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
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...
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 abil...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
The emerging Internet of Everything creates tremendous new opportunities for customer engagement and business model innovation. However, enterprises must overcome a number of critical challenges to bring these new solutions to market. In his session at @ThingsExpo, Michael Martin, CTO/CIO at nfrastructure, outlined these key challenges and recommended approaches for overcoming them to achieve speed and agility in the design, development and implementation of Internet of Everything solutions wi...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
With over 720 million Internet users and 40–50% CAGR, the Chinese Cloud Computing market has been booming. When talking about cloud computing, what are the Chinese users of cloud thinking about? What is the most powerful force that can push them to make the buying decision? How to tap into them? In his session at 18th Cloud Expo, Yu Hao, CEO and co-founder of SpeedyCloud, answered these questions and discussed the results of SpeedyCloud’s survey.
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Kubernetes, Docker and containers are changing the world, and how companies are deploying their software and running their infrastructure. With the shift in how applications are built and deployed, new challenges must be solved. In his session at @DevOpsSummit at19th Cloud Expo, Sebastian Scheele, co-founder of Loodse, will discuss the implications of containerized applications/infrastructures and their impact on the enterprise. In a real world example based on Kubernetes, he will show how to ...
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...