In a statement, the AIM-listed company said it has been able to make ‘some shipments’ of gold from the Honduras plant and efforts are being made to improve the quality of the feedstock, including tests being conducted.
Wishbone noted that it has a remaining capital investment of approximately US$250,000 in the operation. The original investment was US$450,000 but $200,000 of that has been recouped from retained gold shipments.
A sale of the company’s stake in the Honduras asset is being considered, as is the possibility of the company taking full control of the joint venture.
Wishbone also said: “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.”
It added: “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.”
Wishbone said it is also investigating potential acquisitions.