Cornish Metals Commences Second Phase of Shaft Refurbishment at South Crofty Tin Project

Cornish Metals Inc., a mineral exploration and development company focused on advancing its South Crofty tin project in Cornwall, United Kingdom, has announced the commencement of the second phase of shaft refurbishment. The company is pleased with the progress made in refurbishing the New Cook’s Kitchen (“NCK”) shaft, including the on-schedule installation of the Phase 2 work platform. This milestone will enable faster replacement of old shaft timbers with new steel guides.

The water level in the NCK shaft is being maintained at approximately 280 meters below the surface, and the treated water being discharged to the Red River is consistently meeting permitted standards. The company’s 14-hole Wide Formation exploration drilling program has been completed, with final assay results to be reported at a later date.

Cornish Metals has also received the initial payment for the sale of the Nickel King asset in Canada and is progressing discussions for the sale of other non-core assets located outside of the UK. The search for a permanent CEO is underway, with an appointment expected in the third quarter of 2024.

Market fundamentals remain favorable for the tin price, which has traded above US$30,000 over the past three months and is currently up nearly 40% year-to-date, reaching approximately US$35,000.

Owen Mihalop, the COO of Cornish Metals, expressed satisfaction with the progress of the refurbishment and dewatering program at South Crofty. He highlighted that the work is progressing according to the adopted plan, allowing for simultaneous refurbishment and dewatering. The water treatment plant and dewatering pumps are operating as designed, with pumping rates matching modelled expectations.

Ken Armstrong, the Interim CEO and Director of Cornish Metals, emphasized the company’s commitment to advancing the South Crofty tin project and aims to commence production in 2027. He also mentioned the strong support received from the local community, regional, and national governments.

Cornish Metals is focused on developing the South Crofty tin project, which has Planning Permission for underground mining and construction of new processing facilities. The project boasts high-grade tin mineral resources and benefits from existing mine infrastructure. The company’s 2024 Preliminary Economic Assessment for South Crofty demonstrates its potential, with an after-tax NPV8% of US$201 million and an IRR of 29.8%.

In conclusion, Cornish Metals is making significant progress in the refurbishment and dewatering of the South Crofty tin project. The company’s exploration program, asset sales, and CEO search are all contributing to the advancement of the project. With favorable market conditions for tin, Cornish Metals is well-positioned to capitalize on the potential of the South Crofty mine.

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