W Resources Plc (LON :WRES), the tungsten, copper and gold mining company with assets in Spain and Portugal, has today reported 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.
