- W Resources (AIM:WRES), the tungsten, copper and gold, exploration, development and production company with assets in Spain and Portugal, has signed an agreement with the Portuguese Department of Energy and Geology (DGEG) to increase its CAA/Portalegre exploration licence by 101.7 km².

As a result, the project now includes the highly prospective São Martinho Gold Project which was discovered in 1986 and has an unclassified resource estimate of 328,621oz of gold at an average grade of 1.37 g/t Au, based on limited drilling and trenching done by Portoglobal.

Michael Masterman, chairman of W Resources commented: "We are very pleased to sign the expansion agreement with the DGEG, which has significantly increased the prospectivity of the CAA/Portalegre licence at a minimal cost.

"We are very encouraged about the potential of this enlarged project with the two significant gold prospects. It is our intention to advance the project with a joint venture partner who will provide technical and financial input.

"The significant expansion of the licence area with previously defined gold mineralisation provides an even more attractive and compelling project for potential farm in partners."

At 11:06am: [LON:WRES] W Resources PLC share price was +0.01p at 0.63p

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