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W Resources PLC - La Parrilla Update - Replacement

RNS Number : 7952G
W Resources PLC
27 November 2020
 

 

 

 

 

 

27 November 2020

 

The following amendment has been made to the La Parrilla Update announcement released on 26 November 2020 at 07.00 under RNS 5949G. The date the La Parilla operations team moved to a four day working week was 1 October 2020 and not 4 November 2020. All other details included in the amended announcement below remain unchanged.

 

W Resources Plc

("W" or the "Company")

La Parrilla Update

W Resources Plc (AIM:WRES), the tungsten, tin and gold mining company with assets in Spain and Portugal, announces an update on Q4 progress to date at the La Parrilla tungsten and tin project in Spain, following the marked improvement in September, as announced in the Q3 Production Report.

The ongoing plant improvements have seen overall recoveries consolidate during the quarter to date, with detailed results to be announced in the Q4 production update in January 2021.

The operations team moved to a four-day working week on 1 October and can report:

·      Record concentrator recovery rates achieved in November of 40% WO3 and 53% Sn.

·      Mine grade consistently exceeding 1,050ppm WO3 and 350ppm Sn, which are significantly greater than the preceding three quarters.

·      Plant utilisation remains above 90%, which is encouraging noting the move to a four-day working week (24h per day over three shifts per day).

·      Tungsten and tin concentrate production to date exceeds total Q3 production of 77.6t.

·      As recoveries and production improves, plans are in place to move to a five-day working week, with minimal closure over the Christmas period.

·      Three 20t shipments of tungsten concentrate completed to date, with further shipments planned.

Pablo Neira, Managing Director of Iberian Resources Spain and La Parrilla Mine commented: "Following the improvements that led to such a strong September, I am greatly encouraged that this momentum has continued into Q4. These significant plant improvements together with accessing higher grade portions of the ore body are enabling us to build production rates each month as we work to increase concentrate production. We look forward to updating the market with the Q4 production update in January."

Noting the challenges of the past year, W is providing this interim project update as a one-off update in order to keep investors appraised of the positive progress and developments at the La Parrilla project.

Information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Enquiries:

W Resources Plc

Michael Masterman

c/o Alma PR

www.wresources.com

Grant Thornton UK LLP

Colin Aaronson / Seamus Fricker

T: +44 (0) 20 7383 5100

Joint Broker

Turner Pope Investments (TPI) Ltd

Andy Thacker / Zoe Alexander

T: +44 (0) 203 657 0050

www.turnerpope.com

Joint Broker

Alternative Resource Capital / Shard Capital

Alex Wood

T:+44 (0) 20 7186 9004

www.altrescap.com

Damon Heath

T:+44 (0) 20 7186 9952

www.shardcapital.com

Alma PR

Justine James

T: +44 (0) 20 3405 0205

M: +44 (0) 7525 324431

wres@almapr.co.uk

 

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