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W Resources takes control of Spanish tungsten mine

W Resources  has confirmed it has taken ownership of the La Parrilla tungsten mine in southwest Spain. It has initially put down €900,000 and will make further phased payments of €1.3 million in third quarter of next and of €500,000 12 months later. It’s expected these will be funded from the cash flows from tailings production at La Parrilla.

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W Resources (LON:WRES) has confirmed it has taken ownership of the La Parrilla tungsten mine in southwest Spain.

It has initially put down €900,000 and will make further phased payments of €1.3 million in the third quarter of next year and of €500,000 12 months later.

It’s expected these will be funded from the cash flows from tailings production at La Parrilla.

The decision to move to full title ownership was taken by W following the extension drilling and initial evaluation of the mine and its development potential, it said.

Chairman Michael Masterman added: "La Parrilla will be a major tungsten mine and this decisive step will allow us to proceed with clear confidence and secure title towards development.

“With the tailings project on track to start first production later this year, we look forward to the next development phase of the mine."

W Resources is sitting on one of the largest deposits outside of China. It holds a JORC compliant inferred reserve of 47mln tonnes and almost 40,000 tonnes of contained tungsten metal at a 0.09% grade.

Consultants Golder Associates also identified higher grade zones in the middle of, and adjacent to, the existing historic pit, which will be a focus for exploration going forward, the company said. There was a 0.04% cut-off grade.

Quick facts: W Resources PLC

Price: 0.125 GBX

AIM:WRES
Market: AIM
Market Cap: £8.47 m
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