REG - Cornish Metals Inc. - CHANGE IN EXECUTIVE MANAGEMENT

Cornish MetalsAnnouncement

15/03/2024 07:00

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RNS Number : 9575G  Cornish Metals Inc.  15 March 2024

CORNISH METALS ANNOUNCES CHANGE IN EXECUTIVE MANAGEMENT

 

Vancouver, March 15, 2024

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
(https://cornishmetals.com/site/assets/files/5612/2023-09-13_mre_final.pdf) )
as summarised below:

 South Crofty Summary (JORC 2012) Mineral Resource Estimate
 Area        Classification  Mass   Grade       Contained Tin /

                             (kt)               Tin Equivalent

                                                (kt)
 Lower Mine  Indicated       2,896  1.50% Sn    43.6
             Inferred        2,626  1.42% Sn    37.4
 Upper Mine  Indicated       260    0.99% SnEq  2.6
             Inferred        465    0.91% SnEq  4.2

 

The Mineral Resource Estimate for South Crofty is available in a report titled
"South Crofty Tin Project - Mineral Resource Update NI 43-101 Technical Report
(https://cornishmetals.com/site/assets/files/5449/south_crofty_tin_project_mineral_resource_update_ni_43-101_technical_report_sedarb.pdf)
", dated October 27, 2023, co-authored by Mr. N. Szebor (MCSM, MSc, BSc,
CGeol, EurGeol, FGS) and Mr. R. Chesher (FAusIMM(CP), RPEQ, MTMS) of AMC
Consultants, and can be accessed through the above link and on the Company's
SEDAR+ page.

TECHNICAL INFORMATION

The technical information in this news release has been compiled by Mr. Owen
Mihalop who has reviewed and takes responsibility for the data and geological
interpretation. Mr. Owen Mihalop (MCSM, BSc (Hons), MSc, FGS, MIMMM, CEng) is
Chief Operating Officer for Cornish Metals Inc. and has sufficient experience
relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to qualify as a
Competent Person as defined under the JORC Code (2012) and as a Qualified
Person under NI 43-101. Mr. Mihalop consents to the inclusion in this
announcement of the matters based on his information in the form and context
in which it appears.

ON BEHALF OF THE BOARD OF DIRECTORS

 

"Patrick F. N. Anderson"

Patrick F. N. Anderson

 

 

For additional information please contact:

 

 Cornish Metals                                                         Fawzi Hanano       investors@cornishmetals.com (mailto:investors@cornishmetals.com)

                                                                        Irene Dorsman      info@cornishmetals.com (mailto:info@cornishmetals.com)
                                                                                           Tel: +1 (604) 200 6664

 SP Angel Corporate Finance LLP                                         Richard Morrison   Tel: +44 203 470 0470

 (Nominated Adviser & Joint Broker)                                     Charlie Bouverat

                                                                        Grant Barker

 Cavendish Capital Markets Limited                                      Derrick Lee        Tel: +44 131 220 6939

 (Joint Broker)                                                         Neil McDonald

                                                                        Leif Powis         Tel: +44 207 220 0500

 Hannam & Partners                                                      Matthew Hasson     cornish@hannam.partners (mailto:cornish@hannam.partners)

 (Financial Adviser)                                                    Andrew Chubb       Tel: +44 207 907 8500

                                                                        Jay Ashfield

 BlytheRay                                                              Tim Blythe         tim.blythe@blytheray.com (mailto:tim.blythe@blytheray.com)

 (Financial PR)                                                         Megan Ray          megan.ray@blytheray.com (mailto:megan.ray@blytheray.com)

                                                                                           Tel: +44 207 138 3204

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

Caution regarding forward looking statements

This news release contains certain "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking statements").
Forward-looking statements include predictions, projections, outlook,
guidance, estimates and forecasts and other statements regarding future plans,
the realisation, cost, timing and extent of mineral resource or mineral
reserve estimates, estimation of commodity prices, currency exchange rate
fluctuations, estimated future exploration expenditures, costs and timing of
the development of new deposits, success of exploration activities, permitting
time lines, requirements for additional capital and the Company's ability to
obtain financing when required and on terms acceptable to the Company, future
or estimated mine life and other activities or achievements of Cornish Metals,
including but not limited to: mineralisation at South Crofty, mine dewatering
expectations, Cornish Metals' exploration drilling programme, exploration
potential and project growth opportunities for the South Crofty tin project
and other Cornwall mineral properties and the timing thereof, timing and
results of Cornish Metals' feasibility study, the Company's ability to
evaluate and develop the South Crofty tin project and other Cornwall mineral
properties, strategic vision of Cornish Metals and expectations regarding the
South Crofty mine, timing and results of projects mentioned. Forward-looking
statements are often, but not always, identified by the use of words such as
"seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect",
"potential", "project", "target", "schedule", "budget" and "intend" and
statements that an event or result "may", "will", "should", "could", "would"
or "might" occur or be achieved and other similar expressions and includes the
negatives thereof. All statements other than statements of historical fact
included in this news release, are forward-looking statements that involve
various risks and uncertainties and there can be no assurance that such
statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements.

Forward-looking statements are subject to risks and uncertainties that may
cause actual results to be materially different from those expressed or
implied by such forward-looking statements, including but not limited to:
risks related to receipt of regulatory approvals, risks related to general
economic and market conditions; risks related to the availability of
financing; the timing and content of upcoming work programmes; actual results
of proposed exploration activities; possible variations in Mineral Resources
or grade; outcome of the current Feasibility Study; projected dates to
commence mining operations; failure of plant, equipment or processes to
operate as anticipated; accidents, labour disputes, title disputes, claims and
limitations on insurance coverage and other risks of the mining industry;
changes in national and local government regulation of mining operations, tax
rules and regulations. The list is not exhaustive of the factors that may
affect Cornish's forward-looking statements.

Cornish Metals' forward-looking statements are based on the opinions and
estimates of management and reflect their current expectations regarding
future events and operating performance and speak only as of the date such
statements are made. Although the Company has attempted to identify important
factors that could cause actual actions, events or results to differ from
those described in forward- looking statements, there may be other factors
that cause such actions, events or results to differ materially from those
anticipated. There can be no assurance that forward-looking statements will
prove to be accurate and accordingly readers are cautioned not to place undue
reliance on forward-looking statements. Accordingly, readers should not place
undue reliance on forward-looking statements. Cornish Metals does not assume
any obligation to update forward-looking statements if circumstances or
management's beliefs, expectations or opinions should change other than as
required by applicable law.

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to
constitute inside information pursuant to Article 7 of EU Regulation 596/2014
as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 as amended.

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