Wishbone Gold PLC Trading Update (6103U)
25 October 2017 - 11:47PM
UK Regulatory
TIDMWSBN
RNS Number : 6103U
Wishbone Gold PLC
25 October 2017
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").
25 October 2017
Wishbone Gold Plc
("Wishbone Gold" or the "Company")
Wishbone Gold Plc / Index: AIM / Epic: WSBN / Sector: Natural
Resources
Trading Update
Wishbone Gold plc, the trading and exploration company focused
on precious metals (gold and silver), is pleased to announce that
its subsidiary Black Sand FZE ("Black Sand") is now receiving full
volume shipments from its new supplier in Mali.
Trials started a few months ago, prior to the wet season, and
will continue through next year. Roughly $700,000 worth of gold was
received last week with volumes expected to increase over the
coming months. Gold is expected to be shipped approximately every
ten days. This will be shipped as doré and thus will have varying
ranges of purity.
The deal was made possible with the additional funding coming
from the facility provided by RiverFort Global Capital
("RiverFort"), a strategic partner of Wishbone Gold, as first
announced by the Company on 18 August 2017 (the "Facility"). The
Company is using part of the Facility to help fund the expansion of
small scale mining activities, which has freed up further capital
to be used in trading.
The Company's operations in Honduras have been delayed by
continuing poor weather conditions. The worst Caribbean hurricane
season on record has had a knock-on effect across Central America
with flood damage to roads, crops and buildings. The equipment is
on site and secure and was tested and run up prior to the storms
descending. The next steps for the Company in Honduras are to
secure the erection of new buildings so that the mines can process
in all weather conditions.
The Board of the Company anticipates that the combined effect of
the developments in Mali and Honduras, compared to market
expectations for 2017, will be to reduce revenue but have a neutral
impact on the bottom line profit/loss numbers.
Wishbone is in various stages of discussion in other countries
to reform and expand small scale mining activities. More news will
be released regarding new contracts when they are agreed.
Richard Poulden, CEO and Chairman of Wishbone Gold plc stated
"We are pleased that Black Sand's new contract in Mali is moving
along as planned and we look forward to increasing the volumes in
the future. Mali produces 50mt of gold each year, which is mostly
from artisanal miners, meaning the opportunities remain
significant. In Honduras, the extreme weather conditions faced by
the region have set back our timing on site but we still hope to be
in production there early next year."
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 / James Thomas 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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