Cornish Metals to Bring Forward Refurbishment of New Cook’s Kitchen Shaft

VANCOUVER, British Columbia, March 04, 2024 (GLOBE NEWSWIRE) -- Cornish Metals Inc. (AIM/TSX-V: CUSN) (“Cornish Metals” or the “Company”), a mineral exploration and development company focused on advancing the South Crofty tin project (“South Crofty” or the “Project”) located in Cornwall, United Kingdom, to a construction decision, reports that, after assessment of the condition of the shaft timbers in New Cooks Kitchen (“NCK”) shaft, it has decided to commence refurbishment of the shaft ahead of schedule.

Accordingly, and further to the announcement made by the Company on 13 December 2023, the proceeds raised from the offering completed in May 2022 will be re-allocated to accommodate the refurbishment of the NCK shaft, details of which are set out below.

Key Points:

• Rephasing shaft refurbishment will significantly improve the functionality of NCK shaft, enable larger equipment to access the mine at an earlier stage in its re-development and, most importantly, ensure that the Company continues to work to the highest health & safety standards as we re-gain access to the underground mine workings;
• The rate of mine dewatering has been reduced, with the water level being maintained, to allow shaft refurbishment and dewatering to proceed concurrently;
• Shaft refurbishment and mine dewatering are now expected to complete by Q3 2025;
• The cost saving of approximately £4 million from reducing the rate of dewatering will cover the cost of shaft refurbishment during 2024;
• All aspects of the ongoing Feasibility Study, except underground drilling, are expected to be completed in H1 2024, as previously stated;
• A Preliminary Economic Assessment (“PEA”) for South Crofty remains on schedule to be published in Q2 2024;
• The outcome of the PEA will provide further guidance of the outstanding work programmes, and for the timing for the completion of the Feasibility Study, as well as providing updated estimates of the funding requirements to achieve first tin production by the end of 2026;
• The Company is funded for the remainder of 2024 and there is no anticipated impact on the overall cost of re-opening South Crofty arising from this rephasing.

Richard Williams, CEO and Director of Cornish Metals, stated: “Cornish Metals is committed to safe, efficient and cost-effective work practises and has, accordingly, brought forward the refurbishment of NCK shaft. This is a key milestone for the project and demonstrates the confidence both we as a Company and our largest shareholders have in the future of South Crofty. Importantly, management believes the project remains on track for production by the end of 2026.”