Proactiveinvestors United Kingdom W Resources PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom W Resources PLC RSS feed en Wed, 20 Feb 2019 11:11:40 +0000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - W Resources makes three more tungsten shipments from its new Spanish mine ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12152/w-resources-makes-three-more-tungsten-shipments-from-its-new-spanish-mine-12152.html Fri, 08 Feb 2019 13:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12152/w-resources-makes-three-more-tungsten-shipments-from-its-new-spanish-mine-12152.html <![CDATA[News - W Resources makes three more tungsten shipments from its new Spanish mine ]]> https://www.proactiveinvestors.co.uk/companies/news/213959/w-resources-makes-three-more-tungsten-shipments-from-its-new-spanish-mine-213959.html W Resources PLC (LON:WRES) has completed three further shipments of tungsten to its European customer, following the delivery of the first shipment in December.

Cumulative production from the company’s mine in Spain now exceeds 50 tonnes of tungsten concentrate, and output is expected to rise in February as the focus moves to higher grade ore and away from historic tailings feed.

WATCH: W Resources' production from La Parrilla is 'very well-timed'

"We are pleased to hit the 50 tonnes production milestone and have delivered our first four tungsten shipments, taking into account minimal shutdowns over the festive season,” said W Resources chairman Michael Masterman.

“Optimising plant performance and ensuring quality production specifications continue to be met remain the core building blocks in the planning as we move to larger scale production in the second quarter of 2019. It's great to have the crusher complete and commissioned ahead of schedule and the core power, water, drainage, office and warehouse facilities complete and commissioned.”

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Tue, 05 Feb 2019 07:40:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213959/w-resources-makes-three-more-tungsten-shipments-from-its-new-spanish-mine-213959.html
<![CDATA[RNS press release - La Parilla Mine Update and Issue of Shares ]]> https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20190205070015_13957949/ Tue, 05 Feb 2019 07:00:15 +0000 https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20190205070015_13957949/ <![CDATA[Media files - W Resources' production from La Parrilla is 'very well-timed' ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11746/w-resources--production-from-la-parrilla-is--very-well-timed--11746.html Wed, 09 Jan 2019 16:29:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11746/w-resources--production-from-la-parrilla-is--very-well-timed--11746.html <![CDATA[News - W Resources announces La Parrilla mine's first crushed ore ]]> https://www.proactiveinvestors.co.uk/companies/news/211548/w-resources-announces-la-parrilla-mine-s-first-crushed-ore-211548.html W Resources PLC (LON:WRES) has fed the first mined ore into the new crusher plant at its flagship tungsten and tin La Parrilla mine in Spain ahead of schedule.

Commissioning of the mined ore is now underway.

READ: W Resources completes La Parrilla mine’s crusher plant

"First ore into new crusher was achieved on 18 December 2018 ahead of the January 2019 target and is a great credit to the team at La Parrilla,” said chairman Michael Masterman.

“We wish everyone a safe and Merry Christmas and a positive New Year."

W Resources PLC (LON:WRES) has fed the first mined ore into the new crusher at its flagship tungsten and tin La Parrilla mine in Spain ahead of schedule.

Commissioning of the mined ore is now underway.

The group announced earlier this month the mechanical completion of the crusher – the first of three plants to be completed at La Parrilla.

The crushing circuit has been engineered to minimise the creation of tungsten fines and is designed to process 350 tonnes per hour of ore.

READ: W Resources adds fund manager Miton Group to its share register following £1.5mln share placing

Broker, Northland Capital Partners, said: "Increased volume of mined ore is expected to be delivered to the plant as it moves into 2019, in accordance with a planned ramp-up ahead of the commissioning of a new larger scale concentrator in Q219.

"This is expected to allow the company to generate revenue and cash flow ahead of its move to large-scale production later in 2019 for which it plans a run rate of 2,500 tonnes per annum of tungsten concentrate."

Northland said the company's strategic planning is now advancing well, having secured a US$35m debt finance facility from Blackrock along with two major offtake agreements in Europe and the US against a background of firm product pricing.

The broker added that this was facilitated by last month’s £1.5mln fundraise, which was designed to provide working capital independent of the debt finance facility, while also introducing new investors to the share register.

Northland has a 'buy' recommendation and price target of 1.2p on the stock. In early afternoon trading, W Resources shares were trading at 0.53p each, up 1.9% on Wednesday's close.

 -- Adds share price -- 

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Thu, 20 Dec 2018 07:56:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/211548/w-resources-announces-la-parrilla-mine-s-first-crushed-ore-211548.html
<![CDATA[RNS press release - La Parrilla Mine's First Crushed Ore ]]> https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20181220070003_13910529/ Thu, 20 Dec 2018 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20181220070003_13910529/ <![CDATA[Media files - W Resources completes La Parrilla mine’s crusher plant ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11570/w-resources-completes-la-parrilla-mines-crusher-plant-11570.html Mon, 10 Dec 2018 15:57:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11570/w-resources-completes-la-parrilla-mines-crusher-plant-11570.html <![CDATA[News - W Resources completes La Parrilla mine’s crusher plant ]]> https://www.proactiveinvestors.co.uk/companies/news/210855/w-resources-completes-la-parrilla-mines-crusher-plant-210855.html W Resources PLC (LON:WRES) has today announced the mechanical completion of the La Parrilla crusher plant.

It paves the way for commissioning of mined ore from the Spanish project during January, the company said in a stock market statement.

READ: W Resources delivers first tungsten shipment from La Parrilla Mine

“The crusher is the first of the three La Parrilla plants to be completed and it's a great credit to the team to complete it ahead of schedule and on budget,” said Michael Masterman, W Resources chairman.

“We are looking forward to first mined ore into the crusher early in the new year which will contribute to an increase in production rates from La Parrilla in line with the planned ramp-up programme."

W Resources told investors that the crushing circuit has been engineered to minimise tungsten fines and it is designed to process 350 tonnes of ore per hour.

It is made up of a jaw crusher and secondary cone crusher, both with vibrating grizzlies, as well as two tertiary cone crushers in closed circuit with a double deck banana screen.

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Mon, 10 Dec 2018 08:41:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210855/w-resources-completes-la-parrilla-mines-crusher-plant-210855.html
<![CDATA[RNS press release - Mechanical Completion of La Parrilla Crusher Plant ]]> https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20181210070005_13896672/ Mon, 10 Dec 2018 07:00:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20181210070005_13896672/ <![CDATA[News - W Resources jumps as it delivers first tungsten shipment from La Parrilla Mine ]]> https://www.proactiveinvestors.co.uk/companies/news/210371/w-resources-jumps-as-it-delivers-first-tungsten-shipment-from-la-parrilla-mine-210371.html Shares in W Resources PLC (LON:WRES) jumped in late-morning trading Monday as it delivered the first shipment of tungsten concentrate from its La Parrilla mine in Spain.

Michael Masterman, chairman of the AIM-listed miner, said that the order had been delivered on 30 November with shipment sizes to build through December and the new year as part of a production ramp up.

READ: W Resources commences production of tin and tungsten and La Parrilla

“W has now commenced the first of a three stage production programme which allows the company to generate revenue and cash flow ahead [of] the move to large scale production in 2019 at a planned run rate of 2,500 tonnes per annum of tungsten concentrate,” Masterman said.

The company began production of tungsten and tin at the mine in mid-November as part of a plan to bring it to full mine production in the second half of 2019.

In a note to clients, analysts at Northland Capital said that despite the "positive news, La Parrilla’s quality concentrate and excellent geographical location", the share price had "failed to respond to the Project delivering on its advanced development stages", making them appear "significantly unvalued". 

Shares were up 3.9% at 0.54p.

-- Adds broker comment and updates share price --

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Mon, 03 Dec 2018 08:36:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210371/w-resources-jumps-as-it-delivers-first-tungsten-shipment-from-la-parrilla-mine-210371.html
<![CDATA[RNS press release - First Tungsten Shipment from the La Parrilla Mine ]]> https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20181203070008_13887991/ Mon, 03 Dec 2018 07:00:08 +0000 https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20181203070008_13887991/ <![CDATA[News - W Resources adds fund manager Miton Group to its share register following £1.5mln share placing ]]> https://www.proactiveinvestors.co.uk/companies/news/210024/w-resources-adds-fund-manager-miton-group-to-its-share-register-following-15mln-share-placing-210024.html W Resources PLC (AIM:WRES) has added institutional fund manager Miton Group to its share register following a share placing which raised £1.5mln for the group.

The tungsten, copper and gold mining company, with assets in Spain and Portugal, said it completed a placement of 306,122,449 ordinary shares at 0.49p each – Monday’s closing price - with both new and existing shareholders.

READ: W Resources commences production of tin and tungsten and La Parrilla

The group said the inclusion of Miton Group “significantly strengthens institutional participation in the register”.

It said the placing ensures strong working capital reserves and balance sheet with institutional support as the company advances its tungsten and tin development plans.

As announced on 20 November 2018, W Resources has commenced early start-up of production of tungsten and tin concentrate at the La Parrilla mine in Spain as part of a planned staged build-up to full mine production in the first half of 2019.

Michael Masterman, W Resources’ chairman, commented: "We are delighted to welcome Miton to our shareholder register. Miton is an award winning fund management group and this investment represents an important milestone for W just as it enters production and the commissioning of its new plant.

“The funds raised will further underpin the development work, driving shareholder value and we look forward to further updating shareholders of progress in the coming weeks."

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Tue, 27 Nov 2018 11:04:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/210024/w-resources-adds-fund-manager-miton-group-to-its-share-register-following-15mln-share-placing-210024.html
<![CDATA[RNS press release - Placing to Raise £1.5m ]]> https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20181127105009_13881898/ Tue, 27 Nov 2018 10:50:09 +0000 https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20181127105009_13881898/ <![CDATA[RNS press release - TPI Investor Evening - 10 December ]]> https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20181123070003_13877930/ Fri, 23 Nov 2018 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20181123070003_13877930/ <![CDATA[RNS press release - Grant of Share Options ]]> https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20181120161912_13874082/ Tue, 20 Nov 2018 16:19:12 +0000 https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20181120161912_13874082/ <![CDATA[Media files - W Resources announces early start-up of tin and tungsten production at La Parrilla ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11254/w-resources-announces-early-start-up-of-tin-and-tungsten-production-at-la-parrilla Tue, 20 Nov 2018 09:37:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11254/w-resources-announces-early-start-up-of-tin-and-tungsten-production-at-la-parrilla <![CDATA[News - W Resources commences production of tin and tungsten and La Parrilla ]]> https://www.proactiveinvestors.co.uk/companies/news/209537/w-resources-commences-production-of-tin-and-tungsten-and-la-parrilla-209537.html W Resources PLC (LON:WRES) has commenced production of tungsten and tin concentrate at the La Parrilla mine in Spain as part of a planned staged build-up to full mine production in the second half of 2019.

Production is expected to reach 10 to 15 tonnes per month from November 2018, with the first shipment planned for December 2018.

WATCH: W Resources CEO Michael Masterman updates on tungsten projects and markets

The early start-up allows W to generate revenue and cash flow ahead of large-scale production at a planned run rate of 2,500 tonnes per annum of tungsten concentrate.

It also allows the La Parrilla technical team to fine-tune the design enhancements built into the large-scale La Parrilla concentrator in the current plant.

"It's great to be back in production ahead of start-up of the large-scale plant in the New Year,” said chairman Michael Masterman.

“Tungsten and tin prices are robust and our staged production expansion will allow W to build-up production capacity ahead of full plant completion. The early completion of the crusher in the fourth quarter of 2018 allows us to accelerate tungsten production from La Parrilla in three decisive steps. The first step is to start production from the existing concentrate plant. We will then significantly lift production rates in the New Year with first crushed mine feed being fed to the existing concentrator which will, in turn, pave the way for production from the new large-scale concentrator in the second quarter of 2019."

Elsewhere, SRK Consulting has been appointed to complete the São Martinho gold deposit resource estimate, scheduled for completion in the first quarter of 2019. Following careful evaluation, W has decided to switch from Golder Associates Pty Ltd to SRK Consulting (UK) Ltd for this important work, and work is already underway

 

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Tue, 20 Nov 2018 07:53:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/209537/w-resources-commences-production-of-tin-and-tungsten-and-la-parrilla-209537.html
<![CDATA[RNS press release - La Parrilla Commences Tungsten Tin Production ]]> https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20181120070017_13872734/ Tue, 20 Nov 2018 07:00:17 +0000 https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20181120070017_13872734/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20181112164051_13864003/ Mon, 12 Nov 2018 16:40:51 +0000 https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20181112164051_13864003/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20181112163538_13863993/ Mon, 12 Nov 2018 16:35:38 +0000 https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20181112163538_13863993/ <![CDATA[Media files - W Resources CEO Michael Masterman updates on tungsten projects and markets ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/11113/w-resources-ceo-michael-masterman-updates-on-tungsten-projects-and-markets-11113.html Tue, 06 Nov 2018 18:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/11113/w-resources-ceo-michael-masterman-updates-on-tungsten-projects-and-markets-11113.html <![CDATA[RNS press release - New Website ]]> https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20181015075340_13828339/ Mon, 15 Oct 2018 07:53:40 +0100 https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20181015075340_13828339/ <![CDATA[RNS press release - Hansource Investments Reinstated ]]> https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20181001113024_13811222/ Mon, 01 Oct 2018 11:30:24 +0100 https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20181001113024_13811222/ <![CDATA[Media files - W Resources' market update from China Tungsten show ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10653/w-resources-market-update-from-china-tungsten-show-10653.html Fri, 28 Sep 2018 09:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10653/w-resources-market-update-from-china-tungsten-show-10653.html <![CDATA[Media files - W Resources assay results 'point to a very substantial extension of the Régua orebody' ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10502/w-resources-assay-results-point-to-a-very-substantial-extension-of-the-rgua-orebody--10502.html Tue, 18 Sep 2018 17:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10502/w-resources-assay-results-point-to-a-very-substantial-extension-of-the-rgua-orebody--10502.html <![CDATA[News - W Resources hits high grade tungsten at Regua, production ramp up at La Parrilla imminent ]]> https://www.proactiveinvestors.co.uk/companies/news/205087/w-resources-hits-high-grade-tungsten-at-regua-production-ramp-up-at-la-parrilla-imminent-205087.html W Resources PLC (LON:WRES) has hit high-grade and wide intersections from recent reverse circulation drilling at its Régua mine development in northern Portugal.

The reverse circulation assays are significantly higher than expected, including 29 metres 0.75% WO3 from 48 metres on the north-western flank.

WATCH: W Resources assay results 'point to a very substantial extension of the Régua orebody'

Three of the reported assay results are above 1% and almost 50% of the results are greater than the average grade of the orebody.

"These are exceptional results in the north-western part of the Régua orebody and it is great to receive them in the lead up to the trial mine development,” said chairman Michael Masterman.

“The orebody remains open at depth and in all directions. Specifically, the zones to the northwest are indicating significant width and grade and are highly prospective for mine extension drilling.

Meanwhile, at La Parrilla, W Resources has been running its existing older concentrator for production of tungsten and tin. The plant is currently being modified to allow pilot runs and testing of the upgraded large-scale concentrator plant circuit to greatly assist in commissioning and ramp-up of the new large-scale concentrator plant. 

 

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Tue, 18 Sep 2018 07:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/205087/w-resources-hits-high-grade-tungsten-at-regua-production-ramp-up-at-la-parrilla-imminent-205087.html
<![CDATA[RNS press release - High Grade Tungsten Intersections at Regua ]]> https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20180918070057_13794082/ Tue, 18 Sep 2018 07:00:57 +0100 https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20180918070057_13794082/ <![CDATA[RNS press release - Non-Executive Director Appointments ]]> https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20180917070008_13792323/ Mon, 17 Sep 2018 07:00:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20180917070008_13792323/ <![CDATA[News - W Resources says La Parrilla project construction estimated to come in “on or below budget” ]]> https://www.proactiveinvestors.co.uk/companies/news/204808/w-resources-says-la-parrilla-project-construction-estimated-to-come-in-on-or-below-budget-204808.html W Resources PLC (LON:WRES) said construction at its flagship La Parrilla tungsten mine in Spain is estimated to come in “on or below budget” as works continued at the project.

In a progress update, the AIM-listed miner said capital expenditure (capex) for the project including a contingency of €2.7mln was estimated to be on or below the budget of €27.1mln, with the crusher and jig & mill on schedule for completion in the fourth quarter of 2018 and concentrator completion for the first quarter of 2019.

WATCH: W Resources Plc on site at La Parrilla in Spain as construction advances

The firm also said that all plant civil works had been completed, all major contracts had been placed, and 81.3% of capex had been committed.

Engineering and procurement for the project are also now over 90% complete.

Michael Masterman, Chairman of W Resources, added that tungsten and tin prices, in addition to the dollar to euro exchange rate, was tracking “well above the financial investment decision parameters” and construction was expected to accelerate over the next 6 months.

In early trading, shares in W Resources were up 2.3% at 0.4p.

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Thu, 13 Sep 2018 08:25:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/204808/w-resources-says-la-parrilla-project-construction-estimated-to-come-in-on-or-below-budget-204808.html
<![CDATA[RNS press release - La Parrilla Project Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20180913070008_13788910/ Thu, 13 Sep 2018 07:00:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20180913070008_13788910/ <![CDATA[Media files - W Resources Plc on site at La Parrilla in Spain as construction advances ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10446/w-resources-plc-on-site-at-la-parrilla-in-spain-as-construction-advances-10446.html Wed, 12 Sep 2018 10:27:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10446/w-resources-plc-on-site-at-la-parrilla-in-spain-as-construction-advances-10446.html <![CDATA[News - W Resources updates investors at half-year stage ]]> https://www.proactiveinvestors.co.uk/companies/news/204497/w-resources-updates-investors-at-half-year-stage-204497.html W Resources PLC (LON:WRES), the tungsten, copper and gold exploration and development company with assets in Spain and Portugal, has announced half-year results for the six months to 30 June 2018.

It’s been a busy six months for the company, during which it completed the US$35mln debt funding package for the La Parrilla tungsten project in Spain, and was awarded a grant of €5.3mln by the Junta de Extremadura Government in Spain.

WATCH: W Resources pushing into gold with positive drilling results from Sao Martino site

The company has now commenced earthworks and construction at the La Parrilla mine with completion on track for the first quarter of 2019.

In terms of sales, it’s secured offtake agreements with Wolfram Bergbau und Hütten, and directly with a leading supplier to the USA tungsten markets for approximately 80% of planned production tonnage from the T2 phase.

Meanwhile, in Portugal, the company has purchased 20.3 hectares of land covering the main area of the Régua mine, for a total of €300,000, and extended the trial mine licence for a further year to 19 June 2020.

WATCH: W Resources Plc on site at La Parrilla in Spain as construction advances

It’s also completed reverse circulation drilling programmes at a gold and another tungsten prospect.

“La Parrilla is funded and under full project development,” said Michael Masterman, chairman of W Resources.

“The project is on schedule and on budget and tungsten and tin production and sales are set to commence at large scale production levels and at low cost in 2019. Achievement of this objective will transform W Resources.”

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Mon, 10 Sep 2018 07:47:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/204497/w-resources-updates-investors-at-half-year-stage-204497.html
<![CDATA[RNS press release - Half-year Report to 30 June 2018 ]]> https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20180910070006_13783835/ Mon, 10 Sep 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20180910070006_13783835/ <![CDATA[News - W Resources appoints former Rio Tinto and Lundin Mining executives to La Parrilla management team ]]> https://www.proactiveinvestors.co.uk/companies/news/204195/w-resources-appoints-former-rio-tinto-and-lundin-mining-executives-to-la-parrilla-management-team-204195.html W Resources PLC (LON:WRES) has appointed former executives from FTSE 100 miner Rio Tinto PLC (LON:RIO) and Canadian mining firm Lundin Mining Corp to the management team at its La Parrilla tungsten project.

The AIM-listed mining firm said it had appointed Juan Garcia Valledor, a former operations manager at Rio Tinto’s talc ore mining and processing operations in Spain who has recently been involved in the reopening of the Alquife iron ore open pit in Granada, to the position of operations manager at La Parrilla to help “drive the start-up of the low cost open pit mine” at the site as well as leading its operations going forward.

WATCH: W Resources pushing into gold with positive drilling results from Sao Martino site

W also appointed Tomás Bragado, who joins the team from the Aguablanca nickel and copper mine formerly owned by Lundin Mining and 180km from La Parrilla, as plant manager for the project.

Bragado will work closely with La Parrilla’s development manager Aaron Szumilak to prepare for and execute the ramp-up of production at the project’s tungsten and tin processing plant while also recruiting and training key operational and maintenance personnel.

The appoints come as the company aims to complete the construction of the crusher and jig & mill at La Parrilla prior to the new year before starting production in early 2019.

Michael Masterman, chairman of W Resources, said Valledor and Bragado’s “focus on safety, mining and operational performance will be valuable as we develop the project".

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Wed, 05 Sep 2018 07:36:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/204195/w-resources-appoints-former-rio-tinto-and-lundin-mining-executives-to-la-parrilla-management-team-204195.html
<![CDATA[RNS press release - Rio Tinto & Lundin Mining Execs Strengthen Team ]]> https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20180905070014_13778915/ Wed, 05 Sep 2018 07:00:14 +0100 https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20180905070014_13778915/ <![CDATA[News - W Resources sees good progress at flagship La Parrilla project as it unearths potential at São Martinho ]]> https://www.proactiveinvestors.co.uk/companies/news/204133/w-resources-sees-good-progress-at-flagship-la-parrilla-project-as-it-unearths-potential-at-so-martinho-204133.html W Resources PLC (LON:WRES) has made good progress on two fronts in southern Europe over the past year.

Top of the agenda remains the La Parrilla tungsten project in Spain, where construction is ongoing after securing US$42mln in funding.

In June, the company reported concrete and civil works were complete with earthworks for the processing mill are on schedule for the fourth quarter.

“If we can get the crusher and the jig finished before Christmas then we’ve just got to finish off the concentrator and we have a very good run to get production up by the first quarter of 2019,” says Michael Masterman, W’s chairman.

La Parrilla’s low capital requirements and high quality mineralisation have always been key points in the project’s favour.

When built, the operation is set to become Europe’s largest tungsten mine and through an expansion phase to take production to 4,000 metric tonne units (mtu), it will be one of the few mines outside of China capable of producing more than 3,000 mtu per year.

Other mines are under development but in terms of the resurgent tungsten price, W’s timing could hardly be better.

A 2017 model assumed that the ammonium paratungstate (APT) price would be set at around US$230 per mtu this year, rising to US$245 in 2019 and US$288 in 2020.

In fact, the price has already shot up to well over US$300 mtu, bringing new optimism into a tungsten mining industry that had been lacking in confidence in recent years as a result of lower prices.

Thick, high-grade gold at São Martinho

But La Parrilla is not the only string to W Resources’ bow.

Recent drilling at São Martinho in Portugal showed thick gold intersections and high grades.

Highlights from the first seven holes of a 15-hole campaign were a 25-metre intersection of gold at 0.85 grams per tonne (g/t), with 3.35 grams in one section.

The group has now completed 2,000 metres of drilling at prospect with the aim to extend the current resources.

A maiden JORC resource in 2016 contained an Indicated Resource estimate of 3Mt at 1.04g/t gold, which equates to 111,987 ounces.

“Everybody understands gold, and a small growing gold deposit can provide very substantial value to shareholders” said Masterman, adding that the company is expecting a “significant increase” in resources at the project.

As of 3 September, W Resources shares trade at 0.42p, giving it a market cap of around £22.7mln, although estimates from City broker Northland Capital Partners have valued the company at 1.2p per share, a massive 185% upside which would value the firm at around £64.9mln.

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Tue, 04 Sep 2018 09:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/204133/w-resources-sees-good-progress-at-flagship-la-parrilla-project-as-it-unearths-potential-at-so-martinho-204133.html
<![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20180808173344_13748819/ Wed, 08 Aug 2018 17:33:44 +0100 https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20180808173344_13748819/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20180731070624_13736971/ Tue, 31 Jul 2018 07:06:24 +0100 https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20180731070624_13736971/ <![CDATA[Media files - W Resources pushing into gold with positive drilling results from Sao Martino site ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/9882/w-resources-pushing-into-gold-with-positive-drilling-results-from-sao-martino-site-9882.html Wed, 18 Jul 2018 16:37:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/9882/w-resources-pushing-into-gold-with-positive-drilling-results-from-sao-martino-site-9882.html <![CDATA[News - W Resources says initial assays results from São Martinho project in Portugal has shown thick gold intersections ]]> https://www.proactiveinvestors.co.uk/companies/news/200731/w-resources-says-initial-assays-results-from-so-martinho-project-in-portugal-has-shown-thick-gold-intersections-200731.html W Resources PLC (LON:WRES) has revealed that initial assays results from the reverse circulation (RC) drilling campaign at its São Martinho gold project in Portugal has shown thick gold intersections and high grades.

The AIM-listed tungsten, copper and gold exploration and development company with assets in Spain and Portugal said highlights from the first seven holes of the 15-hole campaign are a 25-metre intersection of gold at 0.85 grams per tonne (g/t), with 11 metres including 3.35 g/t of gold over 3 metres.

WATCH: W Resources pushing into gold with positive drilling results from Sao Martino site

The group added that it has now completed 2,000 metres of drilling and the results are being evaluated and the full results will be reported once complete.

It said the objective of the RC drilling is to extend the current resources outlined, integrating the data from the 2016 diamond drilling results with the expansion from this campaign.

W Resources pointed out that maiden JORC resource on São Martinho was completed by Golder Associates in June 2016 which confirmed an Indicated Resource estimate of 3Mt at 1.04g/t gold, which equates to 111,987ounces in contained gold.

Michael Masterman, W Resources’ chairman commented: "As we progress development work in Portugal, we are pleased to continue to get strong gold intersections from the drilling programme which is helping better delineate to deposit.”

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Fri, 13 Jul 2018 07:29:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/200731/w-resources-says-initial-assays-results-from-so-martinho-project-in-portugal-has-shown-thick-gold-intersections-200731.html
<![CDATA[RNS press release - Thick Gold intersections and high grades ]]> https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20180713070003_13716440/ Fri, 13 Jul 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20180713070003_13716440/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20180629113053_13699462/ Fri, 29 Jun 2018 11:30:53 +0100 https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20180629113053_13699462/ <![CDATA[Media files - W Resources 'very much on schedule, on budget' with construction at La Parrilla ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/9723/w-resources-very-much-on-schedule-on-budget-with-construction-at-la-parrilla-9723.html Thu, 28 Jun 2018 18:04:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/9723/w-resources-very-much-on-schedule-on-budget-with-construction-at-la-parrilla-9723.html <![CDATA[News - W Resources says development is “advancing well” at La Parrilla project in Spain ]]> https://www.proactiveinvestors.co.uk/companies/news/199649/w-resources-says-development-is-advancing-well-at-la-parrilla-project-in-spain-199649.html W Resources PLC (LON:WRES) has announced that development work is “advancing well and remains on schedule and on budget” at its flagship La Parrilla tungsten project in Spain.

The AIM-listed firm said concrete and civil works are now complete for the crusher and Metso Minerals Portugal Lda and steelwork contractor Disteca have commenced structural steel delivery at the La Parrilla site.

READ: W Resources reports high-grade tungsten at Tarouca licence in Portugal

W Resources said the earthworks are nearing completion for the jig & mill and work on the foundations will be completed mid to late July with construction of the jig & mill on schedule for the fourth quarter.

The firm said the engineering work for the installation of the concentrator is now complete and 3D steelworks engineering is underway, with the civil works and concrete foundations on schedule to be completed in the third quarter of 2018 and construction on track for completion in the first quarter of 2019.

Michael Masterman, Chairman of W Resources commented: "With La Parrilla project finance in place and the engineering and procurement preparation at an advanced stage, on site construction is underway and we expect to complete construction of both the crusher and the jig & mill in the December quarter.”

He added: “We are in the strongest financial position we have ever been in with €17m cash at bank and tracking strongly to revenue and profits in 2019."

In a note to clients, analysts at Nortland Capital said: “Despite the extensive de-risking the company has been through during the first half of 2018, the company has yet to see a significant share price re-rating and we believe the company looks very good value at these levels.”

In morning trading, W Resource’s shares rose 3.5% to 0.44p

 -- Adds broker comment, share price --

 

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Wed, 27 Jun 2018 08:07:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/199649/w-resources-says-development-is-advancing-well-at-la-parrilla-project-in-spain-199649.html
<![CDATA[RNS press release - Steelwork & Equipment Deliveries at La Parrilla ]]> https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20180627070004_13694834/ Wed, 27 Jun 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20180627070004_13694834/ <![CDATA[Media files - W Resources' Portuguese portfolio developing, with high-grade tungsten-tin at Tarouca ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/9492/w-resources-portuguese-portfolio-developing-with-high-grade-tungsten-tin-at-tarouca-9492.html Thu, 07 Jun 2018 09:52:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/9492/w-resources-portuguese-portfolio-developing-with-high-grade-tungsten-tin-at-tarouca-9492.html <![CDATA[News - W Resources reports high-grade tungsten at Tarouca licence in Portugal ]]> https://www.proactiveinvestors.co.uk/companies/news/198420/w-resources-reports-high-grade-tungsten-at-tarouca-licence-in-portugal-198420.html W Resources PLC (LON:WRES) has said its advanced exploration in Portugal is progressing well, with high-grade tungsten zones identified at Tarouca.

The AIM-listed firm said its 1,515 metre Reserve Circulation (RC) drilling campaign at the Tarouca Tungsten and tin exploration licence has identified very high tungsten grade intersections. The next step will be resource modelling with a view to prepare a trial mine application later this year.

READ: W Resources says La Parilla on track to come on stream at propitious time

The company said the RC rig has successfully completed 2,000 metres of drilling at the Sao Martinho gold deposit in Central Portugal.

Also, the RC rig has now been mobilised to the Azeiteiros copper mine and target anomalies, where a 2,000 metre RC drilling campaign will be completed through June and July.

Michael Masterman, chairman of W Resources, said:  "We have intersected some very high-grade tungsten zones at Tarouca and are increasingly confident that this project can provide additional high-grade feed to our Régua mine development, just 20km to the north.”

He added: “The results provide greater clarity on the geological structure and the potential to follow grade extensions. Work will shortly commence on a resource estimate and planning for a trial mine application.”

"Our advanced tungsten, gold and copper exploration programme is in full swing and we look forward to advancing São Martinho, the completion of the drilling at Azeiteiros and the target copper anomalies being identified later this year," he concluded. 

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Thu, 07 Jun 2018 07:35:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/198420/w-resources-reports-high-grade-tungsten-at-tarouca-licence-in-portugal-198420.html
<![CDATA[RNS press release - High-grade Tungsten at Tarouca ]]> https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20180607070006_13670093/ Thu, 07 Jun 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20180607070006_13670093/ <![CDATA[News - W Resources says La Parrilla on track to come on stream at propitious time ]]> https://www.proactiveinvestors.co.uk/companies/news/198072/w-resources-says-la-parrilla-on-track-to-come-on-stream-at-propitious-time-198072.html W Resources PLC (LON:WRES), the tungsten, copper and gold exploration and development company, said the development of its La Parilla asset is well-timed.

During the course of 2017, European ammonium paratungstate (APT) rose by more than 60% to current price levels, creating very solid market conditions to bring W Resources' tungsten mines on stream, the company noted in its full-year results statement.

READ: W Resources on track for first tungsten production at La Parrilla within a year

"The key priority and focus for the company is to complete construction development and commissioning of La Parrilla. Market conditions are strong and the development is well timed to meet emerging supply shortages,” said Michael Masterman, the chairman of W Resources.

2017 proved to be the critical year to lay the foundations for the financing and move to full development of La Parrilla and Régua in North-western Portugal, Masterman told shareholders.

In early 2018, W Resources delivered on its objective to fund the La Parrilla Mine in south-western Spain and is rapidly moving to complete construction and commissioning of the mine and processing plant as well as advancing its core Portuguese tungsten, copper and gold assets, it added.

The explorer earned no revenue in 2017. The loss before tax narrowed to £732,000 from £854,000 in 2016.

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Fri, 01 Jun 2018 07:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/198072/w-resources-says-la-parrilla-on-track-to-come-on-stream-at-propitious-time-198072.html
<![CDATA[RNS press release - Notice of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20180601070007_13662768/ Fri, 01 Jun 2018 07:00:07 +0100 https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20180601070007_13662768/