W Resources PLC La Parrilla Tailings Project Approved (0359W)
January 22 2013 - 2:00AM
UK Regulatory
TIDMWRES
RNS Number : 0359W
W Resources PLC
22 January 2013
22 January 2013
W Resources Plc
("W" or the "Company")
La Parrilla Tailings Project Approved by the Spanish Mining
Authorities
First Production Expected H2 2013
W Resources (AIM:WRES), is pleased to announce that the La
Parrilla tailings project located in southwest Spain, has been
granted approval by the Mining Department of the regional authority
of the Junta de Extremadura.
The La Parrilla tailings project is expected to be in production
in H2 2013 with annual plant feed in the region of 330,000 tonnes
and annual production anticipated to be 28,000 MTU Tungsten (W) and
26 tonnes Tin (Sn), which at the current tungsten and tin prices
should deliver approximately EUR7 million per annum in revenue.
Construction of the processing plant located to the south east
of the La Parrilla site will commence in Q1 2013 and capital cost
is estimated to be EUR1.3 million, for which the board are
currently evaluating financing options.
Mr Michael Masterman, Chairman of W Resources commented: "This
is an important milestone for W, as the La Parrilla tailings
project is on course to deliver tungsten production within 2 years
of the Company acting on its new strategic direction. The Company
has received one indicative offer for financing the La Parrilla
tailings, which is currently under evaluation."
A detailed map of the La Parrilla site including the tailings
project can be found on the Company's website at
http://www.wresources.co.uk/projects/la-parrilla/.
Enquiries:
W Resources Plc Grant Thornton Corporate Finance - Nomad
Michael Masterman Gerry Beaney / Melanie Frean / Jen Clarke
T: +44 (0) 20 7193 7463 T: +44 (0) 20 7383 5100
www.wresources.co.uk
Simple Investments - Broker Gable Communications
Andy Thacker / Nick Emerson Justine James
T: +44 (0) 1483 413500 T: +44 (0) 20 7193 7463
www.simple-investments.co.uk M: +44 (0) 7525 324431
About La Parrilla
The La Parrilla project site is situated in the Extremadura
region of southwest Spain, in the Provinces of Caceres-Badajoz,
approximately 310 km southwest of Madrid. The site is accessed
directly from the highway along a 3km asphalt road and is serviced
by electricity and water. The project comprises a tungsten mine and
a tungsten tailings project. The historic mine resource estimated
by SRK in 2008 is 36.0m tonnes at 0.09% WO(3) making it one of the
largest tungsten deposits in the western world.
The price of tungsten has increased rapidly over the last 3
years by more than double. The La Parrilla tailings deposit and
tungsten mine development offer a low-cost, high-margin resource
development opportunity for W Resources.
W Resources changed its name from Caspian Holdings plc in July
2012 to align with its revised strategy focussing on projects in
the mining sector.
Technical information in this report has been prepared in
accordance with the JORC Code and approved for inclusion by Mr
Fernando de la Fuente, who is a "qualified person" in respect of
the AIM Rules for Companies with over 37 years experience in the
Exploration and Mining Geology industry. Mr de la Fuente holds a
B.Sc. in Geology and a MSc in Geology from the University of
Granada in Spain. He is also a member of the Spanish College of
Geologists (Number 49), the Spanish Society of Mineralogy, founder
member of the Spanish Society of Geology, member of the Spanish
Association of Applied Geology to Mineral Deposits, member of the
Society for Mining, Metallurgy and Exploration, Inc., member of
PDAC.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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