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W Resources sets sights on high value targets at Tarouca licence

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Shares in W Resources (LON:WRES) climbed on Thursday after it unveiled "exceptional" results from current exploration at its Tarouca licence in Portugal.

The findings mean the firm has now delineated high value targets and mapped out a 1,500 metre drilling programme, which will kick off in the first quarter of 2014.

The licence was awarded in 2012 and consists of the former Tarouca tungsten mines and several other tungsten and or tin deposits covering an area of 48 square kilometres (sq. km.), 400km north of Lisbon.

Chairman Michael Masterman said: "This combined with the achievements of nearing production on budget and on time at La Parrilla tailings are testament to the valuable achievements by both management teams in Spain and Portugal."

Grab samples showed exceptional grades of 2.5%, 5.8%, and 9.4% tungsten trioxide, while trenches returned 7.2 metres of 0.86% tungsten trioxide, including 6 metres at 1.02%, the firm said.

W said 7.6% of the 250 samples assayed showed in excess of 0.3% WO3, it added.

Last month the company confirmed its plan to start production from the tailings facility at La Parrilla in Span by the end of this year. On Thursday, it said the tailings plant continues to accelerate toward completion.

"The pre concentration plant is near completion and is expected to commence commissioning in November 2013," it said.

Annual plant feed at the tailings operation is expected to be 330,000 tonnes with annual production of 28,000 MTU tungsten trioxide (WO3) and 26 tonnes of tin (Sn).

Yearly revenue is expected to be more than €7mln per annum at current tungsten and tin prices.

W Resources will use the cash flow from the tailings operation to help bring the La Parrilla tungsten mine back on stream again.

Shares were lifted 4.17% to 1.125p.

Quick facts: W Resources PLC

Price: 0.145 GBX

AIM:WRES
Market: AIM
Market Cap: £9.72 m
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on 2/5/19

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