25th Nov 2015 11:19
LONDON (Alliance News) - Tungsten, copper and gold miner W Resources PLC on Wednesday said it has secured development approval for its La Parrilla fast-track mine tungsten project in Spain.
The company said the approval has been given by the mining department of the regional Junta de Extremadura authority and will allow the company to fully develop the mine towards production.
W Resources said it is now focused on securing an updated mineral resource for the project, which it anticipates will be done in the first quarter of 2016.
"The granting of the development approval is a great credit to our Spanish team with the approval from the Mining Department coming just eight months after submission of the formal environmental and development documentation and it gives us strong confidence in government support of the La Parrilla project," said Michael Masterman, W Resources' chairman.
Shares in W Resources were up 19% to 0.614 pence on Wednesday on the news.
By Sam Unsted; [email protected]; @SamUAtAlliance
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