Aim-listed W Resources is making progress with arranging financing to continue the pace of development at its La Parrilla mine, in Spain, stating on Friday that it was in “advanced stages” of finalising the facilities.
The company announced on September 16 that it had raised €1-million from two Spanish investors and said, at the time, that it would need additional funding to maintain the pace at which the La Parrilla mine was being developed, with interest having been received from debt and Spanish equity providers.
W stated that the board considered the company to be in a closed period and that it remained chairperson Michael Masterman’s intention to invest at 0.5p a share at the end of the closed period.
W traded at 0.37p a share – up 8.12% – on Friday.
Further, the company reported that commissioning and ramp-up activities at La Parrilla continued to advance with all components of the concentrator plant from the spirals through to the shaking tables, to the flotation, magnetic and electrostatic separator plant now commissioned.
More than 5 t of tungsten concentrate has been produced which will be purified and tin separated next week.
Tungsten concentrate production for the T2 phase at La Parrilla will be under way during November. In addition, the company has 2.5 t of tin concentrate, which will be built up to a 10 t stock prior to shipment.