Cornish Metals Announces Change In Executive Management

VANCOUVER, British Columbia, March 15, 2024 (GLOBE NEWSWIRE) -- Cornish Metals Inc. (AIM/TSX-V: CUSN) (“Cornish Metals” or the “Company”), announces today the departure of Chief Executive Officer (“CEO”), Richard Williams, effective on March 31, 2024, when he will also leave the Company’s Board. Mr. Williams will remain available to the Company on a consulting basis going forward. Ken Armstrong, Non-Executive Director will step in as Interim CEO and Patrick Anderson, Chairman of the Board, will become the Executive Chairman of the Company during the transition and search for a permanent CEO to lead the Company through the next stage of development of South Crofty as the Company moves towards construction.

“On behalf of the Board of Directors I want to thank Richard for the many achievements he made and obstacles overcome to bring the Company and the South Crofty Tin Project to where it is today. Richard was instrumental in acquiring the Project from administration in 2016, the Company’s dual listing on AIM in 2021 and securing the Company’s cornerstone investment from Vision Blue Resources in 2022. We wish him all the best in his future endeavours,” said Patrick Anderson, Chairman of the Board of Directors.

Ken Armstrong, incoming Interim CEO, stated “Along with the Cornish Metals’ Board and major shareholders, I look forward to supporting the team at South Crofty as they continue advancing the South Crofty Project to a construction decision. In the short term, we will remain focused on delivery of a Preliminary Economic Assessment of the Project in Q2 2024 and continued mine dewatering through, and safe refurbishment of, the New Cooks Kitchen shaft.”

Ken Armstrong is the current Chairman of the Company’s Audit Committee and was CEO of the Company’s predecessor, Strongbow Exploration, through to 2015. Mr. Armstrong is a Professional Geologist (ON, NWT & NU) with over 25 years’ experience in the mineral exploration and mining industry, is currently President and CEO of North Arrow Minerals Inc. (TSX-V: NAR) and the immediate Past-President of the NWT and Nunavut Chamber of Mines.

ABOUT CORNISH METALS

Cornish Metals is a dual-listed 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, all 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 the 4^th highest grade tin Mineral Resource globally and benefits from existing mine infrastructure including multiple shafts that can be used for future operations;
• Tin is a Critical Mineral as defined by the UK, USA, and Canadian governments, with approximately two-thirds of the tin mined today coming 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 and regional and national government support.
• Cornish Metals has a growing team of skilled people, local to Cornwall, and the Project could generate 250 – 300 direct jobs.

An updated Mineral Resource was completed in September 2023 with a 39% increase in tonnes and 32% increase in contained tin in the Indicated category for the Lower Mine (see news release dated September 13, 2023) as summarised below: