23rd Jun 2014 07:00
23 June 2014
W Resources Plc
("W" or the "Company")
Trial Mining Licence Awarded at Régua Tungsten Deposit in Portugal
W Resources Plc (AIM:WRES), the tungsten, copper and gold exploration, development and production company with assets in Spain and Portugal, has been awarded a trial mining licence at its Régua tungsten deposit in Portugal by the Portuguese Ministry for the Environment, Territorial Planning and Energy.
The formal name of the new mining licence is Villa Seca-Santo Adriao ('Villa Seca') which covers the initial mining areas in the Régua Tungsten deposit and covers an area of 4.74 sq km.
In March 2013, Golder Associates completed a Conceptual Mine Study on the project, which is located 400km north of Lisbon and 95km east of Porto. The trial mining licence now paves the way for W to continue with its drilling programme and metallurgy testing on the project and commence initial mining.
Régua has a JORC 2008 compliant resource of 4.46m tonnes grading 0.308% WO3. The deposit has not previously been mined and has good infrastructure and road access.
Michael Masterman, Chairman of W Resources commented: "The Régua trial mining licence grant is a tangible milestone for the project and the Company is now well positioned to advance towards the feasibility study and initial mining and tungsten production."
Enquiries:
W Resources Plc | Grant Thornton UK LLP |
Michael Masterman | Colin Aaronson / Melanie Frean / Jen 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 |
About W
W Resources Plc (AIM:WRES) made the successful transition into a tungsten exploration, production and development company with projects in Spain and Portugal, following two acquisitions in 2012. Projects now include La Parrilla, a tungsten project in Spain and Régua and Tarouca Tungsten projects and the Portalegre copper-gold project in Portugal.
The Company's deposits and tungsten mine developments offer a low cost, high margin resource development opportunity due to a strong market following for Tungsten, increased trading and a forecast shortage of supply. The price of tungsten has more than doubled in past three years and is in the top 5 critical metals list.
The Board is focused to explore further opportunities in the region with a view to building a mid-tier minor metal producer.
The Company was incorporated in England and Wales in 2004.
Related Shares:
WRES.L