JOHANNESBURG (miningweekly.com) – Heavy minerals miner W Resources has completed a placement of 232-million ordinary shares at 0.28p apiece to raise £650 000 aimed at advancing its developing La Parrilla mine, in Spain, where it also just declared a maiden resource.
The Aim-listed company on Wednesday said the mine held mineral reserves of 29.7-million tonnes, at 931 ppm tungsten trioxide (WO3) and 116 ppm tin, which could be unearthed at an average cash cost of $90/t for the first six years.
The Join Ore Reserves Committee-compliant resource would allow for a mine life of 11 years, with the company seeking to expand the proposed two-million-tonne-a-year operation to 3.5-million tonnes a year in 2020.