W Resources has published a maiden JORC reserve for La Parrilla and raised £650,000 on the back of this.
The La Parrilla mine in Spain has mineral reserves of 29.7 million tonnes at 931 parts per million tungsten trioxide and 116 parts per million tin. The average cash operating cost for the first six years of operation is estimated at $90/ metric tonne unit. The estimated life of the mine is currently 11 years assuming that production builds up to 3.5 million tonnes a year in 2020.
The proven tungsten reserve is 1,171 tonnes and the proven tin reserve is 295 tonnes. If probable reserves are included the total rises to 27,683 tonnes of tungsten and 3,451 tonnes of tin.
The final investment decision report should be completed in the third quarter.
The £650,000 was raised at 0.28p a share, compared to the market price of 0.29p, and more cash is expected to come from W Resources directors. Each share has a warrant attached that is exercisable at 0.42p a share.
The cash will be spent on plant and equipment and a land access payment.
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