African Business News - Item [109783]: News Release
El Maniel International to conduct alluvial gold mining in Ghana
El Maniel International Inc (OTCBB:EMLL - News) announces 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."
Topics: Organisation Structure Countries: Ghana
Industries: Gold Mining
Reference: Company news item Contact E-mail Address: N/A
Date Posted: 18.Aug.2010 13:31:00 [GMT+2:00] Expiry Date: 13.Aug.2020
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