Business
Honduras Project Update
Honduras Project Update.
About this update from Wishbone Gold Plc
[{"type":"text","content":"\n \nRNS Number : 6052Y Wishbone Gold PLC 07 December 2017 \n\n \n \n7 December 2017\n \nWishbone Gold Plc\n(\"Wishbone Gold\" or the \"Company\")\nWishbone Gold Plc / Index: AIM / Epic: WSBN / Sector: Natural Resources\n \nHonduras Update \n \nWishbone Gold, a trading and exploration company focused on precious metals (gold and silver), is today updating its shareholders regarding its Honduras mining operations. \n \nAs announced on 31 March 2017, the Company's strategy in Honduras is to fund the development and exploitation of existing gold mine sites and modernise the artisanal mining sector. Wishbone Gold and its partners provide equipment and expertise to existing small mines in Honduras to enable them to increase production. In return, the mines agree to supply Wishbone Gold's trading subsidiary, Black Sand FZE, with all the output from the mines at preferential prices. The benefit to the mine is that increased production results in higher sales and higher profits. Wishbone Gold also ensures that there is no environmental damage from the processing and accounts to the Honduran government correctly for all taxes.\n \nThe operations in Honduras were temporarily stopped by the worst Caribbean hurricane season on record. Although covered less by the media than the hurricanes in the Caribbean, the weather was equally bad across Central America. The weather has now improved and construction crews are back onsite working to complete the buildings to house the processing plant. The plant and equipment had already been delivered to site before the weather stopped work.\n \nPrior to the wet season, most of the equipment was installed but commissioning activities were suspended as new buildings could not be completed prior to the hurricanes. The weather has now improved and the buildings are expected to be completed in the next couple of weeks. \n \nThe current Honduran election dispute remains ongoing with demands from the opposition for a recount or to re-run the elections. The Company's local partners have reported that the demonstrations and protests have been largely limited to the capital, Tegucigalpa, but the position is unlikely to be stable for a few more weeks. Whichever party is eventually declared the winner, the board believes that Wishbone Gold's business model wil...