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Cornish Metals Corporate Update – South Crofty Tin Project

VANCOUVER, British Columbia, April 16, 2024 (GLOBE NEWSWIRE) — Cornish Metals Inc. (AIM/TSX-V: CUSN) (“Cornish Metals” or the “Company”) is pleased to provide an update on current activities at its 100% owned South Crofty tin project located in Cornwall, United Kingdom.

Highlights

Ken Armstrong, Interim CEO of Cornish Metals, commented “Work is well advanced on the South Crofty PEA, which remains scheduled for delivery this quarter. The project team continues to advance mine dewatering and NCK shaft refurbishment, ventilation shaft and process plant design work, and stakeholder engagement and outreach in support of a future Feasibility Study and potential construction decision.”

Mr. Armstrong continued, “The timing of this important work coincides with a strengthening tin price, which reached over US$30,000 per tonne this past week, and an emerging recognition of tin as a critical metal by the United Kingdom and other national governments. Combined with the fact that there is presently no primary tin production in Europe or North America, these factors strongly support our thesis to fast-track work to, if feasible, responsibly bring the South Crofty tin mine back into production to the benefit of Cornwall, the United Kingdom and other stakeholders.”

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.

TECHNICAL INFORMATION

The technical information in this news release has been compiled by Mr. Owen Mihalop who has reviewed and takes responsibility for the data and geological interpretation. Mr. Owen Mihalop (MCSM, BSc (Hons), MSc, FGS, MIMMM, CEng) is Chief Operating Officer for Cornish Metals Inc. and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined under the JORC Code (2012) and as a Qualified Person under NI 43-101. 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.

For additional information please contact:

Cornish Metals Fawzi Hanano
Irene Dorsman
investors@cornishmetals.com
info@cornishmetals.com
Tel: +1 (604) 200 6664
     
SP Angel Corporate Finance LLP
(Nominated Adviser & Joint Broker)
Richard Morrison
Charlie Bouverat
Grant Barker
Tel: +44 203 470 0470
     
Cavendish Capital Markets Limited
(Joint Broker)
Derrick Lee
Neil McDonald
Leif Powis
Tel: +44 131 220 6939

Tel: +44 207 220 0500

     
Hannam & Partners
(Financial Adviser)
Matthew Hasson
Andrew Chubb
Jay Ashfield
cornish@hannam.partners
Tel: +44 207 907 8500
     
BlytheRay
(Financial PR)
Tim Blythe
Megan Ray
tim.blythe@blytheray.com
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 expectations, 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.

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended.


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