- W Resources has completed a £750,000 placing and identified an opportunity to accelerate the development of its copper and gold projects.

The placing, via the issue of 214.3m shares at 0.35p each, was to advance the development of the copper and gold assets, and advance the purchase of the La Parrilla crusher and jig/mill.

"Construction of the plant remains on track at La Parrilla and we are now in a position to order the crusher, jig and mill which keeps us on track to resume tungsten production in the second half of 2017," it said.

The company said that over the past 18 months it had been successful in advancing its copper and gold exploration activities in the Iberian Peninsula and owns 100% of the CAA / Portalegre gold prospect, including the Sao Martinho gold deposit and 100% of the Monforte-Tinoca copper exploration licence, including the Tinoca and Azeiteiros copper mines.

"The strategic review has highlighted that there is a significant opportunity for W Resources accelerate the development of its copper and gold projects by focusing dedicated funding in this area which will increase the value of these assets," it said in a statement.

"Therefore, the board has decided to evaluate alternatives to separate these projects from W Resources and is considering strategies including listing them in a new vehicle on the London Stock Exchange."

It noted that Sao Martinho had a JORC-compliant resource estimate of 3Mt at 1.04g/t gold, equating to 111,987oz in contained gold (inferred + indicated categories).

W Resources added that it had also subsequently completed a very successful 1,500m diamond core drilling programme which included significant results, announced on 17 January 2017.

At 9:39am: [LON:WRES] W Resources PLC share price was -0.03p at 0.37p

Story provided by