- Tungsten exploration company W Resources booked a deeper annual loss, owing to foreign exchange losses, finance costs and the write down of a discontinued Portuguese exploration licence.

Pre-tax losses for the year through December amounted to £4.1m, compared to losses of £0.7m on-year.

The exchange loss occurred when the company's US dollar denominated BlackRock loan was converted into Sterling at 31 December.

W Resources is currently developing the La Parrilla mine in Spain, which was recently awarded a grant from the Junta de Extremadura government.

'La Parrilla is funded and near project completion,' chairman Michael Masterman said.

'The project is on budget with tungsten and tin production and sales.'

'The project is set to move to large scale production levels at low cost in the third quarter following construction completion of the new concentrator plant this quarter.'

'This will allow W Resources to deliver a progressive increase in production in the third and fourth quarters of 2019.'

'Regua in Portugal is approved and advanced and will follow closely behind the development of La Parrilla.'

'The grade control and extension drilling has identified significant thick high-grade intersection which will be incorporated in resource estimates and mine plans.

'Exploration success at Tarouca will feed into and further enhance Regua hub development economics.'

'We have advanced exploration progress at our Sao Martinho gold discovery and will move to the next phase of extension drilling and trial mine production.'

"The executive team with the strong support of the board is executing development well and this is a credit to the calibre of the management team.'

At 1:26pm: [LON:WRES] W Resources PLC share price was -0.01p at 0.45p

Story provided by