Cornish Metals Corporate Update - South Crofty Tin Project

Preliminary Economic Assessment on Track for Delivery in Q2 2024

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

• The South Crofty Preliminary Economic Assessment (“PEA”) is on track for completion in Q2 2024.
• Refurbishment of New Cook’s Kitchen (“NCK”) shaft is progressing as planned with the two winders and cages now installed, fully commissioned and certified to allow for safe transport of equipment and workers within the shaft.
• Mine dewatering continues with the submersible pumps and Water Treatment Plant (“WTP”) operating to specifications. The water level in NCK shaft is being maintained at approximately 280 metres below surface and the treated water being discharged to the Red River continues to exceed the standards permitted by the Environment Agency.
• Exploration drilling of the Wide Formation target continues with nine holes completed and approximately 7,200 metres drilled to date. Drill holes 10 and 11 are currently in progress and samples for the previous three holes have been submitted for assay. Results will be reported when available.
• The tin price has surpassed US$30,000 per tonne for the first time in over a year, rising by over 25% year-to-date and outperforming other base metals mainly reflecting ongoing supply disruptions amid an expected improving demand outlook.
  

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.”