Last checked at 21 May 2019 14:31
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR")
21 May 2019
Wishbone Gold Plc
("Wishbone Gold" or the "Company")
Wishbone Gold Plc / Index: AIM: WSBN / Sector: Natural Resources / NEX: WSBN
Wishbone General Trading Update
Wishbone Gold Plc, the gold trading and exploration company has pleasure in issuing a general trading update.
As we had anticipated, we have been able to make some shipments of gold from the Honduras plant in the year to date but gold recoveries have been low and efforts are being made to improve the quality of the feedstock, including tests being conducted. In the light of this, the Group is reviewing its strategic options for the operation in which the Group has a remaining capital investment of approximately US$250,000. The original investment was US$450,000 but $200,000 of this has been recouped from retained gold shipments. Options being considered include negotiations for the possible sale of our interest in the operation to our joint venture partner or us taking full control of the operations. As and when anything definitive is agreed, this will be announced.
Overall gold trading in the first part of the current financial year has seen volumes increasing (particularly in March and April) compared with the same period last year. Margins remain low as a result of competition and only a modest contribution is being made towards Group overheads. A full update will be issued with the 2018 Annual Report due to be published in June.
The Company is focused on growth and expansion is continuing to be examined in Africa and Asia, with new initiatives under negotiation in Hong Kong which could make up for delays with the Honduran project. Growth through acquisition is being investigated and we will update the market as soon as any firm agreements are made.
Enquiries:
Wishbone Gold PlcRichard Poulden, Chairman Tel: +44 207 812 0645
Beaumont Cornish Limited(Nominated Adviser and NEX Exchange Corporate Adviser) Tel: +44 20 7628 3396 Roland Cornish/Rosalind Hill Abrahams
Turner Pope Investments (TPI) Limited (Broker) Tel: +44 20 3621 4120Andy Thacker
Damson Communications(Public Relations)Abigail Stuart-Menteth/Rosie Quigley Tel: +44 20 7812 0645