On behalf of the Board of Directors (the “Board”) of Wilton Resources Corporation Limited (“Wilton” or the “Group”), I am pleased to present our Annual Report and Financial Statements for the financial year ended 30 June 2017 (“FY2017”).
Wilton has taken important steps during FY2017 to unlock the value of the substantial gold resources in the mining concession blocks in Ciemas. Progress was achieved in many areas and these have culminated in the Group’s successful first gold pour in August 2017, as well as the reporting of an additional 6.16 tonnes (around 198,000 troy ounces) of gold mineral resources (in accordance with the JORC Code 2012 edition). This marked a significant milestone in the Group’s roadmap as we move towards our goal of becoming a major Asian gold-mining company.
Since the beginning of 2017, the price of gold has risen from US$1,140 per ounce to US$1,240 per ounce as at 30 June 2017. Being a precious metal that is widely accepted as a store of financial value, gold has been shown to thrive during periods of economic and political uncertainty. Gold remains as an attractive financial asset especially in view of the current volatile global environment such as uncertainties surrounding the USA, North Korea and Brexit.
Key developments at the Ciemas Gold Project In FY2017, Wilton achieved encouraging progress for both the Production Programme and Exploration Programme as the management team focused its efforts on commencing near-term production of gold at the Ciemas Gold Project. Several key developments were attained, the most important of which was the completion of the Group’s first leaching processing plant with its associated supporting infrastructure. As a result, the Group was able to start its production in June 2017 and produced its first gold pour in August 2017.
The Group also made notable progress in the ongoing Exploration Programme during FY2017. In February 2017, the Group announced the maiden mineral resources estimate for the Cibak and Cipancar Prospects. The Group’s independent consultant, SRK Consulting China Limited, has estimated approximately 1.1 million tonnes of Inferred Resources with an average grade of approximately 5.6 grams per tonne of gold (in accordance with the JORC 2012 edition). This is a positive development as it demonstrates the significant resources offered by the Ciemas Gold Project.
Stepping up production progressively
With the many advances Wilton has accomplished during FY2017, my team and I are excited that the Group is now poised to make further headway in the new financial year.
On the Production Programme, following the success of the first gold pour, the Group continues to optimise and improve the efficiency of the leaching process, and will scale-up the production capacity in stages.
The Group is moving towards finalisation of the detailed engineering design of a 500 tonnes per day (tpd) flotation and carbon in leach processing plant, and will be concluding the selection of an engineering, procurement and construction contractor in the coming months. The production from this processing plant is scheduled to commence by end of 2018.
The Group is also progressing towards the completion of a feasibility study on a larger 1,500 tpd project. This feasibility study and the estimation of Ore Reserves for the Group’s Pasir Manggu, Cikadu, Sekolah and Cibatu Prospect areas is expected in 2QFY2018.
On the Exploration Programme, Wilton will be looking to expand our mineral resources estimate by extending our exploration efforts to other mineralised areas identified by historical exploration within our 3,078.5 ha mining concession blocks at Ciemas.
In closing, I would like to express my thanks and gratitude to our shareholders for the patience and support they have shown to the Group. To my fellow Directors on the Board, I sincerely appreciate your guidance and valuable counsel. Last but not least, I wish to thank our Management and staff for their hard work, dedication and contributions to bring Wilton forward.
Executive Chairman and President