StockMarketWire.com - W Resources has reported an after-tax loss of £854k for the year ended 31 December 2016, compared to a loss of £606k in 2015.

The Company said the increase is mainly due to £149k of potentially irrecoverable VAT, arising from a HMRC review of the Company's VAT position resulting in the suspension of the Company's VAT registration number.

W has disputed HMRC's decision and the review remains ongoing.

Other highlights for the year included:

- Increased the La Parrilla JORC compliant resource to 51 million tonnes (Mt) at 0.096% WO3 with an indicated resource up from zero to 36 Mt which equates to 70% of the deposit (February 2016)

- Completed the La Parrilla mine optimisation and Fast Track Mine (FTM) mining schedules, confirming low strip ratio and low cost mine development

- Blasted the first two 10 m hard rock benches at La Parrilla in Q2 2016 in the FTM area

- Commenced plant production Q3 2016 at La Parrilla, running in an initial custom delivery phase for customers to January 2017

- Completed an economic initial Regua mine development plan and completed the Environmental Impact Study (EIS)

- Concluded Copper Gold Resources Plc strategic review which highlighted significant opportunity to accelerate the development of the copper and gold projects and increase the value of the assets

- Completed the Sao Martinho drilling campaign in September 2016 in order to upgrade the current JORC resource estimate. Initial results delivered strong grades at multiple levels

- Granted the Monforte-Tinoca Portuguese exploration licence containing the Tinoca and Azeiteiros former copper mines by the DGEG in July 2016

- Raised £2.45m over three placings during 2016

Chairman of the Company, Michael Masterman, commented:

"I am pleased to report that W Resources substantially advanced its tungsten, copper and gold assets in 2016, with particularly successful drilling campaigns across both the tungsten and gold projects.

"The immediate focus is to complete the financing in order to develop the expansion of La Parrilla tungsten project to produce 2,500 tpa of tungsten concentrate. The team are also making good progress with development at Regua and planning continues on the spin-off of Copper Gold Resources Plc. The near future is extremely exciting for W Resources across both its tungsten and copper / gold projects and we look forward to an active and productive 2017."



At 1:15pm: [LON:WRES] W Resources PLC share price was -0.01p at 0.35p



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