StockMarketWire.com - W Resources subsidiary Iberian Resources Spain SL has formally submitted the final Grant Application to the Junta de Extremadura Government for the La Parrilla tungsten and tin project located in Spain.

The Grant Application was for a percentage of the €19.5m plant and facilities package for the La Parrilla Fast Track Mine development, which included the Crusher, Jig / Mill Plant and the Concentrator.

"Over the next three to six months the Government will evaluate the full application and (if approved) determine the percentage of the €19.5m package that they will fund, which could be up to 30% of that amount," it said.

"Following the completion of the plant and facilities, and on meeting the target employment levels outlined in the application, IRS will submit a request for the Grant pay-out to the Junta de Extremadura Government.

"The Government will then verify fulfilment of all conditions in an audit, and the Grant will be paid to IRS upon satisfactory completion."

Success in the Grant application would provide many benefits to W Resources and the La Parilla project.




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