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La Parrilla First Concentrate and Financing Update

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RNS Number : 7680S
W Resources PLC
08 November 2019
 

 

 

 

 

 

8 November 2019

 

W Resources Plc

("W" or the "Company")

 

La Parrilla First Concentrate and Financing Update

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 and funding at the La Parrilla mine in Spain.

Commissioning and ramp-up activities at La Parrilla continue to advance with all components of the Concentrator Plant from the spirals through to the shaking tables, to the flotation, magnetic and electrostatic separator plant (FME Plant) now commissioned. Over 5 tonnes of tungsten concentrate has been produced which will be purified  and tin separated next week.  Tungsten concentrate production for the T2 phase at La Parrilla will be underway during November. In addition, the Company has 2.5 tonnes of tin concentrate which will be built up to a 10 tonnes stock prior to shipment.

The Company is in advanced stages of finalising finance facilities and additional equity investment from local Spanish investors and as a result, the Board considers that the Company is still in a closed period. It remains the intention of Michael Masterman, W's Chairman, as originally announced on 16 September 2019, to invest at 0.5p per share following the end of the closed period.

The Company will notify the market in due course of further production and financing updates.

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

 

Alma PR

Justine James

M: +44 (0) 7525 324431

[email protected]

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

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Price: 0.3045

Market: AIM
Market Cap: £19.42 m
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Investor Update: W Resources updates on first concentrate from La Parrilla...

Headlines from the Proactive UK newsroom. W Resources (LON:WRES) says commissioning and ramp-up activities at La Parrilla are continuing at pace with all components of the Concentrator Plant now commissioned. Over five tonnes of tungsten concentrate has been produced which will be purified...

on 8/11/19