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W Resources PLC - Régua and La Parrilla Update. Director Retirement

RNS Number : 5682F
W Resources PLC
10 March 2020
 

 

 

 

 

 

 

10 March 2020

 

 

W Resources Plc

("W" or the "Company")

Régua First Mine Blast, La Parrilla Update

Dr Byron Pirola Retires as Director

W Resources Plc (AIM:WRES), the tungsten, tin and gold mining company with assets in Spain and Portugal, is pleased to provide an update on progress at Régua in Portugal and La Parrilla in Spain, its two most advanced mining operations. The Company also announces that after 12 years as a Director, Dr Byron Pirola will retire from the W Resources Plc Board on 30 March 2020.

Régua, Portugal

The first blast at the Régua mine in Northern Portugal was safely and successfully completed last week. Mining operations have been underway since February and the first blast signifies an important milestone for the project. The blast opens up the RL240m adit zone which will cover 122 metres prior to intersecting ore. The ore will be trucked to the Crusher Plant which will be located in a nearby aggregate quarry for initial processing.

Engineering and procurement is advanced for construction of the Régua plant. In addition to existing spirals, pumps and screens on-site, a new VSI mill (Vertical Shaft Impactor) has been procured from Spain.

La Parrilla, Spain

Ramp-up is progressing and the mine continues to deliver the scheduled grades of tungsten and tin ore to the plant at low waste-to-ore strip ratios. As part of the ramp up process, a series of improvement initiatives were successfully implemented during a planned shutdown in February 2020 and as a result the Company has seen a material step change improvement in recoveries and overall production rates at the La Parrilla plant in March 2020.

A full update on La Parrilla production for the March quarter and further guidance in relation to developments at Régua will be provided in April 2020.

Michael Masterman, Chairman of W, commented: "It is very important to have a safe and successful start to our mining operation at Régua. The portal to the underground mine is now open and we will progress trial mine operations over the next two months."

Dr Byron Pirola Retires as Director

After 12 years as a Director, Dr Byron Pirola will retire from the W Resources Plc Board on 30 March 2020. Dr Pirola intends to retain his core shareholding in the Company.

Mr Michael Masterman, Chairman of W, commented: "Byron has been a fantastic Non-executive Director contributing to the strategic and financial direction of the Company and maintaining a strong shareholding investment. We will miss Byron from the Board but are very pleased he plans to continue as a strong core shareholder."

Dr Byron Pirola, commented: "Following many years on the Board of Directors, I am pleased to leave it in a strong position with an expanded board, and our key asset in production ramp-up. While my increasing business demands mean I will be unable to continue to give my Board duties the attention they require, in resigning from the Board, I remain a strong supportive shareholder of the Company and look forward to its ongoing success."

 

Enquiries:

W Resources Plc

Michael Masterman

T: +44 (0) 20 7193 7463

www.wresources.com

Grant Thornton UK LLP

Colin Aaronson / Seamus Fricker

T: +44 (0) 20 7383 5100

Joint Broker

Turner Pope Investments (TPI) Ltd

Andy Thacker / Zoe Alexander

T: +44 (0) 203 657 0050

www.turnerpope.com

Joint Broker

Alternative Resource Capital / Shard Capital

Alex Wood

T:+44 (0) 207 186 9004

www.altrescap.com

Damon Heath

T:+44 (0) 207 186 9952

www.shardcapital.com

Alma PR

Justine James

M: +44 (0) 7525 324431

w[email protected]

 


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Market Cap: £10.05 m
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