Wishbone Gold PLC First shipment gold Thailand new trading structure (5982E)
February 12 2018 - 6:39AM
UK Regulatory
TIDMWSBN
RNS Number : 5982E
Wishbone Gold PLC
12 February 2018
12 February 2018
Wishbone Gold Plc
("Wishbone Gold" or the "Company")
Wishbone Gold Plc / Index: AIM / Epic: WSBN / Sector: Natural
Resources
First shipment of gold from Thailand in new trading
structure
Wishbone Gold Plc, the AIM listed gold trading and exploration
company, announces the setup of its new Thai entity and the
subsequent first successful delivery of gold from Thailand to
Dubai.
Asian Commerce and Commodities Trading Co Ltd ("ACCT") has been
formed to expand Wishbone Gold's Asian presence. The entity is
currently 51% owned by Wishbone Gold's Thai local partner, who is
connected to the ruling Royal Family and 49% owned by Wishbone
Gold. After three months of operations, Wishbone Gold will increase
its shareholding in AACT to 95% through a transfer or subscription
for new shares as per Thai law. It is intended that this will be
the ownership structure going forward.
The first gold delivery was successfully sent via high value
cargo and received in Dubai last week, and the purity of the gold
received was assayed at 99%. Wishbone Gold expect shipment volumes
should increase over the coming months and aims to have multiple
deliveries each week from the supplier. The Company foresees that
Thailand will be one of the Company's major sources of supply.
This latest venture also provides additional opportunities for
Wishbone Gold's reverse integration strategy. Thailand has a
network of licensed artisanal/ small scale gold mines ("ASMs") that
meet the requirements for Wishbone Gold's model of reverse
integration into the mining sector by providing the correct
training and equipment to existing sites. Once the trading model is
running smoothly Wishbone Gold will engage with the Thai
authorities to roll out the artisanal model.
Richard Poulden, CEO and Chairman of Wishbone Gold, commented:
"We are pleased that the first shipment of gold arrived without a
problem and look forward to increasing the volumes. The possibility
of working with the Thai authorities to improve the working
conditions of ASM miners is exciting and will give Wishbone Gold a
good foothold in another gold producing country."
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 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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