W Resources (WRES) shares jumped after it updated investors on its progress with the La Parrilla tungsten mine in Spain.
The AIM listed miner said that all components of the concentrator plant have been commissioned, with over 5 tonnes of tungsten concentrate produced, to be purified and tin separated next week.
The company also told investors that it was at ‘advanced stages’ of finalising its finance facilities and additional investment from local Spanish investors, including Chairman Michael Masterman who is expected invest at 0.5p per share after the closed period.
Shares jumped 11.59% to 0.385p during early Friday morning trading
W Resources said that Tungsten concentrate production for the T2 phase at La Parrilla will be underway during November.
The company also expects that its 2.5 tonnes of tin concentrate will be built up to a 10 tonne stock before shipment.
The T2 phase was funded with a $35m loan from Blackrock, the American global money manager.
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