WRES.L Regulatory News (WRES)

W Resources Plc

Grant Thornton UK LLP

Michael Masterman

Colin Aaronson / Jen Clarke / Harrison 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

T: +44 (0) 1483 413500

T: +44 (0) 20 7193 7463

www.sicapital.co.uk

M: +44 (0) 7525 324431

Hole ID

Easting

Northing

RL

Azimut h

Dip

Depth(m)

From(m)

To(m)

Drilledwidth(m) (1)

Aug/t

Agg/t

Zn%

W%

CAAD01

636,471

4,331,969

320

058

-50

195.40

37.30

51.50

14.20

0.05

2.06

0.24

-

including

41.20

42.10

0.90

0.33

12.75

0.49

-

CAAD02

638,000

4,330,795

319

228

-50

176.15

No assays above 0.20 g/t Au

CAAD03

638,123

4,330,869

328

228

-50

87.65

85.30

87.65

2.35

1.63

0.68

0.06

-

CAAD03BIS

638,129

4,330,881

326

228

-50

61.20

18.95

24.95

6.00

-

1.79

0.15

0.07

including

18.95

20.50

1.55

-

2.10

0.16

0.27

CAAD03BIS2

638,140

4,330,885

325

228

-55

250.00

95.10

118.75

23.65

-

1.36

-

including

95.10

99.10

4.00

-

2.42

0.26

-

and

106.25

110.75

4.50

-

2.44

0.21

-

and

206.15

217.60

11.45

0.02

1.39

0.13

-

including

206.15

208.05

1.90

0.07

1.45

0.37

-

and

213.75

217.60

3.85

0.01

2.61

0.11

-

CAAD04

638,784

4,329,648

295

046

-50

136.15

39.35

111.10

71.75

0.22

6.91

0.02

-

including

66.75

82.90

16.15

0.44

5.80

0.02

-

78.20

80.50

2.30

1.34

9.40

0.02

-

and

106.70

111.10

4.40

0.56

31.00

0.02

-

CAAD05

638,751

4,329,619

291

048

-50

151.80

102.30

103.25

0.95

0.51

0.53

0.01

-

and

112.20

113.40

1.20

0.48

0.48

0.01

-

and

124.00

140.00

16.00

1.37

0.29

0.01

-

including

124.00

130.00

6.00

2.35

0.51

0.01

-

or

128.00

130.00

2.00

4.32

0.70

0.02

-

and

138.00

140.00

2.00

3.83

0.41

0.02

-

Criteria

JORC Code explanation

Commentary

Sampling techniques

· Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

· Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

· Aspects of the determination of mineralisation that are Material to the Public Report.

· In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

· Rock chip sampling from outcrops and trenches was performed to determine whether a prospective precious metal bearing structures / alteration zones may yield any anomalous gold / silver values and not to determine average grades.

· Samples weighing from 500 g to 1 kg were taken from each sampling location, and its position was recorded with a hand-held GPS.

· Core drilling was used to obtain core samples.

· Sampled intervals included zones of visible sulphide mineralisation and alteration/veining along with zones of gossanisation. Sampling was taken also above and below mineralisation / alteration on 1- 2m intervals when applicable.

· All rock samples were packed on thick plastic bags with sample reference indicated both in the outside and inside with permanent ink marker pens in the outside and inside.

Drilling techniques

· Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

· Drilling was undertaken with a track mounted ROLATEC RL-600 drill rig.

· HQ wireline core (63.5mm diam.) was recovered systematically during the drilling campaign.

· All holes were located with a hand held GPS. Data for Eastings, Northings and RL was recorded on UTM grid, Zone 29, datum WGS84.

Drill sample recovery

· Method of recording and assessing core and chip sample recoveries and results assessed.

· Measures taken to maximise sample recovery and ensure representative nature of the samples.

· Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

· Sample recovery was assessed visually, recorded onto a logging sheet, photographed and inserted in an Excel spreadsheet.

Logging

· Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

· Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

· The total length and percentage of the relevant intersections logged.

· Logging was performed after core fragment reconstruction in the core trays, and a line was marked along the core axis.

· Geotechnical core logging was systematically done. Data collection (recovery, RQD, joint orientation, spacing, roughness and weathering) was recorded onto a log sheet and inserted in an Excel spreadsheet.

· Geological core logging was systematically done. Data collection (lithology, alteration, structural data mineralisation and sampling intervals) was recorded onto a log sheet and inserted in an Excel spreadsheet.

· All drill holes have been systematically logged both descriptive and stringer-coded for digital processing and output with specific software.

Sub-sampling techniques and sample preparation

· If core, whether cut or sawn and whether quarter, half or all core taken.

· If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

· For all sample types, the nature, quality and appropriateness of the sample preparation technique.

· Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

· Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

· Whether sample sizes are appropriate to the grain size of the material being sampled.

· The core was cut with a diamond saw along a line marked in the centre of the core, splitting the core into two equal halves. One half of the HQ core sample intervals selected was sent for analysis and the remaining half was kept in wooden core boxes for storage and future reference.

· The core samples were shipped to ALS Laboratory in Seville, Spain for assay

· At ALS facilities, samples were crushed (70%mm) to produce a representative sub-sample for analysis by: Four acid digestion and multielement ICP-ME (ref. ME-MS61) determination of 48 elements. and gold by Fire Assay and ICP-AES finish.

· The following elements were included in the analysis: Ag,Al,As,Au,Ba,Be,Bi,Ca,Cd,Ce,Co,Cr,Cs,Cu,Fe,Ga,Ge, Hf, In,In,K,La,Li,Mg,Mn,Mo,Na,Nb,Ni,P,Pb,Rb,Re,S, Sb, Sc,Se,Sn,Sr,Ta,Te,,Th,Ti,U,V,W,Y,Zn,Zr.

Quality of assay data and laboratory tests

· The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

· For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

· Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

· Internal laboratory cross checking methods are implemented by ALS.

· In addition internationally certified standards and blanks were regularly introduced among core samples.

· Assay data reported as per laboratory final reports and certificates

Verification of sampling and assaying

· The verification of significant intersections by either independent or alternative company personnel.

· Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

· Discuss any adjustment to assay data.

· Verification of significant intersections by alternative company personnel.

· Primary logging paper sheets stored at office, data entered into Excel spreadsheets as is and coded, both stored in the server and in an external hard drive.

· All core boxes are photographed and a photo archive is maintained within the drilling database.

Location of data points

· Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

· Specification of the grid system used.

· Quality and adequacy of topographic control.

· Hole locations survey with hand-held GPS with 2-5m accuracy.

· Grid system - UTM, Zone 29, WGS84.

Data spacing and distribution

· Data spacing for reporting of Exploration Results.

· Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

· Whether sample compositing has been applied.

· Completed drill holes were designed for testing different targets and have irregular spacing.

· Data spacing and distribution are not sufficient to establish Mineral Resource or Ore Reserve estimations.

Orientation of data in relation to geological structure

· Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

· If the relationship between the trench orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

· Hole orientation is in general approximately perpendicular to the strike of the mineralised zones.

· The channel samples are not perpendicular to the planes of the mineralised zones, therefore the intersections do not represent true widths.

Sample security

· The measures taken to ensure sample security.

· Samples are kept labelled and organised in a locked building.

· Industry standard practices are applied.

Audits or reviews

· The results of any audits or reviews of sampling techniques and data.

Criteria

JORC Code explanation

Commentary

Mineral tenement and land tenure status

· Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

· The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

· Exploration license MN/PP/006/12 signed between Iberian Resources Portugal, Recursos Minerais, Unipessoal, Lda, 100% owned by W Resources and the Portuguese Ministry of Economy and Employment, through its Direction General of Energy and Geology, 23 March 2012.

Exploration done by other parties

· Acknowledgment and appraisal of exploration by other parties.

· Previous mineral exploration by the State mines department and from public and private mining / exploration companies.

Geology

· Deposit type, geological setting and style of mineralisation.

· Lode-type auriferous shear zone gold skarn and possible disseminated base-metal metamorphic style.

Drill hole Information

· A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

- easting and northing of the drill hole collar

- elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

- dip and azimuth of the hole

- down hole length and interception depth

- hole length.

· If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

· See Annexure 1 for drill hole information

Data aggregation methods

· In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.

· Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

· The assumptions used for any reporting of metal equivalent values should be clearly stated.

· All grades reported are uncut

· No metal equivalents are used or stated

Relationship between mineralisation widths and intercept lengths

· These relationships are particularly important in the reporting of Exploration Results.

· If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

· If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').

· Hole intersections in the announcement are not true widths.

Diagrams

· Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

· Maps and tabulated assay results are included in the announcement

Balanced reporting

· Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

· All results comprehensively announced.

Other substantive exploration data

· Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

Further work

· The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

· Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

· Further work will include detailed interpretation of results and follow-up drilling of targets identified.