W Resources Secures ‘Time Critical’ Cash with Tungsten Tailings Project

High flying W Resources this morning revealed it had secured ‘time critical’ financing to move forward with the La Parilla tungsten tailings project.

The AIM quoted firm, which has gained as much as 350% this month, is issuing 122mln new shares at 0.7p per share, raising £858,500.

Chairman Michael Masterman is among the investors in the placing. He has subscribed for 14.2mln new shares for a total investment of £100,000.

Last week the La Parrilla tailings project was signed off by the authorities in Spain and the company said first tungsten production would come later this year.

W Resources will process 330,000 tonnes of material each year to produce 28,000 tonnes of tungsten and 26 tonnes of tin. This is expected to generate around €7 million per year revenue, at current prices.

The company’s shares were also boosted this week by positive drill results on Monday, which showed tungsten grades three times higher than previous results.

A JORC compliant resource update is expected later this year, in the second quarter.

On AIM today W Resources shares were up 0.14p, or 11%, trading at 1.35p.

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