16 Nov 2012 07:00
16 November 2012
W Resources Plc
("W" or the "Company")
La Parrilla Tailings Environmental Authorisation Received
W Resources (AIM:WRES), formerly Caspian Holdings plc, is pleased to have received formal Environmental Authorisation from the Department of the Environment of the Regional Authority of the Junta de Extremadura to develop the La Parrilla tailings project in Spain.
Following receipt of this successful Environmental Authorisation, the final Mining Department approval for the La Parrilla tailings project is expected by the year end.
Mr Michael Masterman, Chairman of W Resources commented, "This is a very important milestone for the Company in taking the tailings project to production and profitability."
In parallel, diamond core drilling targeted at defining resources in the La Parrilla Mine extension is proceeding on schedule. Three of the five planned holes have been drilled which are awaiting assay results and the last two holes are on track to be completed by year end.
Enquiries:
W Resources Plc | Grant Thornton Corporate Finance - Nomad |
Michael Masterman | Gerry Beaney / Melanie Frean / Jen Clarke |
T: +44 (0) 20 7193 7463 | T: +44 (0) 20 7383 5100 |
www.wresources.co.uk | |
Simple Investments - Broker | Gable Communications |
Andy Thacker / Nick Emerson | Justine James |
T: +44 (0) 1483 413500 | T: +44 (0) 20 7193 7463 |
www.simple-investments.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 3km asphalt road and is serviced by electricity and water. The project comprises a tungsten mine and a tungsten tailings project. The historic mine resource estimated by SRK in 2008 is 36.0m tonnes at 0.09% WO3 making it one of the largest tungsten deposits in the western world.
The price of tungsten has increased rapidly over the last 3 years by more than double. The La Parrilla tailings deposit and tungsten mine development offer a low cost, high margin resource development opportunity for W Resources.