W Resources shares lose shine as placing details unveiled

Shares in W Resources fell more than 6% after it detailed a £750,000 placing to progress development of its copper and gold assets, and purchase of the La Parilla crusher and jig/mill.

W Resources said it was also mulling separate London listing for its copper and gold projects, and that construction of the plant at La Parrilla remained on track.

"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," said W Resources in a statement.

The tungsten, copper and gold-mining company added that over the past 18 months it had been successful in advancing its copper and gold exploration activities in the Iberian Peninsula.

It owned 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 Spain- and Portugal-focused outfit said its strategic review had highlighted that there was a significant opportunity to accelerate the development of its copper and gold projects by focusing dedicated funding in this area.

It said this would increase the value of these assets.

"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."

At 11:56 GMT, shares in AIM-listed W Resources were down 3.8% to 0.38p each.