Chairman of W Resources PLC LON:WRES, Michael Masterman commented: “2015 has been a productive year for W, with advances made in Spain and Portugal. I am delighted with the progress made to date and achieving major milestones with the resource upgrades on both projects significantly increasing the prospectivity of these flagship projects. The La Parrilla mine plan is progressing well, and we anticipate to finalise this in mid–2016, and in parallel, we are continuing our discussions with regard to financing the mine at asset level and are encouraged by the response to date. These factors, combined with the Full Mine approval, see the FTM construction on-track ahead of the ramp-up to full production in 2017.
At Régua, metallurgical results to date have been encouraging and this, combined with process flowsheet updates will enable us to start work on the definition development study.”
“With the momentum achieved in 2015 we look forward to prospering with the development work as we head towards the ramp-up of production at La Parrilla in early 2017 following construction of the project this year.”
W Resources Plc (AIM:WRES), the tungsten, copper and gold exploration and development company with assets in Spain and Portugal, has given DirectorsTalk its audited financial results for the year ended 31 December 2015.
In 2015, W Resources Plc made encouraging progress in the development of its flagship tungsten mine at La Parrilla in Spain and Régua in Portugal.
Highlights
· La Parrilla Mine: a 2,900 metre (“m”) drilling programme led to a new Joint Ore Reserves Committee (“JORC”) compliant mineral resource estimate indicating an increase of 16% in contained tungsten tri-oxide (“WO3“)
· W exercised the option to fully acquire La Parrilla and made all option payments and has full title to La Parrilla Mining Concession, as 100% titleholder and owner
· Régua: extension drilling delivered significant high-grade results which were incorporated into an updated JORC mineral resource estimate indicating a significant 76% increase in the indicated resource tonnage
· Completed a successful 1,058 m exploration drilling campaign at CAA / Portalegre, and signed an agreement which increased the project exploration licence by 101.7 km² to 289.75 m² incorporating the highly prospective São Martinhogold project
· Trench sampling at Tarouca showed high-grade tungsten results with 15 out of 126 samples exceeding 0.5% WO3, including 0.8m at 11.4% WO3 (TTR063)
· Funding: raised £3.8 million through placings during 2015
· The US$800,000 convertible note facility with Bergen, which was drawn in October 2014, was fully repaid in April 2015 and the facility terminated
Post year-end
· £850,000 has been raised since the date of the balance sheet
