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Wishbone Gold shares positive news from Honduras

The operations in Honduras were temporarily stopped by the worst Caribbean hurricane season on record
Wishbone Gold's Honduran operations
Wishbone funds the development and exploitation of existing gold mine sites worked by artisanal miners

Wishbone Gold PLC (LON:WSBN) said its operations in Honduras are getting back in the swing of things now the wet season is over.

The company’s business model entails providing equipment and expertise to existing small mines in Honduras to enable them to increase production, and prior to the wet season, most of the equipment was installed but commissioning activities were suspended as new buildings could not be completed prior to the hurricanes.

READ: Wishbone Gold modifies equity sharing agreement with D-Beta One

The weather has now improved and the buildings are expected to be completed in the next couple of weeks, Wishbone said.

The country is still beset by a dispute over the result of the recent election with the opposition calling for a recount.

Wishbone’s local partners have reported that the demonstrations and protests have been largely limited to the capital, Tegucigalpa, but the position is unlikely to be stable for a few more weeks.

Wishbone believes its business model will still work, whichever party wins out, because unemployment, illegal mining and collection of taxation are priorities for both political parties. 

READ: Wishbone Gold says its Mali subsidiary is now receiving full volume shipments from its new supplier

"Wishbone Gold's strategy of reverse integration into the small mining sector remains our priority and we hope to announce further plans in this area shortly. We will provide a full trading update early in the New Year but wanted to share the positive news from Honduras as soon as possible," said Richard Poulden, the chairman and chief executive of Wishbone Gold.

Shares in Wishbone were up 23% in early deals.

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Wishbone Gold PLC Timeline

Newswire
February 09 2017

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Wishbone has supply agreements with miners based in Peru, Ghana, Chile and Colombia.

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