Interim Results

27 September 2012

W Resources Plc

("W" or the "Company")

Interim results for the six months ended 30 June 2012

W Resources Plc (AIM:WRES), formerly Caspian Holdings Plc, a tungsten and gold exploration and development company with assets in Spain and Portugal, announces its interim results for the six months to 30 June 2012.

Highlights

·; La Parrilla tailings assay results exceeded expectations resulting in an extension of the drilling programme to further delineate the size and grade of the La Parrilla asset

·; Option to acquire La Parrilla tungsten mine extended to August 2013

·; Acquisition of Australian Iron Ore and its 100% owned subsidiary Iberian Resources Portugal Recursos Minerais Unipessoal LDA in July 2012, with tungsten and gold development and exploration projects in Portugal 

·; Two capital placements completed during the period raising £0.9 million

·; Name changed to W Resources Plc to reflect the change in business strategy and focus

Chairman Michael Masterman said: "The first six months of the year have transformed W into an active tungsten and gold exploration and appraisal company with exceptional results at La Parrilla. In the next period we will advance the La Parrilla Tailings and continue an active resource extension and exploration program at La Parrilla (tungsten), Régua (tungsten), Tarouca (tungsten) and Portalegre (gold)".

An extract of the Interim Results for W for the six months ended 30 June 2012 is presented below. W has published its interim report, together with this announcement on the Company's website www.wresources.co.uk

Enquiries:

About W Resources Plc

W Resources Plc (AIM:WRES), is a tungsten and gold exploration and development company with a portfolio of assets including the La Parrilla tungsten mine and tailings project in the Southwest of Spain and the Portalegre gold exploration license in 200k east of Lisbon in Portugal.

Chairman's Statement

The first six months of 2012 marked achievement and advancement for W Resources Plc with successful and solid progress at the La Parrilla site and the acquisition of Australian Iron Ore "(AIO)" in early July.

Iberian Resources Spain

Following the acquisition of Iberian Resources Spain S.L. in December 2011, the Company immediately commenced a 1,500 metre drilling campaign at the La Parrilla site in January 2012. To date, the Company has completed six holes in its extension drilling programme with assay results received for holes 1-5.

The assay results received for the first 5 holes in the extension programme have exceeded expectations and, as such, the Company is currently extending its drilling programme to further delineate the size and grade of the La Parrilla extension.

The technical design of the La Parrilla tailings project was finalised in January, which was submitted to the Mining Department of the regional authority of the Junta de Extremadura for approval. The Company now expects approval to be granted in October 2012 with the first production from the tailings project expected in Q2 2013.

Iberian Resources Portugal (AIO Acquisition)

The Company further strengthened its asset portfolio in early July with the acquisition of AIO and its 100% subsidiary Iberian Resources Portugal Recursos Minerais Unipessoal LDA, which holds tungsten and gold assets in Portugal.

Included in the asset portfolio is an exploration licence for the São Martinho gold prospect near the town of Portalegre (Northern Alentejo), covering an area of 101.7 km². In February 2012, an extended drilling programme to further develop the topographical maps commenced and to date 1,300m of a 3,000m reverse circulation drilling programme has been completed. Initial assay results are positive.

Corporate

With the acquisition of Iberian Resources Portugal and Iberian Resources Spain, the Company has successfully made the transition to a mining and metals company with high potential interests in tungsten and gold in the Iberian peninsula. Oil and gas investment interests in Black Gold of Kentucky remain a minor element of the business however exit options are under consideration.

Financial

Two capital placements were completed by the Company during the first six months of 2012. The funds raised were used to finance the La Parrilla drilling campaign and for working capital purposes.

Despite the intensive drilling programme during the first half of 2012, the Company kept costs low with a loss after taxation of £146,341.

Tungsten

With Tungsten listed in the top five critical metals, the company's focus on this metal provides a good growth plan for the business. The tailings and mine opportunities provide a low cost, high margin resource development opportunity, with first production on track for Q2 2013.

Market conditions remain attractive for Western tungsten producers as significant supply shortages are expected outside China. This strategic metal is integral to the defence industry, with demand continuing to grow from other key industries including aerospace and energy, whilst domestic demand outstrips supply capability.

Michael Masterman

Chairman

W Resources Plc

27 September 2012

W RESOURCES Plc

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30TH JUNE 2012

W RESOURCES Plc

GROUP FINANCIAL POSITION

30TH JUNE 2012

W RESOURCES Plc

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30TH JUNE 2012

W RESOURCES Plc

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30TH JUNE 2012