EMLL: El Maniel International Inc Announces Three Quarter Revenue Projections for Kumasko Project in Ghana, Western Africa
March 14, 2011, 9:44 a.m. EDT
El Maniel International Inc Announces Three Quarter Revenue Projections for Kumasko Project in Ghana, Western Africa
NEW YORK, Mar 14, 2011 (GlobeNewswire via COMTEX) -- Further to the press release dated March 3, 2011, El Maniel International Inc /quotes/comstock/11i!emll (EMLL 0.00, +0.00, +28.57%) announced today that production forecast for Plot C - The Kumasko Project in April 2011 is expected to be in the region of 300 Oz generating a forecasted gross revenue in the region of $420,000 with expected net returns in the region of 30% of this amount according to preliminary estimates. "While we are thrilled at the potential of Kumasko Project with projected revenues from expected gold reserves in the region of $25 million based on current gold price, we also expect costs to decline significantly with planned implementation of operational improvements to optimize production efficiencies" states Jamie Khoo, CEO of El Maniel International Inc
El Maniel's gold mining operations and gold production on the 25 acres Kumasko Project situated in the Central Region of Ghana, Western Africa is scheduled to initialize in April 2011 and forecasted monthly revenue production in Q2 of 2011 is expected to follow through at the same rate. "We are optimistic of our projections and we are expecting a ramp-up in production of at least double the preliminary estimates for Q3 and Q4 of 2011" according to Jamie Khoo "The strong revenue stream from Kumasko Project will position El Maniel to pursue its ongoing business model of expanding its diversified ventures to generate additional revenue stream with an ultimate goal of enhancing shareholder's value".
El Maniel International Inc /quotes/comstock/11i!emll (EMLL 0.00, +0.00, +28.57%) 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.
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SOURCE: El Maniel International, Inc.
CONTACT: El Maniel International, Inc
Investor Relations Contact:
212-726-2179
ir@elmaniel.com
