REG - Cornish Metals Inc. - FILING OF TECHNICAL REPORT FOR SOUTH CROFTY PEA

Cornish MetalsAnnouncement

29/05/2024 07:00

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RNS Number : 1735Q  Cornish Metals Inc.  29 May 2024

 

CORNISH METALS FILES TECHNICAL REPORT FOR THE SOUTH CROFTY TIN PROJECT
PRELIMINARY ECONOMIC ASSESSMENT ON SEDAR+

 

Vancouver, May 28, 2024

Cornish Metals Inc. (AIM/TSX-V: CUSN) ("Cornish Metals" or the "Company"), is
pleased to report that it has filed a technical report pursuant to National
Instrument 43-101 - Standards for Disclosure for Mineral Projects ("NI
43-101") for its 100% owned and permitted South Crofty tin project in
Cornwall, United Kingdom under Cornish Metals' profile on Sedar+
(www.sedarplus.com (http://www.sedarplus.com) ). The Company's news release
dated April 30, 2024
(https://investors.cornishmetals.com/announcements/6315981) summarises the
positive results of the Preliminary Economic Assessment ("PEA").

The technical report, titled "South Crofty PEA
(https://cornishmetals.com/site/assets/files/4962/0423037_south_crofty_pea_-_24_may_2024_sedar.pdf)
" (the "Technical Report") was prepared by AMC Consultants (UK) Limited on
behalf of Cornish Metals. The Qualified Persons ("QPs") for the PEA are Mr
Nicholas Szebor, MCSM, CGeol, EurGeol, FGS, Regional Manager (UK) and
Principal Geologist (AMC); Mr Dominic Claridge, FAusIMM, Principal Mining
Engineer (AMC); Ms Angela Collins, Dip BA MRTPI, Principal Planner (SLR); Mr
Barry Balding, P.Geo., EurGeol, Technical Director - Mining Advisory Europe
(SLR); Mr Steve Wilson, ACSM, C.Eng., FIMMM, Managing Director: Europe
(P&C); Mr Mike Hallewell, FIMMM, FSAIMM, FMES, C.Eng. (Independent
Consultant); and Dr Barrie O'Connell, ACSM, FIMMM, C.Eng. (Independent
Consultant). QPs under NI 43-101 and Competent Persons as defined under the
JORC Code (2012).

ABOUT CORNISH METALS

Cornish Metals is a dual-listed mineral exploration and development company
(AIM and TSX-V: CUSN) focused on advancing the South Crofty high-grade,
underground tin project through to a construction decision, as well as
exploring its additional mineral rights, located in Cornwall, United Kingdom.

·    South Crofty is a historical, high-grade, underground tin mine that
started production in 1592 and continued operating until 1998 following over
400 years of continuous production;

·    The Project possesses Planning Permission for underground mining
(valid to 2071), to construct new processing facilities and all necessary site
infrastructure, and an Environmental Permit to dewater the mine;

·    South Crofty has one of the highest grade tin Mineral Resources
globally and benefits from existing mine infrastructure including multiple
shafts that can be used for future operations;

·    The 2024 Preliminary Economic Assessment for South Crofty validates
the Project's potential (see news release dated April 30, 2024
(https://investors.cornishmetals.com/announcements/6315981) ):

o  US$201 million after-tax NPV(8%) and 29.8% IRR

o  3-year after-tax payback

o  4,700 tonnes average annual tin production in years two through six

o  Life of mine all-in sustaining cost of US$13,660 /tonne of payable tin

o  Total after-tax cash flow of US$626 million from start of production

·    Tin is a Critical Mineral as defined by the UK, American, and
Canadian governments;

·    Approximately two-thirds of the tin mined today comes from China,
Myanmar and Indonesia;

·    There is no primary tin production in Europe or North America;

·    Tin connects almost all electronic and electrical infrastructure,
making it critical to the energy transition - responsible sourcing of critical
minerals and security of supply are key factors in the energy transition and
technology growth;

·    South Crofty benefits from strong local community, regional and
national government support.

·    Cornish Metals has a growing team of skilled people, local to
Cornwall, and the Project could generate up to 320 direct jobs.

TECHNICAL INFORMATION

This news release has been reviewed and approved by Mr Owen Mihalop, MCSM, BSc
(Hons), MSc, FGS, MIMMM, CEng, Chief Operating Officer for Cornish Metals Inc.
who is the designated Qualified Person under NI 43-101 and a Competent Person
as defined under the JORC Code (2012). Mr. Mihalop consents to the inclusion
in this announcement of the matters based on his information in the form and
context in which it appears.

ON BEHALF OF THE BOARD OF DIRECTORS

 

"Kenneth A. Armstrong"

Kenneth A. Armstrong P.Geo.

 

 

Engage with us directly at our investor hub. Sign up at:
https://investors.cornishmetals.com/link/KyzDLr
(https://investors.cornishmetals.com/link/KyzDLr)

 

For additional information please contact:

 

 Cornish Metals                                                         Fawzi Hanano       investors@cornishmetals.com (mailto:investors@cornishmetals.com)

                                                                        Irene Dorsman      info@cornishmetals.com (mailto:info@cornishmetals.com)
                                                                                           Tel: +1 (604) 200 6664

 SP Angel Corporate Finance LLP                                         Richard Morrison   Tel: +44 203 470 0470

 (Nominated Adviser & Joint Broker)                                     Charlie Bouverat

                                                                        Grant Barker

 Cavendish Capital Markets Limited                                      Derrick Lee        Tel: +44 131 220 6939

 (Joint Broker)                                                         Neil McDonald

                                                                        Leif Powis         Tel: +44 207 220 0500

 Hannam & Partners                                                      Matthew Hasson     cornish@hannam.partners (mailto:cornish@hannam.partners)

 (Financial Adviser)                                                    Andrew Chubb       Tel: +44 207 907 8500

                                                                        Jay Ashfield

 BlytheRay                                                              Tim Blythe         tim.blythe@blytheray.com (mailto:tim.blythe@blytheray.com)

 (Financial PR)                                                         Megan Ray          megan.ray@blytheray.com (mailto:megan.ray@blytheray.com)

                                                                                           Tel: +44 207 138 3204

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

Caution regarding forward looking statements

This news release contains certain "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking statements").
Forward-looking statements include predictions, projections, outlook,
guidance, estimates and forecasts and other statements regarding future plans,
the realisation, cost, timing and extent of mineral resource or mineral
reserve estimates, estimation of commodity prices, currency exchange rate
fluctuations, estimated future exploration expenditures, costs and timing of
the development of new deposits, success of exploration activities, permitting
time lines, requirements for additional capital and the Company's ability to
obtain financing when required and on terms acceptable to the Company, future
or estimated mine life and other activities or achievements of Cornish Metals,
including but not limited to: mineralisation at South Crofty, mine dewatering
and NCK Shaft refurbishment expectations; the development, operational and
economic results of the PEA, including cash flows, capital expenditures,
development costs, extraction rates, recovery rates, mining cost estimates;
estimation of mineral resources; statements about the estimate of mineral
resources; magnitude or quality of mineral deposits; anticipated advancement
of the South Crofty project mine plan; future operations; the completion and
timing of future development studies; anticipated advancement of mineral
properties or programmes; Cornish Metals' exploration drilling programme,
exploration potential and project growth opportunities for the South Crofty
tin project and other Cornwall mineral properties and the timing thereof,
timing and results of Cornish Metals' feasibility study, the Company's ability
to evaluate and develop the South Crofty tin project and other Cornwall
mineral properties, strategic vision of Cornish Metals and expectations
regarding the South Crofty mine, timing and results of projects mentioned.
Forward-looking statements are often, but not always, identified by the use of
words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast",
"expect", "potential", "project", "target", "schedule", "budget" and "intend"
and statements that an event or result "may", "will", "should", "could",
"would" or "might" occur or be achieved and other similar expressions and
includes the negatives thereof. All statements other than statements of
historical fact included in this news release, are forward-looking statements
that involve various risks and uncertainties and there can be no assurance
that such statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such statements.

Forward-looking statements are subject to risks and uncertainties that may
cause actual results to be materially different from those expressed or
implied by such forward-looking statements, including but not limited to:
risks related to receipt of regulatory approvals, risks related to general
economic and market conditions; risks related to the availability of
financing; the timing and content of upcoming work programmes; actual results
of proposed exploration activities; possible variations in Mineral Resources
or grade; outcome of the current Feasibility Study; projected dates to
commence mining operations; failure of plant, equipment or processes to
operate as anticipated; accidents, labour disputes, title disputes, claims and
limitations on insurance coverage and other risks of the mining industry;
changes in national and local government regulation of mining operations, tax
rules and regulations. The list is not exhaustive of the factors that may
affect Cornish's forward-looking statements.

Cornish Metals' forward-looking statements are based on the opinions and
estimates of management and reflect their current expectations regarding
future events and operating performance and speak only as of the date such
statements are made. Although the Company has attempted to identify important
factors that could cause actual actions, events or results to differ from
those described in forward- looking statements, there may be other factors
that cause such actions, events or results to differ materially from those
anticipated. There can be no assurance that forward-looking statements will
prove to be accurate and accordingly readers are cautioned not to place undue
reliance on forward-looking statements. Accordingly, readers should not place
undue reliance on forward-looking statements. Cornish Metals does not assume
any obligation to update forward-looking statements if circumstances or
management's beliefs, expectations or opinions should change other than as
required by applicable law.

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