El Maniel International Inc Enters Into Discussions to Acquire Stakes in Rural Community Banks of Ghana, West Africa to Expand Gold Capabilitiesadmin
El Maniel International Inc 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.
“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.