27 Jun 2018 07:00
W Resources Plc
("W" or the "Company")
Crusher, Steelwork and Equipment Deliveries Commence at La Parrilla
W Resources Plc (AIM:WRES), the tungsten, copper and gold exploration and development company with assets in Spain and Portugal, is pleased to provide an update on development at its flagship La Parrilla tungsten project in Spain.
Development work is advancing well and importantly remains on schedule and on budget with the crusher and jig & mill on track for construction completion in Q4 2018 and completion of the concentrator in Q1 2019.
Concrete and civil works are now complete for the crusher and Metso Minerals Portugal, Lda ("Metso") and Disteca (steelwork contractor) have commenced structural steel delivery at the La Parrilla site. Metso crusher equipment has been fabricated in their plant in Mâcon, France and will be progressively delivered to site as steelwork is erected on a just in time basis.
allmineral Aufbereitungstechnik GmbH & Co. KG of Germany ("allmineral") was awarded the contract of the jig & mill and the concentrator and they have confirmed that fabrication of the primary equipment is advancing well and on schedule. The earthworks are nearing completion for the jig & mill and work on the foundations will be completed mid to late July with construction of the jig & mill on schedule for Q4.
The engineering work for the installation of the concentrator is now complete and 3D steelworks engineering is underway, with the civil works and concrete foundations on schedule to be completed in Q3 2018 and construction on track for completion in the Q1 2019.
In parallel, progress on all other critical work is advancing on schedule with the dedicated team in Spain working towards the commencement of production from what will be a world-class Tungsten and Tin project in Q1 2019.
Michael Masterman, Chairman of W Resources commented: "With La Parrilla project finance in place and the engineering and procurement preparation at an advanced stage, on site construction is underway and we expect to complete construction of both the crusher and the jig & mill in the December quarter. We are in the strongest financial position we have ever been in with €17m cash at bank and tracking strongly to revenue and profits in 2019."
Enquiries:
W Resources Plc Michael Masterman T: +44 (0) 20 7193 7463 www.wresources.co.uk | Grant Thornton UK LLP Colin Aaronson / Jen Clarke / Harrison Clarke T: +44 (0) 20 7383 5100 |
Turner Pope Investments (TPI) Ltd Andy Thacker T: +44 (0) 203 621 4120 www.turnerpope.com | Gable Communications Justine James T: +44 (0) 20 7193 7463 M: +44 (0) 7525 324431 |