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11 Aug 2014 07:00
W Resources Plc
("W" or the "Company")
First Tungsten Shipment Cash Proceeds
W Resources Plc (AIM:WRES), the tungsten, copper and gold production, exploration and development company with assets in Spain and Portugal, announces that the first load of tungsten (WO3) concentrate, from the La Parrilla tailings project in Spain, was shipped last week with first sales revenue received Friday 8 August - a significant milestone for the Company.
Michael Masterman, Chairman of W Resources commented: "It's a great milestone to ship our first load of tungsten concentrate to one of Europe's leading tungsten processors and receive first revenue. Product was collected by truck and the proceeds cleared 3-5 days later, giving us excellent supply chain logistics. We plan a second European shipment in August with the product receiving good market acceptance and pricing."
Production at the La Parrilla tailings facility doubled from June to July with 17 tonnes of concentrate produced in July. Steady ramp up will continue over the next three months, with improvements being made to the water supply and control systems with the target to achieve optimum capacity by October 2014. During August there will be a scheduled maintenance shutdown for plant enhancement.
Photographs of the first WO3 concentrate shipment can be found in the 'Image Library' on the company website - http://www.wresources.co.uk/2014/08/first-wo3-tungsten-shipment/
Enquiries:
W Resources Plc | Grant Thornton UK LLP |
Michael Masterman | Colin Aaronson / Melanie Frean / Jen Clarke |
T: +44 (0) 20 7193 7463 | T: +44 (0) 20 7383 5100 |
www.wresources.co.uk | |
SI Capital | Gable Communications |
Andy Thacker / Nick Emerson | Justine James / John Bick |
T: +44 (0) 1483 413500 | T: +44 (0) 20 7193 7463 |
www.sicapital.co.uk | 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 is accessed directly from the highway along a 3 km asphalt road and is serviced by electricity and water. The project comprises a tungsten mine and a tungsten tailings project. The mine resource estimated by Golder in June 2013 is 46.92 million tonnes at 0.09% WO3, making it one of the largest tungsten deposits in the western world.
Annual plant feed will be c330,000 tonnes and annual production is anticipated to be 28,000 MTU of tungsten trioxide (WO3) and 26 tonnes of tin (Sn), which will deliver over €7million per annum in revenue at current tungsten and tin prices.
Technical information in this report and on the W website has been prepared in accordance with the JORC Code and approved for inclusion by Mr Fernando de la Fuente, who is a "qualified person" in respect of the AIM Rules for Companies with over 39 years' experience in the Exploration and Mining Geology industry. Mr de la Fuente holds a B.Sc. in Geology and a MSc in Geology from the University of Granada in Spain. He is also a member of the Spanish College of Geologists (Number 49), the Spanish Society of Mineralogy, founder member of the Spanish Society of Geology, member of the Spanish Association of Applied Geology to Mineral Deposits, member of the Society for Mining, Metallurgy and Exploration, Inc., member of PDAC.
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