Proactiveinvestors United Kingdom W Resources PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom W Resources PLC RSS feed en Fri, 26 Apr 2019 12:50:02 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20190418110037_14046463/ Thu, 18 Apr 2019 11:00:37 +0100 https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20190418110037_14046463/ <![CDATA[News - W Resources to raise more than £1mln through early exercise of warrants ]]> https://www.proactiveinvestors.co.uk/companies/news/218841/w-resources-to-raise-more-than-1mln-through-early-exercise-of-warrants-218841.html W Resources PLC (LON:WRES) plans to raise more than £1mln through the early exercise of warrants to provide working capital for its mining operations.

The company has offered existing warrant holders early exercise of 210,714,286 warrants to acquire new ordinary shares of 0.1p each with a strike price of 0.42p and an expiry date of June 20.

Shareholders will receive two new warrants for each existing warrant. Each new warrant will entitle the holder to subscribe for a new ordinary share at an exercise price of 0.6p up until the end of December 2020.

READ: W Resources higher as it commences commissioning of jig and mill plant at La Parrilla

Chairman Michael Masterman and non-executive director Byron Pirola, who own 35,714,284 warrants between them, intend to exercise their warrants on the same terms after the full year results. 

"This exercise will bring in funding of over £1mln and will provide additional working capital in advance of W entering production and the commissioning of its new plant at La Parrilla Mine,” said chairman Michael Masterman.

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

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Thu, 18 Apr 2019 09:53:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218841/w-resources-to-raise-more-than-1mln-through-early-exercise-of-warrants-218841.html
<![CDATA[RNS press release - Early Exercise of Warrants ]]> https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20190418093153_14046214/ Thu, 18 Apr 2019 09:31:53 +0100 https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20190418093153_14046214/ <![CDATA[News - W Resources higher as it commences commissioning of jig and mill plant at La Parrilla ]]> https://www.proactiveinvestors.co.uk/companies/news/218659/w-resources-higher-as-it-commences-commissioning-of-jig-and-mill-plant-at-la-parrilla-218659.html W Resources PLC (LON:WRES) shares were higher on Tuesday as the firm commenced the commissioning of the jig and mill plant at its La Parrilla tungsten project in Spain.

The jig and mill plant will upgrade the La Parrilla ore, efficiently reject barren material, and prepare material for feed to the concentrator plant. The upgraded and milled mine feed will allow for a significant upgrade in production rates.

WATCH: W Resources showcases new La Parilla jig and concentrator in Spain

In parallel, development work on the new large scale concentrator plant has advanced over the last three weeks with 90% of all structural steel and primary equipment now on-site and being installed. The large concentrator plant is scheduled for construction completion this quarter.

The mine is primed for scale-up, with preparatory grade control drilling completed and the ramp from the Fast Track Mine (FTM) area to the crusher plant also completed. The first hard rock blasting of the 10 metre benches in the FTM area is also scheduled for this month.

"The commencement of commissioning the La Parrilla jig and mill plant following construction completion is a very important milestone as we advance to full completion of the two million tonne per annum plant,” said W Resources chairman Michael Masterman.

“We expect to be able to feed crushed ore to the jig and mill plant in late April and then process it through our existing concentrator plant. This will allow a significant increase in near term tungsten and tin production capacity.”

In afternoon trading, shares in W Resources were up 2.8% at 0.55p.

 -- Adds share price --

 

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Tue, 16 Apr 2019 08:09:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218659/w-resources-higher-as-it-commences-commissioning-of-jig-and-mill-plant-at-la-parrilla-218659.html
<![CDATA[RNS press release - Jig & Mill Plant Completed for Commissioning ]]> https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20190416070013_14042077/ Tue, 16 Apr 2019 07:00:13 +0100 https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20190416070013_14042077/ <![CDATA[Media files - W Resources showcases new La Parilla jig and concentrator in Spain ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12891/w-resources-showcases-new-la-parilla-jig-and-concentrator-in-spain-12891.html Fri, 05 Apr 2019 14:44:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/12891/w-resources-showcases-new-la-parilla-jig-and-concentrator-in-spain-12891.html <![CDATA[News - W Resources hits high grade drilling intercepts at Régua tungsten project in Portugal ]]> https://www.proactiveinvestors.co.uk/companies/news/217616/w-resources-hits-high-grade-drilling-intercepts-at-rgua-tungsten-project-in-portugal-217616.html W Resources PLC (LON:WRES) shares rose on Monday as the firm said it hit high-grade intersections from recent diamond core and reverse circulation drilling at the Régua mine development in Northern Portugal.

The company has completed over 2.73 kilometres of drilling comprising 916 metres of diamond core drilling, plus 1,809 metres of RC drilling.

WATCH: W Resources showcases new La Parilla jig and concentrator in Spain

The results confirm thick higher grade zones closer to the planned mine portals, including 29 metres at 0.75% tungsten trioxide (WO3) and six metres at 0.43% WO3.

The next phase will be to complete the updated resource estimates and mine optimisation planning to incorporate these new results which are expected to increase plant feed grades in the planned initial mining phase.

"The exceptionally good drilling results at our Régua tungsten project in Portugal bode well for increases in mine feed grades and overall resource tonnages,” said W Resources chairman Michael Masterman.

“The high-grade zones are thicker and closer to the planned two mining portals, indicating the potential for higher ROM feed grades and lower unit costs. We will now complete updated resources estimates and optimise initial mine plans."

In afternoon trading, shares in W Resources were 4.4% higher at 0.47p.

 -- Adds share price --

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Mon, 01 Apr 2019 08:16:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/217616/w-resources-hits-high-grade-drilling-intercepts-at-rgua-tungsten-project-in-portugal-217616.html
<![CDATA[RNS press release - High Grade Tungsten Intersections at Régua ]]> https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20190401070006_14022468/ Mon, 01 Apr 2019 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20190401070006_14022468/ <![CDATA[News - W Resources set to become major European tungsten producer ]]> https://www.proactiveinvestors.co.uk/companies/news/216868/w-resources-set-to-become-major-european-tungsten-producer-216868.html  

First tin and tungsten produced late in 2018 Plant construction and installation nearing completion Significant revenues and profits expected this year Other development assets progressing

 

What does W Resources do?

W Resources PLC (LON:WRES) is a long-standing constituent of London’s AIM market, run by mining entrepreneur Michael Masterman. Masterman has been involved with several resources companies over the years and has plenty of experience in bringing projects all the way from early stage exploration towards and into the production stage. W Resources is focussed primarily on tungsten, tin and gold.

What does W Resources own?

The company owns several exploration and development assets in Spain and Portugal, most notably the La Parrilla project, which produced its first tin and tungsten late last year.

The fully automated 350 tonnes per hour crushing circuit is already operational. It can be run with one operator and has run smoothly at full capacity.

Work on the plant and wider infrastructure are also nearing completion, as the ramp-up process continues.

Iberdrola, the Spanish utility company, is on schedule to upgrade the grid power supply to 1.5MW in the second quarter of this year. 

Meanwhile, at Régua in Portugal, development work continues to progress well. Infill drilling of the mine entry portals is now complete and database completion is underway for a review of the resource.

Road construction, mining contractor and contract crushing contract negotiation is advanced and is expected to be finalised in the third quarter of 2019.

And at the São Martinho gold deposit in Portugal, SRK Consulting is progressing well with the updated gold resource estimate, which is expected to be finalised in the second quarter of 2019. W Resources has applied for a trial mine licence in order to commence initial mining and production and this will be progressed through the Portuguese regulatory programme.

Broker Northland expecting significant revenues this year

Broker Northland forecasts that the La Parilla project will generate revenues of around £29mln this year, following the completion of the ramp-up process. That will translate into profits before tax of £7.6mln and earnings per share of 0.1p. At the end of the year, Northland forecasts that the company will be carrying a debt of around £15mln. The broker sets a price target of 1.2p

Chairman Michael Masterman upbeat about progress

"It has been an intense first quarter at La Parrilla with plant and infrastructure construction completion and production ramp-up running at a fast pace,” said Michael Masterman, chairman of W Resources. 

“Completion and commissioning of the jig in April will give us the operational capability to expand tungsten and tin production as part of the second stage of plant ramp-up.”

 

 

 

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Thu, 21 Mar 2019 09:44:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216868/w-resources-set-to-become-major-european-tungsten-producer-216868.html
<![CDATA[Media files - W Resources makes major progress on plant construction at tungsten-tin project in Spain ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12636/w-resources-makes-major-progress-on-plant-construction-at-tungsten-tin-project-in-spain-12636.html Tue, 19 Mar 2019 08:31:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12636/w-resources-makes-major-progress-on-plant-construction-at-tungsten-tin-project-in-spain-12636.html <![CDATA[News - W Resources firing on all cylinders as production ramp up at La Parrilla continues ]]> https://www.proactiveinvestors.co.uk/companies/news/216615/w-resources-firing-on-all-cylinders-as-production-ramp-up-at-la-parrilla-continues-216615.html W Resources PLC (LON:WRES) is continuing with construction and installation work at the La Parilla project in Spain as part of its ramp up to full production.

The mill is scheduled for mechanical completion later this month. Commissioning is expected to commence in early April, with first crusher ore feed into the plant in April.

WATCH: W Resources makes three more tungsten shipments from its new Spanish mine

The majority of the equipment for the new large-scale concentrator is now on site. With steel deliveries underway, W Resources expects to be able to accelerate construction of the concentrator over the next two months. 

The fully automated 350 tonnes per hour crushing circuit is fully commissioned and operational. It can be run with one operator and has run smoothly at full capacity.

Initial water supply systems and the full Aggreko LNG power plant are in place and operational.

Iberdrola, the Spanish utility company, is on schedule to upgrade the grid power supply to 1.5MW in the second quarter of this year. 

Mine development is advanced. The fast track mine area, including the high-grade outcrops, has been cleared for initial mine operations and the ramp from the mine to the ROM pad nearing completion.

Assets in Portugal

Meanwhile, at Régua in Portugal, development work continues to progress well. Infill drilling of the mine entry portals is now complete and database completion is underway for a review of the resource.

Road construction, mining contractor and contract crushing contract negotiation is advanced and is expected to be finalised in the third quarter of 2019.

At the São Martinho gold deposit in Portugal, SRK Consulting is progressing well with the updated gold resource estimate, which is expected to be finalised in the second quarter of 2019. W Resources has applied for a trial mine licence in order to commence initial mining and production and this will be progressed through the Portuguese regulatory programme.

"It has been an intense first quarter at La Parrilla with plant and infrastructure construction completion and production ramp-up running at a fast pace,” said Michael Masterman, chairman of W Resources. 

“Completion and commissioning of the jig in April will give us the operational capability to expand tungsten and tin production as part of the second stage of plant ramp-up.”

 

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Mon, 18 Mar 2019 07:50:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216615/w-resources-firing-on-all-cylinders-as-production-ramp-up-at-la-parrilla-continues-216615.html
<![CDATA[RNS press release - Update on La Parrilla and on Portuguese assets ]]> https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20190318070006_14005015/ Mon, 18 Mar 2019 07:00:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/176/LSE20190318070006_14005015/ <![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/