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W Resources PLC

W Resources announces La Parrilla mine's first crushed ore

"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

W resources
Commissioning of the mined ore is now underway

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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Market: AIM
Market Cap: £22.92 m
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