Last checked at 12 Feb 2018 11:39
12 February 2018
Wishbone Gold Plc
("Wishbone Gold" or the "Company")
Wishbone Gold Plc / Index: AIM / Epic: WSBN / Sector: Natural Resources
First shipment of gold from Thailand in new trading structure
Wishbone Gold Plc, the AIM listed gold trading and exploration company, announces the setup of its new Thai entity and the subsequent first successful delivery of gold from Thailand to Dubai.
Asian Commerce and Commodities Trading Co Ltd ("ACCT") has been formed to expand Wishbone Gold's Asian presence. The entity is currently 51% owned by Wishbone Gold's Thai local partner, who is connected to the ruling Royal Family and 49% owned by Wishbone Gold. After three months of operations, Wishbone Gold will increase its shareholding in AACT to 95% through a transfer or subscription for new shares as per Thai law. It is intended that this will be the ownership structure going forward.
The first gold delivery was successfully sent via high value cargo and received in Dubai last week, and the purity of the gold received was assayed at 99%. Wishbone Gold expect shipment volumes should increase over the coming months and aims to have multiple deliveries each week from the supplier. The Company foresees that Thailand will be one of the Company's major sources of supply.
This latest venture also provides additional opportunities for Wishbone Gold's reverse integration strategy. Thailand has a network of licensed artisanal/ small scale gold mines ("ASMs") that meet the requirements for Wishbone Gold's model of reverse integration into the mining sector by providing the correct training and equipment to existing sites. Once the trading model is running smoothly Wishbone Gold will engage with the Thai authorities to roll out the artisanal model.
Richard Poulden, CEO and Chairman of Wishbone Gold, commented: "We are pleased that the first shipment of gold arrived without a problem and look forward to increasing the volumes. The possibility of working with the Thai authorities to improve the working conditions of ASM miners is exciting and will give Wishbone Gold a good foothold in another gold producing country."
For images and more information on Wishbone Gold please visit the Company's website www.wishbonegold.com.
Enquiries:
Wishbone Gold Plc
Richard Poulden, CEO and Chairman Tel: +44 207 812 0645
Allenby Capital
Nick Naylor / Nick Harriss Tel: +44 20 3328 5656
Beaufort Securities Limited
Elliot Hance Tel: +44 20 7382 8300
Damson Communications
Abigail Stuart-Menteth / Amelia Hubert Tel: +44 207 812 0645