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Wishbone Gold expands precious metals business in 2016

In March this year Wishbone shares rose as it unveiled a new joint venture aimed at tapping gold mining in Honduras.
Wishbone Gold expands precious metals business in 2016
Wishbone owns a precious metals trading subsidiary in Dubai

Wishbone Gold PLC (LON:WSB) expanded its precious metals trading business Black Sand last year, and is upbeat on reporting further growth this year.

Reporting full year results, the firm said it narrowed its loss  to $958,100 from $1.12mln and had sales of $4.2mln.

Meanwhile, in March this year, Wishbone shares rose as it unveiled a new joint venture aimed at tapping gold mining in Honduras.

Subsidiary Wishbone Gold Honduras Ltd has inked the 30 - year deal with SION Honduras, which has an agreement with the Honduran government to expand the mining industry there.

Chairman Richard Poulden said: "Wishbone Gold PLC's further entrenchment into precious metals trading with its subsidiary Black Sand has seen an increase in the profitable opportunities for the company.

"The company's joint venture agreement in March 2017 through its subsidiary, Wishbone Gold Honduras Ltd with SION Honduras SA funds the development and exploitation of existing gold mine sites in Honduras, enabling then to increase production.

"In return, the mines will agree to supply Black Sand with all the output from the mines at preferential prices. It's proactive and sustainable model for the Company and its partners, and we look reporting further good news in coming months.

The firm has cash at $1.065mln as at period end in 2016. (2015: $23,741).

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Wishbone Gold PLC Timeline

February 12 2018

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