Wishbone Gold PLC Trading Update (4221W)
February 09 2017 - 2:00AM
UK Regulatory
TIDMWSBN
RNS Number : 4221W
Wishbone Gold PLC
09 February 2017
9 February 2017
Wishbone Gold Plc
("Wishbone Gold" or the "Company")
Wishbone Gold Plc / Index: AIM / Epic: WSBN / Sector: Natural
Resources
Trading update
The Company entered into a debt facility in June 2016 to support
its gold trading, with shipments commencing in August 2016. Peak
trading was in December 2016 with 105 kilos committed and sold
during the month. The Company achieved its target of exceeding 25
kilos per week by the year end.
While volumes have been good in 2016, margins have been under
pressure due to India's change in import rules which provides a
premium for gold shipped to, and processed in, certain economic
zones. Early estimates for 2016 suggest that India remains the
largest ultimate purchaser of gold in the world followed by China,
which is also the world's largest producer.
In December 2016, CEO of Wishbone Gold plc's subsidiary, Black
Sand FZE, Barrett Kosh visited Peru and Chile as part of a UAE
Trade Delegation, which provided a number of new opportunities for
the Company and further announcements will be made as
appropriate.
In 2017 the Company expects to continue its reverse integration
by assisting with equipment purchases to further cement ties with
its suppliers.
The Company also expects that the ongoing developments in early
stage projects it has been working on since 2015 in Honduras and
Ghana should move forward significantly this year.
In February representatives of the Company will be visiting
Ghana at the invitation of the new government to review existing
gold projects and new opportunities offered to the Company.
Chairman and CEO of Wishbone Gold plc, Richard Poulden,
commented: "Overall this has been a transformative and successful
year for Wishbone. The gold market remains extremely strong in
volume terms which makes us believe that the oft quoted decline in
production is failing to monitor the small producers which is our
target supplier market. The traffic is inexorably east with small
premiums over the world spot price appearing from time to time in
India and Hong Kong."
- ends -
www.wishbonegold.com
Enquiries:
For further information, please contact:
Wishbone Gold Plc
Richard Poulden, Chairman Tel: +44 207 812
and CEO 0645
Allenby Capital
Nick Naylor / Nick Harriss Tel: +44 20 3328
/ James Thomas 5656
Beaufort Securities
Elliot Hance Tel: +44 20 7382
8300
Damson Communications
Amelia Hubert Tel: +44 207 812
0645
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTUKSNRBNAURRR
(END) Dow Jones Newswires
February 09, 2017 02:00 ET (07:00 GMT)
Wishbone Gold (LSE:WSBN)
Historical Stock Chart
From Apr 2024 to May 2024
Wishbone Gold (LSE:WSBN)
Historical Stock Chart
From May 2023 to May 2024