LONDON, UNITED KINGDOM — (Marketwired) — 09/30/14 — Wishbone Gold Plc (AIM: WSBN)(PINKSHEETS: WISHY), an exploration and acquisition company focussed on precious metals, is pleased to announce its results for the half year ended 30 June 2014.
Highlights
Continuing work on acquisitions
Existing Tenements
Wishbone Gold have initiated a ground radar survey on White Mountains using a new technology, which can examine to a far greater depth than anything currently in use in Australia. Depths of 250 metres have been surveyed using this technology but the actual useable data depends upon conditions.
Mantle Mining, which has tenements adjacent to White Mountains, has recently acquired further tenements adjoining White Mountains. Their JORC resource on Granite Castle to the west of White Mountains is well established and we intend to trial the ground radar along strike from Granite Castle on our tenement.
Outlook
The Board remains confident about the prospects for 2014.
Chairman Richard Poulden said:
„Wishbone has made significant strides towards its objectives this half year. We have successfully brought on board a substantial institutional investor, GRIT, who have confidence in our management team. With the fire power and back up of both GRIT and Tabarak Investment Bank we are well placed to bring on board both small and large opportunities. We have been working on our acquisition program and will continue to do so. We carry on into the remainder of 2014 with great confidence.“
Wishbone Gold Plc
Executive Chairman–s Statement
Wishbone Gold Plc, an exploration and acquisition company focused on precious metals, is pleased to announce its results for the half year ended 30 June 2014.
Since we only announced our full year results for 2013 on 30th June this year it is only three months since I last wrote to you. In that announcement I updated you on what had happened in the first half of 2014 as well as the results for 2013.
A brief re-cap of the first half of 2014 is as follows:
We have initiated a ground radar survey on White Mountains using a new technology, which can examine to a far greater depth than anything currently in use in Australia. Depths of up to 250 metres have been surveyed using this technology but the actual useable data depends upon conditions.
The Market for Gold
Gold has recently continued to decline in the short term but many analysts see this as a bottom. The reason for this is the imminent tapering of the QE programs which have been supporting share prices in the west.
Financial Overview
As I said on the 30th of June, Wishbone has made significant strides towards its objectives this half year. We have successfully brought on board a substantial institutional investor, GRIT, who have confidence in our management team. With the fire power and back up of both GRIT and Tabarak Investment Bank we are well placed to bring on board both small and large opportunities.
We have been working on our acquisition program and will continue to do so.
Thank you all for your support.
Richard O–Dell Poulden, Chairman
Foreign exchange reserve records exchanges differences, which arise on translation of foreign operations with a functional currency other than US Dollars; principally Pounds Sterling and Australian Dollars.
Notes to the unaudited interim financial information for the half year from 1 January 2014 to 30 June 2014
These interim financial statements for the six months ended 30 June 2014 have been prepared in accordance with IAS 34 –Interim financial reporting–. The interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2013 which have been prepared in accordance with IFRSs as adopted by the European Union.
The operations of Wishbone Gold Plc are not affected by seasonal variations.
The directors do not recommend the payment of a dividend (30 June 2013: US$ Nil).
Non-statutory accounts
The financial information for the six months ended 30 June 2014 set out in this interim report does not comprise the Group–s statutory accounts.
Audited consolidated financial information for the year ended 31 December 2013 has been extracted from the consolidated financial information on the Group for the year then ended. Abridged accounts for the Company have been filed in Gibraltar.
The financial information for the six months ended 30 June 2014 and 30 June 2013 is unaudited.
Segmental Analysis
Management has determined the operating segments by considering the business from both a geographic and product perspective. For management purposes, the Group is currently organised into one operating division; resource evaluation. This division is the business segment for which the Group reports its segment information internally to the Board of Directors. The Group–s operations are predominantly in Australia.
Share options were issued to Clive Hyman, the CFO, on 7 March 2014 over 5 million new ordinary shares in the Company to vest as follows: 2,000,000 immediately on grant, 2,000,000 on 7 March 2015, and 1,000,000 on 7 March 2016. The fair value of the options as at the date of issue was US$ 44,756, which have been recognised within administrative expenses in the consolidated income statement.
On 2 July 2013, the Company approved the conversion of GBP 207,222.87 of expenses and debts into 11,841,307 ordinary shares to the Directors at a share price of 1.75p on the day to satisfy debts and expenses incurred on behalf of the Company.
On 18 December 2013 the Company approved the conversion of GBP 7,500 of expenses into 272,727 shares at the price of 2.75p.
On 7 March 2014 the Company issued 45,772,693 ordinary shares in exchange for 1,031,360 ordinary shares in Global Resources Investment Trust, net of issue costs of US$ 34,450.
The Company announced a conditional Placing and Open offer on 4 April 2014. A total of new issues, including commission shares, of 33,677,181 new ordinary shares were admitted to trading AIM on 28 April 2014 which raised US$ 780,792 net of expenses of US$ 32,682.
Copies of this announcement may be obtained from the Company Secretary at the registered office: G1 Haven Court, 5 Library Ramp, Gibraltar. In addition, an electronic version will be available on the Company–s website – .
Contacts: Wishbone Gold plc Richard Poulden CEO +44 7703 412 817
Wishbone Gold plc Clive Hyman CFO +44 20 7382 8372 +44 78 0263 4163
Northland Capital Partners Ltd William Vandyk +44 20 7382 1100
Northland Capital Partners Ltd Lauren Kettle +44 20 7382 1100
Beaufort Securities Limited Saif Janjua + 44 20 7382 8300
Beaufort Securities Limited Elliot Hance + 44 20 7382 8416
Damson PR Abigail Stuart-Menteth +44 7855 526550
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