REG - Cornish Metals Inc. - FIRST SUBMERSIBLE PUMP FULLY INSTALLED

Cornish MetalsAnnouncement

27/06/2023 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230627:nRSa9616Da&default-theme=true

RNS Number : 9616D  Cornish Metals Inc.  27 June 2023

 

CORNISH METALS REPORTS THAT FIRST SUBMERSIBLE PUMP FULLY INSTALLED TO 360m
DEPTH

 

Vancouver, June 26, 2023

Cornish Metals Inc. (TSX-V/AIM: CUSN) ("Cornish Metals" or the "Company") is
pleased to report that the first of two submersible pumps has now been
installed to the target depth of 360m below surface in New Cooks Kitchen shaft
at the South Crofty tin mine, Cornwall, UK. Installation of this pump is an
important milestone in the Company's plans to commence dewatering of the South
Crofty mine later this summer. The installation required the connection and
lowering of the pump on 120 three metre long steel pipes, which are suspended
in the shaft for the phase 1 dewatering.

Richard Williams, CEO and Director, stated; "A big 'proper job' well done to
the team at South Crofty for achieving this milestone in less time than
planned. This pump installation is a technical exercise and the team did a
fantastic job, completing the task safely with no incidents. We anticipate the
second pump to be installed by the end of July."

The pumps are specialist high-head 950 kW vertical submersible pumps
manufactured by KSB in Germany, controlled by variable speed drives to enable
the 25,000 cubic metres (m(3)) per day pumping rate to the Mine Water
Treatment Plant.

 

Work on the Mine Water Treatment Plant continues with 95% mechanical
completion, and work is now focused on the electrical and instrumentation
installation. It is anticipated that the plant commissioning will be completed
later this summer and mine dewatering to commence immediately thereafter.

 

Images of the pump installation can be found here
(https://cornishmetals.com/projects/uk/south-crofty-project-update-photos/) .

 

BACKGROUND

·    South Crofty is an historic, high-grade, underground tin mine that
started production in the sixteenth century, and continued operating until its
closure in 1998;

·    The Company is executing a comprehensive mine dewatering and
feasibility study programme intended to lead to delivery of a Feasibility
Study by the end of 2024;

·    The Project possesses Planning Permission for underground mining,
valid to 2071, Planning Permission to construct a mine water treatment plant,
new processing facilities, 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 the presence of 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 75% of the tin mined today coming from China,
Myanmar and Indonesia;

·    There is no primary tin production in Europe or North America;

·    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. The Project could generate 250 - 300 direct jobs.

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
delivery of a Feasibility Study, as well as exploring its additional mineral
rights, all located in Cornwall, South West England.  The former producing
South Crofty tin mine is located beneath the towns of Pool and Camborne, and
closed in 1998 following over 400 years of continuous production. Since
acquiring the project in 2016, Cornish Metals has completed and published
maiden NI 43-101 Mineral Resources for South Crofty using the vast archive of
historical production data and more recent drilling completed between 2007 and
2013. Additionally, Cornish Metals has undertaken extensive pilot-scale water
treatment trials and successfully applied for and received the necessary
environmental permits to abstract, treat and discharge mine water in order to
dewater the mine. Planning permissions for the operation of the mine and
re-development of the surface facilities have been secured and construction of
the water treatment plant is currently well underway.

An updated Mineral Resource was completed in June 2021 as summarised below:

 

 South Crofty Summary (JORC 2012) Mineral Resource Estimate
 Area        Classification  Mass        ('000 tonnes)         Grade                    Contained Tin / Tin Equivalent ('000 tonnes)  Increase in contained Tin / Tin equivalent from 2016 MRE
 Lower Mine  Indicated       2,084                             1.59% Sn                 33                                            10.2%
             Inferred        1,937                             1.67% Sn                 32                                            129.8%

 Upper Mine  Indicated       277                               1.01% SnEq               3                                             9.5%
             Inferred        493                               0.93% SnEq               5                                             8.0%

 

The Mineral Resource Estimate for South Crofty (see news release dated June 9,
2021
(https://cornishmetals.com/news/2016/strongbow-completes-acquisition-of-south-crofty-tin-project-cornwall-uk/)
), is available in a report titled the "South Crofty Tin Project Mineral
Resource Update
(https://cornishmetals.com/site/assets/files/5449/421007_south_crofty_tin_project_mineral_resource_update_-_22_july_2021_-_sedar_copy.pdf)
", dated June 7, 2021, authored by Mr. N. Szebor, CGeol (London), EuroGeol,
FGS, of AMC Consultants (UK) Ltd, can be accessed through the link or on the
Company's SEDAR page.

 

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.

 

For additional information please contact:

 

In North America:

 

Irene Dorsman at (604) 200 6664 or by e-mail at irene@cornishmetals.com
(mailto:irene@cornishmetals.com)

 

 

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

 (Nominated Adviser & Joint Broker)
                                          Richard Morrison
                                          Charlie Bouverat
                                          Grant Barker

 Hannam & Partners                        Tel:                                                                          +44 207 907 8500

 (Joint Broker)
                                          Matthew Hasson
                                          Andrew Chubb
                                          Jay Ashfield

 BlytheRay                                Tel:                                                                          +44 207 138 3204

 (Financial PR/IR-London)
                                          Tim Blythe                                                                    tim.blythe@blyther (mailto:tim.blythe@blytheray.com) ay
                                                                                                                        (mailto:tim.blythe@blytheray.com) .com (mailto:tim.blythe@blytheray.com)
                                          Megan Ray                                                                     megan.ray@blythe (mailto:megan.ray@blytheray.com) ray
                                                                                                                        (mailto:megan.ray@blytheray.com) .com (mailto:megan.ray@blytheray.com)

ON BEHALF OF THE BOARD OF DIRECTORS

 

"Richard D. Williams"

Richard D. Williams, P.Geo

 

 

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 "forward-looking statements".  Forward-looking
statements, while based on management's best estimates and assumptions at the
time such statements are made, 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 COVID-19 global pandemic
and any variants of COVID-19 which may arise; 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.

Although Cornish Metals has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause results not
to be as anticipated, estimated or intended. There can be no assurance that
such statements will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements. Cornish Metals undertakes no obligation or responsibility to
update forward-looking statements, except as required by law.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCZZGZVNVVGFZM