Slide 1 Slide 2 Slide 3 Slide 4
Board of Directors
Vision Mission &
   Core Values
Chairman's Statement
Key Executives

 

 

Dear Shareholders,

On behalf of the Board of Directors ("Board"), of Wilton Resources Corporation Limited ("Wilton" or the "Company''), I am pleased to present to you the Company's Annual Report and the Financial Statement for the financial year ended 30 June 2016.

Since the beginning of 2016, the price of Gold has increased by over 20% from US$1,080 per ounce to US$1,320 as at 30 June 2016. Gold is a commodity that thrives in times of economic uncertainty and recent events such as Brexit, disputes in the South China Sea, conflict in the Middle East and slowing economic growth in China, USA and Japan, have enhanced the attraction of gold as a financial asset. This bodes well for Wilton as we progress towards our goal to be a major Asian gold-mining company. Wilton's Ciemas Gold Project boasts high grades of ore, large and open resources, and low projected costs which make it an attractive investment opportunity.

Developments on the ground

The value of the Company lies in the gold resources of its mining concessions, and our focus is on unlocking this value as efficiently and in as short a timeframe as possible. In FY2016, our efficient project management has placed us on track towards our ultimate goal of commencing commercial production of gold.

The Company made significant achievements during the FY2016 with the completion of the engineering design for the mine, process plant, and tailings storage facility in respect of the 300 to 600 tonnes per day ("tpd") pilot production plant programme. The pilot plant is scheduled to commence production in 3QFY2017.

Additional surface rights of around 30 hectares within the tenement have been secured for the process plant and tailings storage area. The geotechnical investigation on this area has also been completed. This will pave the way for the civil construction work for the pilot production plant.

In respect of the production programme for the development of the four main prospect areas (Pasir Manggu, Cikadu, Sekolah, and Cibatu), steady progress has been made on the metallurgical testwork and process plant engineering design for the full-scale 1,500 tpd production plant. These studies, together with the mining design, will be incorporated in the feasibility study which is scheduled for completion by 2QFY2017.

In parallel with the above programmes, the Group is advancing exploration targets in other mineralised areas identified by historical exploration on our tenements in the Ciemas District, with the aim of expanding the mineral resource estimate in FY2017.

Maintaining our focus and steadfastly executing our plans

I am excited that the Company is moving towards mining of ore and, subsequently, the production of gold dare via the pilot production programme. This will be a significant milestone in the Company's history. We must maintain our focus and be steadfast in executing our strategy to realise the full potential of Wilton's assets.

Within the Company's concession blocks covering an area of 3,078.5 hectares, only four prospect zones (namely Pasir Manggu, Cikadu, Sekolah and Cibatu totalling just 200 hectares) out of the ten identified prospect zones have been explored. With these four prospect zones alone estimated to hold 4.6 million tonnes of ore and approximately 39,000 kilograms of contained gold, the Board remains optimistic as to the further exploration potential of the Company's concession blocks.

Acknowledgements

I would like to take this opportunity to express my thanks and gratitude to our shareholders for their patience and support to the Company. To the Board, Iwish to say, thank you for your guidance and valuable advice. Last, but not least, without the hard work and dedication of the Management and staff, our good progress would not have been possible. For this I wish to record my appreciation for their efforts.

Wijaya Lawrence
Executive Chairman and President