluvial gold mining project situated in Enga Province of PNG which has a projected gold reserve of 270,000 ounces with potential value of about $500 million based on current gold prices" according to Jamie Khoo, CEO of El Maniel International, Inc "In addition, PNG Gold Resources Limited is also exploring possibilities of initiating gold trading in PNG to complement and contribute synergistically to our current operations in the West Africa in effort to generate additional revenue streams to enhance shareholder's value," said Jamie Khoo.
The Bank of Papua New Guinea has the sole authority to grant gold export licenses and currently, there are only about 7 export license holders. "We have initiated efforts to secure the gold export license from the Bank of Papua New Guinea and in view that gold trading is a very lucrative multimillion dollar business in PNG, if we can secure the gold export license, we can generate tremendous revenues to increase our bottom-line profits," added Jamie Khoo.
"All our activities in PNG will be consolidated under PNG Gold Resources Limited which will be managed by experienced management team supported by a team of geologists, engineers as well as skilled and semi-skilled workers" said Jamie Khoo "We are also in discussion to acquire more alluvial gold mining projects in PNG under this Company and in view of the abundant gold resources in the Country we believe that there is strong potential for us to become a dominant player in the Australasian Region under this domain which we expect to eventually contribute at least 50% of our total revenues".
About El Maniel International, Inc:
El Maniel International Inc is a publicly traded company currently focusing in the gold business domain including but not limited to trading, prospecting, developing and expanding the economic potential of its world class mining claims and the company is committed in creating shareholder's value by ensuring constant development of current and new resources in its global gold business domain. For further information and updates, visit www.elmaniel.com
"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 risk 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.