W Resources is a new tungsten and gold player focused in the safe operating enviroment of spain and portugal, and in relative quick time the company have assembled some solid assets with both near and long term revenues targeted. The company has no current gearing ( no debt ) and also has a current income from its 50% share of oil revenues via Black Gold Inc in Kentucky which covers the company,s administration costs. ( W Resources was previously focused entirely in oil and gas ). With the closing of many of the worlds tungsten mines during the chinese export flood of recent times there is now a significant opportunity for tungsten miners outside of china to fill demand in western markets as china restricts exports.World tungsten prices have more than doubled since the start of 2010 .The company is listed on london AIM market using the epic WRES .



Spain : ( La Parrilla )

In late 2011 / early 2012 the company aquired the La Parrilla tungsten mine located in south west Spain which has been described by leading consultants SRK as hosting "one of the largest tungsten deposits in the western world " and have wasted no time in moving forward with their plans. Also of note at La Parrilla is a very sizable Tailings resource, in which the company have devised a detailed and costed plan to provide immediate revenue sources estimated to deliver €7million per annum in revenue.Ths is based on Annual plant feed of 330,000 tonnes and annual production is anticipated to be 28,000 MTU Tungsten (W) and 26 tonnes Tin (Sn). The tailings project is expected to be in production in early 2013.

The tailings project will then self fund the larger project at the main La Parrilla mine where the recent drilling results have far exceeded expectations and point towards a highly commercial resource of high grade tungsten with low cost / high margin returns. 6 holes have been drilled and logged to date and thus far proved that vast extensions of the main mine resource are present. La Parrilla has excellent existing access and infrastructure in place which will add to commercial profitabilty and aid the projection of nearterm revenues.



Fig 1 - Map Location of La Parrilla





Portugal : ( Portalegre )

In late may 2012 the company announced the acquisition of Australian Iron Ore Plc (AIO) and its 100% owned subsidiary Iberian Resources Portugal Recursos Minerais Unipessoal LDA (IRP).

These new tungsten development and exploration assets in Portugal complement the near term tungsten production and exploration at La Parrilla in Spain and provide an additional opportunity in gold exploration. Since the aquisition the company have set to work and already returned some excellent drilling results on the gold licence. The assay results so far include intercepts of 4 metres with 1.75 grams gold per ton, 4 metres with 1.68 g/t, 2 metres with 1.14 g/t and 6 metres with 4.4 g/t gold, at depths from near-surface to 100 metres.

As a result of the acquisition of AIO, the company now own / have rights to four tungsten projects and the prospective Portalegre gold exploration property . Access and infrastructure in the area is excellent and well developed .



Fig 2 - Completed and proposed drill locations




Assets Summary :

· 100% ownership of the La Parrilla tailings deposit targeting first production Q1 2013

· 100% ownership option of the La Parrilla mine currently concluding extension drilling

· 100% ownership of the high grade Régua tungsten deposit

· 100% ownership of the Tarouca tungsten exploration licence

· 100% ownership of the two Portalegre gold exploration licences


About Tungsten and Outlook :

Tungsten is another metal that China dominates when it comes to production. In the 1980s and 1990s china flooded the market with its-low cost production, driving down the price and driving producers in the rest of the world out of operation. Since 2010, the price has jumped to about US$445 per tonne from US$250 per tonne and market analysts have forecasted that tungsten prices will remain bullish for many years to come due to shortage of supply outside china and the raw material now being classed as a " strategic mineral " by many governments around the world.

Tungsten finds common usage in cutting tools as well as in the aerospace industry, military applications and consumer electronics.

Over the last few years China has been restricting exports to conserve resources for future domestic needs and has also forced illegal mining operations to shut down.The outlook for tungsten miners and producers outside of china looks very promising over the next decade and with tungsten now finding its way into many new tech & medical products the demand will only increase.





All company news can be found here

http://www.wresources.co.uk/category/investors/w-news/


Full details of La Parilla Mine

http://www.wresources.co.uk/projects/la-parrilla/la-parrilla-mine/

Full details of La Parrilla Tailings project

http://www.wresources.co.uk/projects/la-parrilla/la-parrilla-tailings/

Full details of Portalegre

http://www.wresources.co.uk/projects/portalegre/


Information here courtesy of Stockopedia ( see link below )

http://www.stockopedia.co.uk/content/w-resources-new-tungsten-player-68289/

Jazz T,i like the look of this and the tungsten market is the place to be at
moment,may just grab a few :-)

Yes and i was looking through a list of tungsten miners a while ago and found
the vast majority have far less attractive proven resources and much further
away from revenues ( yet still multiple market cap of WRES ) . Gives you an
idea of where this is going !

jaazt you could have found a cracker here mate,have you checked out the
tonnage and grades at the La Parrilla mine ? as SRK stated it is a world class
deposit.

I will be coming aboard here for sure :->

why not buy Wolfe Minerals they are a bit nearer home.... Plymouth with the fourth largest tungsten prospect in the world.

halifax,im already a holder there thanks but should point out that wolf is more a
long burner for me but will come good imvho. With WRES they have an instant
revenue stream ontap with the tailings which will be up and running very shortly
and is forecast to bring in 7m euros a year - so at current market cap here there
is super upside on the tailings alone.

Watch this make gains

Just seen the Ceo holds nearly 40% of shares here and recently bought another
large wedge with fellow director byron pirola ( both also at Po Valley energy )

minerales,youre right the ceo and fellow director do hold a large part of the shares
here and have bought alot this year since the move to mining.

Check the graph on FT and scroll down to director dealings and change the drop
down to 1 year for all purchases. They were already holding large percent before
those additional buys.

http://markets.ft.com/Research/Markets/Tearsheets/Directors-and-dealings?s=WRES:LSE

Market cap of £4m with at least 3 years of 7m revenues from tailings operation
forecast and the main mine hosting sizable resources.And gold and additional
tungsten licences. No brainer ??

bob, there was a interesting article on the company yesterday that is
well worth a gander.

http://www.stockopedia.co.uk/content/w-resources-a-new-tungsten-player-68289/

thanks jazz i was just looking at that :-)

good read bob ?

RNS - INTERIM STATEMENT

W Resources Plc (AIM:WRES), formerly Caspian Holdings Plc, a tungsten and gold exploration and development company with assets in Spain and Portugal, announces its interim results for the six months to 30 June 2012.

Highlights

· La Parrilla tailings assay results exceeded expectations resulting in an extension of the drilling programme to further delineate the size and grade of the La Parrilla asset

· Option to acquire La Parrilla tungsten mine extended to August 2013

· Acquisition of Australian Iron Ore and its 100% owned subsidiary Iberian Resources Portugal Recursos Minerais Unipessoal LDA in July 2012, with tungsten and gold development and exploration projects in Portugal

· Two capital placements completed during the period raising £0.9 million

· Name changed to W Resources Plc to reflect the change in business strategy and focus

Chairman Michael Masterman said: "The first six months of the year have transformed W into an active tungsten and gold exploration and appraisal company with exceptional results at La Parrilla. In the next period we will advance the La Parrilla Tailings and continue an active resource extension and exploration program at La Parrilla (tungsten), Régua (tungsten), Tarouca (tungsten) and Portalegre (gold)".

An extract of the Interim Results for W for the six months ended 30 June 2012 is presented below. W has published its interim report, together with this announcement on the Company's website www.wresources.co.uk

About W Resources Plc

W Resources Plc (AIM:WRES), is a tungsten and gold exploration and development company with a portfolio of assets including the La Parrilla tungsten mine and tailings project in the Southwest of Spain and the Portalegre gold exploration license in 200k east of Lisbon in Portugal.

Chairman's Statement

The first six months of 2012 marked achievement and advancement for W Resources Plc with successful and solid progress at the La Parrilla site and the acquisition of Australian Iron Ore "(AIO)" in early July.

Iberian Resources Spain

Following the acquisition of Iberian Resources Spain S.L. in December 2011, the Company immediately commenced a 1,500 metre drilling campaign at the La Parrilla site in January 2012. To date, the Company has completed six holes in its extension drilling programme with assay results received for holes 1-5.

The assay results received for the first 5 holes in the extension programme have exceeded expectations and, as such, the Company is currently extending its drilling programme to further delineate the size and grade of the La Parrilla extension.

The technical design of the La Parrilla tailings project was finalised in January, which was submitted to the Mining Department of the regional authority of the Junta de Extremadura for approval. The Company now expects approval to be granted in October 2012 with the first production from the tailings project expected in Q2 2013.

Iberian Resources Portugal (AIO Acquisition)

The Company further strengthened its asset portfolio in early July with the acquisition of AIO and its 100% subsidiary Iberian Resources Portugal Recursos Minerais Unipessoal LDA, which holds tungsten and gold assets in Portugal.

Included in the asset portfolio is an exploration licence for the São Martinho gold prospect near the town of Portalegre (Northern Alentejo), covering an area of 101.7 km². In February 2012, an extended drilling programme to further develop the topographical maps commenced and to date 1,300m of a 3,000m reverse circulation drilling programme has been completed. Initial assay results are positive.

Corporate

With the acquisition of Iberian Resources Portugal and Iberian Resources Spain, the Company has successfully made the transition to a mining and metals company with high potential interests in tungsten and gold in the Iberian peninsula. Oil and gas investment interests in Black Gold of Kentucky remain a minor element of the business however exit options are under consideration.

Financial

Two capital placements were completed by the Company during the first six months of 2012. The funds raised were used to finance the La Parrilla drilling campaign and for working capital purposes.

Despite the intensive drilling programme during the first half of 2012, the Company kept costs low with a loss after taxation of £146,341.



Tungsten

With Tungsten listed in the top five critical metals, the company's focus on this metal provides a good growth plan for the business. The tailings and mine opportunities provide a low cost, high margin resource development opportunity, with first production on track for Q2 2013.

Market conditions remain attractive for Western tungsten producers as significant supply shortages are expected outside China. This strategic metal is integral to the defence industry, with demand continuing to grow from other key industries including aerospace and energy, whilst domestic demand outstrips supply capability.

Michael Masterman

Chairman

W Resources Plc

27 September 2012

jazz,have just read through your posts and the statement today and think this
looks a potential gem mate.Is that right they forecasting $7m revenue from the
tailings alone ?

glen,yes they forecasting revenues of 7m euros a year from the tailings project
and that is a sideshow to the main mine there. SRK Consultants have described
the main mine as hosting "one of the biggest tungsten deposits in the western
world" .

Also you may find of interest the major shareholders with the CEO holding 52.5%
of the shares.


W Resources Major Shareholders:

Masterman, Michael George : 728,558,625 :52.521%

Pirola, Dr Byron Antony: 112,075,134 : 8.079 %

H Gibson: 72,628,702 : 5.24 %

Garland, Michael Victor : 44,133,333 : 3.181%

KBC Peel Hunt Ltd : 41,697,131: 3.01%

Very interesting jazz,have not seen a ceo hold such a large % before

Yes its unusual,betwee mike masterman and byron pirola they hold 60% of the
company and i think mastermans spouse has a good holding too.

Defo some excitement coming here imvho

A very good interim today for the company,looks like they quite careful with their
cash and are getting maximum bang for their buck since the move to mining.
I picked out the following > >


"The first six months of 2012 marked achievement and advancement for W Resources Plc with successful and solid progress at the La Parrilla site and the acquisition of Australian Iron Ore "(AIO)" in early July."

"The technical design of the La Parrilla tailings project was finalised in January, which was submitted to the Mining Department of the regional authority of the Junta de Extremadura for approval. The Company now expects approval to be granted in October 2012 with the first production from the tailings project expected in Q2 2013."

"Included in the asset portfolio is an exploration licence for the São Martinho gold prospect near the town of Portalegre (Northern Alentejo), covering an area of 101.7 km². In February 2012, an extended drilling programme to further develop the topographical maps commenced and to date 1,300m of a 3,000m reverse circulation drilling programme has been completed. Initial assay results are positive."

"Chairman Michael Masterman said: "The first six months of the year have transformed W into an active tungsten and gold exploration and appraisal company with exceptional results at La Parrilla. In the next period we will advance the La Parrilla Tailings and continue an active resource extension and exploration program at La Parrilla (tungsten), Régua (tungsten), Tarouca (tungsten) and Portalegre (gold)"

"With Tungsten listed in the top five critical metals, the company's focus on this metal provides a good growth plan for the business. The tailings and mine opportunities provide a low cost, high margin resource development opportunity, with first production on track for Q2 2013.

Market conditions remain attractive for Western tungsten producers as significant supply shortages are expected outside China. This strategic metal is integral to the defence industry, with demand continuing to grow from other key industries including aerospace and energy, whilst domestic demand outstrips supply capability."

minerales,i see you spotted the juice :-)

looks very good jazz

minerales,their results showed they are very careful with cash and for the
amount spent have some world class tungsten assets now. This could really
do good things in my opinion.