Maniel International, Inc Issues Open Letter to Shareholders
Press Release Source: El Maniel International, Inc. On Tuesday September 6, 2011, 8:36 am EDT
NEW YORK, Sept. 6, 2011 (GLOBE NEWSWIRE) -- El Maniel International Inc (Pink Sheets:EMLL) is pleased to issue an Open Letter to its valued shareholders to provide shareholders' update up to the fourth quarter of its fiscal year ending September 30, 2011 and forward statements for the quarters beyond.
Dear Valued Shareholders,
Firstly, we would like to thank our shareholders for their continued interest and support for our company. We are now entering into the fourth quarter of our fiscal year and it was an exciting transition year for our Company in so many ways.
We entered into the gold business domain by securing significant interest in alluvial gold mining claims in Ghana, West Africa in an initiative towards positioning the gold business domain as forefront to our business plans in becoming an international junior gold mining company through acquisitions of plots A, B, C and D as well as our gold trading business. Our West African ventures are progressing smoothly and successfully generated maiden income as we became a revenue generating company since the previous quarter.
The Company's financial results and disclosures are currently up-to-date and available online via www.otcmarkets.com and we had also successfully up-listed to the OTC Pink Current Information tier. Under the OTC Pink Current Information Tier, shareholders can trade with greater liquidity as they enter a new level of investment possibilities where doors are opened for more and larger brokerages to further expand trading in the Company's common stock.
One of our most exciting accomplishments during the fiscal year occurred in the previous quarter where we ventured into Papua New Guinea (PNG) in Australasia under our gold business domain plans. The assay report from the samples taken during our exploration visit to the project site situated in the Timun River of Enga Province, PNG generated promising results that exceeded our initial expectations with a high gold purity of 76.97% which supported our decisions to accelerate pilot operations. We will capitalize on the golden opportunities in PNG and in my opinion, the following quarters will be very promising for EMLL in the following ways:
We will be announcing the commencement of our accelerated pilot operations in PNG and the commissioning of our alluvial gold processing plant very soon as we are very excited with the projected gold reserves of the mining claim at 270,000 ounces with potential value of about $500 million based on current gold prices.
We anticipate our pilot alluvial gold processing plant for the processing of gold ore to be fully operational at 100% capacity and our engineer also reiterated that it is possible for us to achieve alluvial gold production rate of 300 to 350 ounces per month during the initial months of pilot operations.
We will invite shareholders to our open house in Papua New Guinea when our pilot operations are up and running for an opportunity to witness the our alluvial gold production as well as to meet the key management of El Maniel International, Inc.
We are in discussions to acquire additional alluvial gold mining interest in PNG so as to increase the economies of scale of our operations in PNG as well as to add value to our Company by capitalizing on the rising gold prices through production and new acquisitions.
We would also like to take this opportunity to inform our valued shareholders that the Company is not planning for any reverse splits and there are also no plans to increase the authorized shares of the company in the near future. Furthermore, the affiliates of the Company including the Chief Executive Officer has no plans of selling any shares into the market and the Company's share buy-back program will continue throughout the one year time frame or until we believe that our stock price is no longer undervalued. However, we believe that in the near term, we will be seeing stronger support in our stock prices as the market adjusts itself to reflect the true value that we bring to the Company.
Once again, we would like to thank all our shareholders for the continuous support and confidence in our Company. We remain committed in delivering value to our shareholders and more updates are coming soon -- stay tuned!
Sincerely,
Jamie Khoo,
