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
SYS-CON Events announced today that Daiya Industry will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Daiya Industry specializes in orthotic support systems and assistive devices with pneumatic artificial muscles in order to contribute to an extended healthy life expectancy. For more information, please visit https://www.daiyak...
SYS-CON Events announced today that Nihon Micron will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Nihon Micron Co., Ltd. strives for technological innovation to establish high-density, high-precision processing technology for providing printed circuit board and metal mount RFID tags used for communication devices. For more inf...
SYS-CON Events announced today that Massive Networks, that helps your business operate seamlessly with fast, reliable, and secure internet and network solutions, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. As a premier telecommunications provider, Massive Networks is headquartered out of Louisville, Colorado. With years of experience under their belt, their team of...
SYS-CON Events announced today that Suzuki Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Suzuki Inc. is a semiconductor-related business, including sales of consuming parts, parts repair, and maintenance for semiconductor manufacturing machines, etc. It is also a health care business providing experimental research for...
"Our strategy is to focus on the hyperscale providers - AWS, Azure, and Google. Over the last year we saw that a lot of developers need to learn how to do their job in the cloud and we see this DevOps movement that we are catering to with our content," stated Alessandro Fasan, Head of Global Sales at Cloud Academy, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Enterprises are moving to the cloud faster than most of us in security expected. CIOs are going from 0 to 100 in cloud adoption and leaving security teams in the dust. Once cloud is part of an enterprise stack, it’s unclear who has responsibility for the protection of applications, services, and data. When cloud breaches occur, whether active compromise or a publicly accessible database, the blame must fall on both service providers and users. In his session at 21st Cloud Expo, Ben Johnson, C...
21st International Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, 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 strategy. Me...
Many organizations adopt DevOps to reduce cycle times and deliver software faster; some take on DevOps to drive higher quality and better end-user experience; others look to DevOps for a clearer line-of-sight to customers to drive better business impacts. In truth, these three foundations go together. In this power panel at @DevOpsSummit 21st Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, industry experts will discuss how leading organizations build application success from all...
SYS-CON Events announced today that mruby Forum will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. mruby is the lightweight implementation of the Ruby language. We introduce mruby and the mruby IoT framework that enhances development productivity. For more information, visit http://forum.mruby.org/.
Cloud-based disaster recovery is critical to any production environment and is a high priority for many enterprise organizations today. Nearly 40% of organizations have had to execute their BCDR plan due to a service disruption in the past two years. Zerto on IBM Cloud offer VMware and Microsoft customers simple, automated recovery of on-premise VMware and Microsoft workloads to IBM Cloud data centers.
Why Federal cloud? What is in Federal Clouds and integrations? This session will identify the process and the FedRAMP initiative. But is it sufficient? What is the remedy for keeping abreast of cutting-edge technology? In his session at 21st Cloud Expo, Rasananda Behera will examine the proposed solutions: Private or public or hybrid cloud Responsible governing bodies How can we accomplish?
Today traditional IT approaches leverage well-architected compute/networking domains to control what applications can access what data, and how. DevOps includes rapid application development/deployment leveraging concepts like containerization, third-party sourced applications and databases. Such applications need access to production data for its test and iteration cycles. Data Security? That sounds like a roadblock to DevOps vs. protecting the crown jewels to those in IT.
SYS-CON Events announced today that Cedexis will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Cedexis is the leader in data-driven enterprise global traffic management. Whether optimizing traffic through datacenters, clouds, CDNs, or any combination, Cedexis solutions drive quality and cost-effectiveness.
Elon Musk is among the notable industry figures who worries about the power of AI to destroy rather than help society. Mark Zuckerberg, on the other hand, embraces all that is going on. AI is most powerful when deployed across the vast networks being built for Internets of Things in the manufacturing, transportation and logistics, retail, healthcare, government and other sectors. Is AI transforming IoT for the good or the bad? Do we need to worry about its potential destructive power? Or will we...
SYS-CON Events announced today that B2Cloud will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. B2Cloud specializes in IoT devices for preventive and predictive maintenance in any kind of equipment retrieving data like Energy consumption, working time, temperature, humidity, pressure, etc.