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W Resources (AIM:WRES), the tungsten, copper and gold mining, exploration, development and production company with assets, in Spain and Portugal, has reported that it is carrying out a strategic review of operations in order to maximise its focus on bringing the La Parrilla and Régua mines into production.

Interim results of the review have produced a course of action to ensure that the company is on track to achieve production from the La Parrilla mine next year.

A new finance facility of €225,000 has been put in place in order to provide support for working capital as required. In addition, the company expects VAT refunds in excess of €0.5m in the second quarter of this year.

Michael Masterman, chairman of W Resources, commented: "The Board is very focussed on achieving its target to bring La Parrilla and Régua into production in the next two years.

"We believe that the low cost of the mine and the progress made to date at La Parrilla will deliver strong shareholder value as we progress towards bringing one of the largest tungsten mines in the western world into production.

"We appreciate the support of shareholders to date and look forward to growing the company into a significant European producer. Discussions with regard to financing are positive and we look forward to providing further detail on this as progress is made on the target funding for the La Parrilla mine."

• [Editor:Mango]