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La Parrilla Project Update

13 Sep 2018 07:00

RNS Number : 6567A
W Resources PLC
13 September 2018
 

 

 

 

 

 

 

13 September 2018

 

 

W Resources Plc

("W" or the "Company")

 

La Parrilla Project Update

W Resources Plc (AIM:WRES), the tungsten, copper and gold mining company with assets in Spain and Portugal, is pleased to provide a project update on the development of its flagship La Parrilla mine in the southwest of Spain.

Overall project construction has accelerated during the hot summer months with construction completion of the crusher and jig & mill on schedule for Q4 2018 and completion of the concentrator in Q1 2019. Capital expenditure is tracking below budget with engineering and procurement now both over 90% complete.

Development highlights include:

· All major contracts have been placed and 81.3% of capital expenditure is committed

· All plant civil works completed

· Concrete works for the crusher are complete and works for the jig are underway

· Steel erection for the crusher is advancing quickly

· Primary Metso equipment for the crusher including four cone crushers, a jaw crusher, and screens are on site for just in time installation

· Primary allmineral equipment for the jig is arriving on site and allmineral confirmed that the jig project is on schedule

· The crusher and jig & mill are on schedule for construction completion in Q4 2018 with concentrator completion in Q1 2019

· Capital expenditure including contingency of €2.7m is estimated to come in on or below budget of €27.1m

Michael Masterman, Chairman of W Resources, commented: "We have had a great few months on site at La Parrilla where we are curren,tly on schedule and below capital budget. Tungsten and tin prices along with the USD:EUR foreign exchange rate are tracking well above the Financial Investment Decision parameters. The development team has made great strides during the long hot Spanish summer and construction is set to accelerate over the next six months. Completion of the crusher and jig & mill in 2018 sets La Parrilla up for a well-executed commissioning and ramp-up ahead of construction completion of the concentrator in the first quarter of 2019. We look forward to welcoming investors to La Parrilla on Friday for the site visit. "

Enquiries:

W Resources Plc

Grant Thornton UK LLP

Michael Masterman

Colin Aaronson / Jen Clarke / Seamus Fricker

T: +44 (0) 20 7193 7463

T: +44 (0) 20 7383 5100

www.wresources.co.uk

 

 

 

Turner Pope Investments (TPI) Ltd

Gable Communications

Andy Thacker

Justine James

T: +44 (0) 203 621 4120

T: +44 (0) 20 7193 7463

www.turnerpope.com

M: +44 (0) 7525 324431

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
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Date   Source Headline
13th May 20143:05 pmRNSPlacing
24th Apr 20149:40 amRNSFinal Results for the Year Ended 31 December 2013
17th Apr 20149:49 amRNSEncouraging Gold and Copper Values in Portalegre
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26th Feb 201412:45 pmRNSResignation of Director
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26th Sep 201310:25 amRNSInterim Results
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30th Aug 20138:37 amRNSLa Parrilla Mine Acquisition
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25th Feb 20137:00 amRNSLa Parrilla Extension Drilling Completed
20th Feb 201310:09 amRNSPlacing
8th Feb 201310:00 amRNSDirector dealing
30th Jan 201310:27 amRNSW Resources completes Placing
28th Jan 20137:00 amRNSDrilling Update
22nd Jan 20137:00 amRNSLa Parrilla Tailings Project Approved
28th Nov 20129:56 amRNSHolding(s) in Company
16th Nov 20127:00 amRNSLa Parrilla Tailings Environmental Authorisation
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18th Oct 20127:00 amRNSCompany Presentation
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27th Sep 20127:00 amRNSInterim Results
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20th Aug 20127:00 amRNSHigh Grade Assay Results Continue at La Parrilla
13th Jul 201210:10 amRNSIssue of Equity
11th Jul 20124:20 pmRNSChange of Company Name
26th Jun 20124:15 pmRNSCaspian announces Placing
26th Jun 20122:05 pmRNSFirst assay results from Portalegre
22nd Jun 201211:48 amRNSResult of AGM
25th May 201210:00 amRNSCaspian to Acquire Assets in Portugal
16th May 20129:14 amRNSHigh Grade Assay Results
27th Apr 20129:45 amRNSFinal Results for the Year End 31 December 2011
16th Apr 20127:00 amRNSDrilling update - La Parrilla

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