NEW YORK, March 10, 2011 (GLOBE NEWSWIRE) -- El Maniel International Inc (Pink Sheets:EMLL) announced today that the Company has entered into advance discussions with a gold refinery in Hong Kong SAR, China to supply gold from Ghana, Western Africa "We are very encourage by the level of interest and demand for gold in Hong Kong and China and we are expecting to formalize our negotiation into long-term supply contracts by the end of March 2011 with the first shipment as early as April 2011" states Jamie Khoo, CEO of El Maniel International Inc "We will capitalize on the gold buyer's license that was granted to us on January 13, 2011 for the export of precious metals and hence, our Gold Trading Division is expected to generate revenue as early as April 2011 becoming another promising profit centre."
According to the World Gold Council, China's gold demand is expected to double in 10 years as more investors accumulate and in the short-term, the demand for gold will be enough to strain global supplies. China is currently buying 50% of the world's gold production and this explosive demand is expected to bring the gold price to record high levels in 2011 as price dips are being seen as buying opportunity. "We also expect the value of our African assets to be enhanced by the continued uptrend of gold price which we believe can very soon chart US$1,600 per Oz," added Jamie Khoo.
El Maniel International Inc (Pink Sheets:EMLL) is a publicly traded company currently focused on prospecting, developing and expanding the economic potential of world class mining claims located in Ghana , West Africa and the company is committed to shareholder's value creation by ensuring constant development of current and new resources in the region. For further information and updates on El Maniel, stay tuned to 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 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.