W Resources Plc (AIM: WRES), the tungsten, copper and gold exploration and development company with assets in Spain and Portugal, announces its half year results for the six months to 30 June 2018.
HIGHLIGHTS
La Parrilla, Spain
- Completed the US$35m debt funding from BlackRock Financial Management Inc. in February 2018.
- Awarded a grant of €5.3m for the La Parrilla Mine project by the Junta de Extremadura Government in Spain to W’s 100% owned subsidiary, Iberian Resources Spain SL.
- Commenced earthworks and construction at the La Parrilla mine with completion on track for Q1 2019.
- 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.
- Awarded the Concentrator contract to allmineral Aufbereitungstechnik GmbH & Co. KG of Germany.
- Strengthened the W key executive team in September with the appointment of Juan Garcia Valledor as La Parrilla Operations Manager and Tomás Bragado as La Parrilla Plant Manager.
Portuguese Projects
- Purchased 20.3 hectares of land covering the main area of the Régua mine, for a total of €300,000.
- Extended the Régua Trial Mine Licence for a further year to 19 June 2020.
- Completed a 1,515 metre Reverse Circulation (“RC”) drilling campaign at the Tarouca tungsten and tin exploration licence which identified very high tungsten grade intersections.
- Completed a 2,000m RC drilling campaign at the São Martinho gold project during July which delivered very encouraging grades.
Chairman of W, Michael Masterman commented: “La Parrilla is funded and under full project development. 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. Régua in Portugal is approved and advanced and will follow closely behind the development of La Parrilla. Exploration success at Tarouca will feed into and further enhance Régua hub development economics. Steady advanced exploration progress at our São Martinho gold and Monforte-Tinoca copper projects will further enhance investor returns. The team with the strong support of the Board is executing development well and this is a credit to the calibre of the management team.”
A full copy of the W Resources Interim Results for the six months ended 30 June 2018 is available on the Company’s website at www.wresources.co.uk
w-resources