El Maniel International Inc Enters Into Discussions to Acquire Stakes in Rural Community Banks of Ghana, West Africa to Expand G
January 14 2011 - 9:21AM
El Maniel International Inc (OTC: EMLL) announces that the
company's Board has unanimously agreed to move forward with the
acquisition of Rural Community Banks (RCB) in Ghana, West Africa as
one of the Company's significant business growth and development
milestones. "As micro-credit services from RCB are commonly
provided to small-scale mine operators, this Rural Community
Banking division initiative in Ghana will be expected to also
function as a reservoir of network and resources to compliment our
gold trading business arm under EMLL Mining Limited," according to
El Maniel's CEO, Jamie Khoo.
According to research, the small-scale mining of these precious
minerals has made significant socioeconomic impact on many
individuals and communities since it provides both part- and full-
time jobs for the people and in some cases it is the only source of
income available to the people. In the rural communities where
mining action takes place, the activity has reduced rural exodus,
promoted local economic development and contributed towards poverty
reduction. "Our banking initiatives is envisaged to be friendly
towards small scale miners as a number of them are still facing
difficulties in gaining access to the necessary capital from banks
due to the nature of their activities being scattered, informal and
lack of acceptable forms of collateral demanded by such banks,"
stated Jamie Khoo. "Under our Rural Community Banking plan, we will
encourage these group of customers to form co-operatives,
enterprises or companies to increase their capital base so that we
can put together programs to assist small-scale miners towards
achieving increased revenues and creating optimum socioeconomic
benefits to the local community."
El Maniel's Rural Community Bank Acquisition Program is under
way and the Rural Community Banking division is expected to
formalize before the end of the first quarter of 2011 at which
point the ownership in one or more RCB will be announced with plans
of progressive stake acquisitions throughout the year and beyond.
"All acquisitions will be made from our internal funding and this
exercise will not have any impact on the cash flow allocations of
our gold mining activities," added Jamie Khoo "The Rural Community
Banking division is expected to maximize and expand the
capabilities of the gold business trading arm under EMLL Mining
Limited and contribute significantly towards the company's
bottom-line."
El Maniel is 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. For further information and updates on
El Maniel, stay tuned to www.elmanielinc.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.
CONTACT: El Maniel International, Inc.
Investor Relations Contact:
ir@elmaniel.com
1 (917) 934-3643
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