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W Resources La Parrilla operations now running on 24-hour basis

La Parrilla has now moved to 24-hour operation of the new concentrator plant, producing tungsten concentrate in line with shipment specifications

W Resources PLC - W Resources raises US$5mln as La Parrilla mine boosts operations

W Resources PLC (LON:WRES) has raised US$5mln to provide extra working capital as its La Parrilla tungsten and tin mine in Spain is now fully up and running on a 24-hour basis.

Moving to 24-hour operations at La Parrilla, the miner said its newly completed concentrator plant was now producing tungsten concentrate in line with shipment specifications.

READ: W Resources raises £360,000 for La Parrilla project

Production rates are increasing and will be further boosted by the move to continuous operations, the AIM-listed firm added.

The new loan, which comes via its existing loan facility from BlackRock and with no warrants attached, brings the total outstanding facility to US$49.1mln with the roll-up of interest.

“It is important for W Resources to have demonstrable funding to provide the resources for expansion,” said chairman Michael Masterman.

“This upsizing of the BlackRock facility achieves this objective with no dilution to shareholders, enabling the team to push ahead with the production ramp-up at La Parrilla and development work at Régua as we work towards bringing our second mine on stream next year.”

Quick facts: W Resources PLC

Price: 0.29 GBX

AIM:WRES
Market: AIM
Market Cap: £18.82 m
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on 2/5/19

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