17 May 2017 07:00
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17 May 2017
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W Resources Plc
("W" or the "Company")
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Final Application for La Parrilla Grant
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W Resources Plc (AIM:WRES), the tungsten, copper and gold exploration and development company with assets in Spain and Portugal, is pleased to announce that its 100% owned subsidiary, Iberian Resources Spain SL ("IRS") has formally submitted the final Grant Application to the Junta de Extremadura Government for the La Parrilla tungsten and tin project located in Spain.
The Grant Application is for a percentage of the €19.5m plant and facilities package for the La Parrilla Fast Track Mine development, which includes the Crusher, Jig / Mill Plant and the Concentrator.
Over the next three to six months the Government will evaluate the full application and (if approved) determine the percentage of the €19.5m package that they will fund, which could be up to 30% of that amount.
Following the completion of the plant and facilities, and on meeting the target employment levels outlined in the application, IRS will submit a request for the Grant pay-out to the Junta de Extremadura Government. The Government will then verify fulfilment of all conditions in an audit, and the Grant will be paid to IRS upon satisfactory completion.
Success in the Grant application would provide many benefits to W and the La Parrilla project including:
- Strong alignment and support of the regional government for the project
- Receipt of funds in the critical commissioning period
- Potential for early repayment of project debt at that time
La Parrilla, once fully developed, will be the largest tungsten mine in Europe and has, to date, received strong support from the Junta de Extremadura Government in Spain.
Fernando de la Fuente, W's Spanish Country Manager commented: "The Junta de Extremadura is a strong supporter of the La Parrilla development and we are very honoured to have now concluded the application for this important Grant. Success in our application will further strengthen the world class low-cost La Parrilla tungsten and tin mine development."
Enquiries:
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W Resources Plc Michael Masterman T: +44 (0) 20 7193 7463 www.wresources.co.uk | Grant Thornton UK LLP Colin Aaronson / Harrison Clarke T: +44 (0) 20 7383 5100 |
SI Capital Andy Thacker / Nick Emerson T: +44 (0) 1483 413500 www.sicapital.co.uk | Gable Communications Justine James T: +44 (0) 20 7193 7463 M: +44 (0) 7525 324431 |
About La Parrilla
The La Parrilla project site is situated in the Extremadura region of southwest Spain, in the Provinces of Caceres-Badajoz, approximately 310 km southwest of Madrid. The site has exceptional infrastructure in place, which is accessed directly from the highway along a 7 km asphalt road and is serviced by electricity and water. The project comprises a tungsten mine and a tungsten tailings project. The mineral resource estimated by Golder in April 2017 at 0.04% WO3 cut-off grade is 49 million tonnes at 0.10% WO3 and 0.011% Sn, making it one of the largest tungsten deposits in the western world.