Cornish Metals Commences 2nd Phase of Shaft Refurbishment at the South Crofty Tin Project in Cornwall, United Kingdom

VANCOUVER, British Columbia, July 10, 2024 (GLOBE NEWSWIRE) -- Cornish Metals Inc. (AIM/TSX-V: CUSN) (“Cornish Metals” or the “Company”), a mineral exploration and development company focused on advancing its 100% owned and permitted South Crofty tin project in Cornwall, United Kingdom, is pleased to announce it has commenced the second phase of shaft refurbishment at the project.

Highlights

• Refurbishment of New Cook’s Kitchen (“NCK”) shaft is progressing as planned with the on-schedule installation of the Phase 2 work platform, enabling faster replacement of old shaft timbers with new steel guides;
• The water level in NCK shaft continues to be maintained at approximately 280 metres below surface and the treated water being discharged to the Red River is consistently well within the permitted standards;
• The 14-hole Wide Formation exploration drilling programme has been completed with final assays to be reported when available;
• Initial payment has been received for the announced sale of the Nickel King asset in Canada;
• The Company is progressing discussions for the sale of other non-core assets located outside of the UK;
• The search for a permanent CEO is advancing and an appointment is expected in Q3-2024;
• Market fundamentals remain supportive of the tin price, which has traded above US$30,000 over the last three months and is presently up nearly 40% year-to-date to approximately US$35,000.
  

Owen Mihalop, COO of Cornish Metals, stated: “Installation of the Phase 2 work platform is an important milestone for the refurbishment and dewatering programme at South Crofty. Work continues to progress in-line with our adopted work plan and schedule that allows for NCK shaft refurbishment to continue in parallel with mine dewatering. The water treatment plant and the dewatering pumps continue to operate as designed. Pumping rates continue to match modelled expectations, which have been established based on the project’s extensive operational database, including the fact that South Crofty operated for the majority of the twentieth century with no water inflow from the flooded historic workings of adjacent mines.”