Welcome!

News Feed Item

Wishbone Gold-2014 Growth Strategy

GIBRALTAR, GIBRALTAR -- (Marketwired) -- 01/08/14 -- Wishbone Gold (PINKSHEETS:WISHY) ('Wishbone' or 'the Company'), an exploration company focussed on precious metals, is pleased to set out an overview of the Company and detail its growth strategy and objectives for 2014.

Wishbone Gold was established by Richard Poulden, a successful resources entrepreneur, to acquire and develop quality gold projects. It listed in 2012 with two exploration properties and has now doubled this to four covering 34,700 hectares in a proven gold producing region of north east Queensland, Australia. It has identified new gold and polymetallic mineralisation on both of the initial licences. Most recently, the Company has secured a share exchange agreement with Global Resources Investment Trust plc (or 'GRIT'), a new company founded by a group of highly successful fund managers to focus exclusively on investing in the junior mining sector. GRIT plans to list on the main market of the London Stock Exchange. This milestone agreement provides Wishbone with an injection of working capital and an important new strategic investor which will support its investment policy to acquire and develop precious metal assets.

The driving force behind Wishbone's strategy is the firm belief in the significant medium to long term upside potential of the precious metals market, particularly gold. The retrace in the gold price over the past 12 months has created an ideal opportunity for Wishbone to identify and acquire quality assets which are currently in distress, due to insufficient capital for development or similar symptoms of the current investor fatigue prevalent across much of the resources market. Wishbone is targeting a significant gold portfolio through which to gain exposure to the sector recovery which the Board believe is inevitable.

Wishbone's high conviction in the upside potential of gold is based on two main factors. Firstly, it is impossible to inject as much liquidity into the world financial system as has been done under the various Quantitative Easing programmes without inflation following. Secondly, the rapid increase in the quantity of gold purchased by China. Since September 2011 the country is thought to have purchased more than 2,116 tonnes of gold(1), equating to approximately 80% of the entire annual mined world gold output.(2)

The Wishbone board brings with it a pedigree in the acquisition and growth company sectors. Chairman Richard Poulden has had a long and industrious career in building companies through acquisition; with Sirius Minerals and Alliance Medical being just two of his best known success stories. Poulden has surrounded himself with a similarly experienced team, ensuring that he has access to the most attractive opportunities and the ability to execute them efficiently.

The Board's confidence in the long term value accretion potential within the resources sector is one shared by the GRIT team. This common belief in the fundamentals of the natural resource market, and the opportunities inherent in downturns of the commodities cycle, puts the Wishbone team in good company. Wishbone will benefit from the share exchange as it provides the Company with access to capital through the sale of its shares in GRIT to fund both the development of its current portfolio and the evaluation of additional opportunities in the gold space. This is an innovative financing mechanism for a listed company, in a climate where ready access to capital is at the forefront of many investors' minds. In addition, GRIT also has the added dimension of providing Wishbone with an active partner within the resource investment arena.

The Wishbone team is continually assessing the suitability of new gold properties and measuring them against the investment criteria set by the Board to maximise the potential for value accretion. The stipulations for the successful investment profile are centred on de-risking development, and are focused on attractive geology and metallurgy where exploration data already exists. With this in mind, the Board supports the "closeology" argument. To paraphrase, "the best place to find any natural resource is where someone else has already found it". Fitting this principle perfectly are Wishbone's four Queensland properties. Results from Wishbone's first exploration field season at its Queensland assets, known as Wishbone II, Wishbone III, Wishbone IV and White Mountains, have supported this strategy, demonstrating some exciting gold and polymetallic mineralisation.

The latest results for Wishbone II, published in October, reconfirmed the Board's conclusion that the Hanging Valley target represents a priority prospect that contains multiple polymetallic veins located perpendicular to a major geological trend known as the Alex Hill Shear Zone. The latest work has defined extensions to the previously identified polymetallic DAB vein system as well as a parallel vein with grades of 1.25% copper, 0.12g/t gold, 476ppm molybdenum and 262ppm arsenic. High gold grades, including samples of up to 25.2 g/t gold, were also returned from rock chip samples on the previously discovered Haughton Bluff Creek West vein system and regional stream sediment sampling returned strongly anomalous results up to 27.7ppb gold in the area.

In addition to Hanging Valley, the Oaky Mill prospect is another highly prospective target where significant areas of copper and gold mineralisation have been discovered by soil sampling. Samples from 17 outcrops returned grades greater than 1% copper and a further eight returned grades greater than 0.5%m. A standout sample demonstrated high grade anomalies of 4.83% copper and 0.23 g/t gold. In addition, stream sediment samples defined elevated gold levels up to 11.7ppb gold. The Company is now planning to continue the delineation of surface gold anomalies and define drill targets at both Hanging Valley and Oaky Mill.

At the White Mountains licence, the Company has identified elevated gold-antimony arsenic bearing siliceous breccias. Recent exploration results have produced rock chips sampling 0.18g/t gold and 0.16g/t gold with strongly anomalous antimony and arsenic geochemistry. This zone appears to extend a further 1-2km to the north of the Edwards historical antimony mineral occurrence which returned a follow up rock chip sample of 14% antimony with 0.66 g/t gold and elevated arsenic. The Company is planning additional exploration programmes to evaluate the wider resource potential of this prospective property.

By applying modern exploration practices, coupled with the extensive historical data available across the Wishbone II, III, IV and White Mountains tenements, the Company has demonstrated the value upside of these gold properties. When considering both the potential of its current portfolio and the Board's desire to gain further exposure to the precious metals sector, 2014 is set to be a busy year for the Wishbone team, one in which much progress is expected to be made in delivering on the Company's objective to be a consolidator of quality gold assets.

(1) www.zerohedge.com

(2) www.gold.org

Contacts:
Wishbone Gold plc
Richard Poulden
Executive Chairman
+971 504 524 994

Wishbone Gold plc
Clive Hyman
CFO
+44 7802 634163
[email protected]

Northland Capital Partners Limited
Louis Castro
+44 20 7796 8800

Northland Capital Partners Limited
Lauren Kettle
+44 20 7796 8800

Beaufort Securities Limited
Chris Rourke
+ 44 20 7382 8300

Beaufort Securities Limited
Guy Wheatley
+ 44 20 7382 8300

St Brides Media & Finance Ltd
Frank Buhagiar
+44 20 7236 1177

St Brides Media & Finance Ltd
Susie Geliher
+44 20 7236 1177

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abilit...
For far too long technology teams have lived in siloes. Not only physical siloes, but cultural siloes pushed by competing objectives. This includes informational siloes where business users require one set of data and tech teams require different data. DevOps intends to bridge these gaps to make tech driven operations more aligned and efficient.
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service.
HyperConvergence came to market with the objective of being simple, flexible and to help drive down operating expenses. It reduced the footprint by bundling the compute/storage/network into one box. This brought a new set of challenges as the HyperConverged vendors are very focused on their own proprietary building blocks. If you want to scale in a certain way, let's say you identified a need for more storage and want to add a device that is not sold by the HyperConverged vendor, forget about it...
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...
The best way to leverage your CloudEXPO | DXWorldEXPO presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering CloudEXPO | DXWorldEXPO will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at CloudEXPO. Product announcements during our show provide your company with the most reach through our targeted audienc...
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
JETRO showcased Japan Digital Transformation Pavilion at SYS-CON's 21st International Cloud Expo® at the Santa Clara Convention Center in Santa Clara, CA. The Japan External Trade Organization (JETRO) is a non-profit organization that provides business support services to companies expanding to Japan. With the support of JETRO's dedicated staff, clients can incorporate their business; receive visa, immigration, and HR support; find dedicated office space; identify local government subsidies; get...
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world.
DXWorldEXPO LLC announced today that ICC-USA, a computer systems integrator and server manufacturing company focused on developing products and product appliances, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City. ICC is a computer systems integrator and server manufacturing company focused on developing products and product appliances to meet a wide range of ...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, @CloudEXPO and DXWorldEXPO are two of the most important technology events of the year. Since its launch over eight years ago, @CloudEXPO and DXWorldEXPO have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors!
DXWorldEXPO LLC announced today that the upcoming DXWorldEXPO | CloudEXPO New York event will feature 10 companies from Poland to participate at the "Poland Digital Transformation Pavilion" on November 12-13, 2018.
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...