W Resources PLC La Parilla Mine Update and Issue of Shares (0850P)
05 February 2019 - 6:01PM
UK Regulatory
TIDMWRES
RNS Number : 0850P
W Resources PLC
05 February 2019
5 February 2019
W Resources Plc
("W" or the "Company")
La Parrilla Mine Development Advances Toward Completion
Production Exceeds 50 tonnes
Issue of Ordinary Shares
W Resources Plc (AIM:WRES), the tungsten, copper and gold mining
company with assets in Spain and Portugal, is pleased to report
completion of further shipments of tungsten concentrate from its La
Parrilla Mine in Spain, where development remains on track as
construction of the Jig Plant advances towards completion.
Following the first shipment, announced in December, W has
completed three further shipments which have now been delivered to
its European customer. Cumulative production now exceeds 50 tonnes
of tungsten concentrate and production rates are expected to grow
in February as production switches to higher grade mined ore from
historic tailings feed.
Development completion is progressing on multiple fronts with
the Crusher fully commissioned in December 2018, the LNG power
station completed and commissioned in January 2019 and the new
operations offices and non-plant infrastructure now complete.
Jig Plant construction has accelerated following some initial
delays in receipt of fabricated steel and the new mills have
arrived on site for immediate installation. The Jig Plant is
expected to be mechanically complete in early March and
commissioned through that month.
The bulk of the equipment for the Concentrator including the
shaking tables are on site and shipments of modular spirals from
Australia arrive in early February. allmineral Aufbereitungstechnik
GmbH & Co. is contractually responsible for the on-budget and
on-schedule completion of the Jig Plant and the Concentrator and
the continued delivery of structural steel deliveries for the
Concentrator is key for plant completion.
Michael Masterman, Chairman of W Resources, commented: "We are
pleased to hit the 50 tonnes production milestone and have
delivered our first four tungsten shipments, taking into account
minimal shutdowns over the festive season. Optimising plant
performance and ensuring quality production specifications continue
to be met, remain the core building blocks in the planning as we
move to larger scale production in the second quarter of 2019.
"It's great to have the Crusher complete and commissioned ahead
of schedule and the core power, water, drainage, office and
warehouse facilities complete and commissioned.
"Mine optimisation and planning is also advanced with in excess
of 7,100 metres of grade control drilling complete and the fast
track mine area ready for initial mining operations in
February."
Issue of Ordinary Shares
W has issued 9,183,673 ordinary shares of 0.1p each ("Ordinary
Shares") at 0.49p per Ordinary Share to its broker, Turner Pope
Investments (TPI) Ltd, as part of its fee arrangement in connection
with the placing announced on 27 November 2018. Application will be
made for the 9,183,673 new Ordinary Shares to be admitted to
trading on AIM ("Admission"), with Admission expected to occur on
or around 12 February 2019.
Following Admission, the Company's enlarged issued share capital
will comprise 5,793,380,727 Ordinary Shares with voting rights. The
Company has no shares held in Treasury. This figure of
5,793,380,727 Ordinary Shares may be used by shareholders in the
Company as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change in their interest in, the share capital of the Company under
the FCA's Disclosure Guidance and Transparency Rules.
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
W Resources latest presentation is now available on the website
- www.wresources.com
Enquiries:
W Resources Plc Grant Thornton UK LLP
Michael Masterman Colin Aaronson / Jen Clarke
/ Seamus Fricker
T: +44 (0) 20 7193 7463 T: +44 (0) 20 7383 5100
www.wresources.com
Turner Pope Investments (TPI) Ltd Gable Communications
Andy Thacker Justine James
T: +44 (0) 203 621 4120 T: +44 (0) 20 7193 7463
www.turnerpope.com M: +44 (0) 7525 324431
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 rns@lseg.com or visit www.rns.com.
END
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