Cornish Metals Completes Sleitat Royalty Sale to Electric Royalties
May 30 2022 - 01:01AM
Cornish Metals Inc. (
TSX-V/AIM:
CUSN) (“Cornish Metals” or the “Company”), a mineral
exploration and development company focused on the South Crofty tin
project in Cornwall, United Kingdom, reports that it has completed
the sale of a 1% Net Smelter Return royalty on the Sleitat
tin-silver project, located in Alaska, USA, to Electric Royalties
Ltd (TSX-V: ELEC) (“Electric”) in return for $100,000 cash and
1,000,000 common shares of Electric (“Consideration Shares”) (see
news release dated March 10, 2022).
As previously announced, the Consideration
Shares will be subject to a voluntary lockup agreement whereby 50%
of the Consideration Shares will be subject to a six month hold
period and the balance subject to a one year hold period.
ABOUT CORNISH METALS
Cornish Metals completed the acquisition of the
South Crofty tin and United Downs copper / tin projects, plus
additional mineral rights located in Cornwall, UK, in July 2016
(see Company news release dated July 12, 2016). The additional
mineral rights cover an area of approximately 15,000 hectares and
are distributed throughout Cornwall. Some of these mineral rights
cover old mines that were historically worked for copper, tin,
zinc, and tungsten.
The South Crofty project covers the former
producing South Crofty tin mine located beneath the towns of Pool
and Camborne, Cornwall. The South Crofty mine closed in 1998
following over 400 years of continuous production.
For an updated Mineral Resource Estimate in
respect of the South Crofty Mine, please see the Company’s
technical report entitled “South Crofty Tin Project Mineral
Resource Update” dated effective June 7, 2021, a summary of certain
portions of which is set out below:
South Crofty Summary Mineral Resource
Estimate |
Area |
Classification |
Mass (‘000 tonnes) |
Grade |
Contained Tin / Tin Equivalent (‘000 tonnes) |
Lower Mine |
Indicated |
2,084 |
1.59% Sn |
33 |
Inferred |
1,937 |
1.67% Sn |
32 |
|
Upper Mine |
Indicated |
277 |
1.01% SnEq |
3 |
Inferred |
493 |
0.93% SnEq |
5 |
All technical information contained within this
news release has been reviewed and approved for disclosure by Owen
Mihalop, (MCSM, BSc (Hons), MSc, FGS, MIMMM, CEng), the Chief
Operating Officer for the Company, and a “qualified person” as
defined in NI 43-101.
For additional information please contact:
In North America:
Irene Dorsman at (604) 200 6664 or by e-mail at
irene@cornishmetals.com
In UK:
SP Angel Corporate Finance LLP (Nominated Adviser & Joint
Broker) |
Tel: |
+44 203 470 0470 |
|
Richard Morrison |
|
|
Charlie Bouverat |
|
|
Grant Barker |
|
|
|
|
Hannam & Partners(Joint
Broker) |
Tel: |
+44 207 907 8500 |
|
Matthew Hasson |
|
|
Andrew Chubb |
|
|
Ernest Bell |
|
|
|
|
BlytheRay (Financial PR/IR-London) |
Tel: |
+44 207 138 3204 |
|
Tim Blythe |
tim.blythe@blytheray.com |
|
Megan Ray |
megan.ray@blytheray.com |
ON BEHALF OF THE BOARD OF
DIRECTORS
“Richard D. Williams”Richard D. Williams,
P.Geo
Market Abuse Regulation
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 ("MAR") encompassing information
relating to the Offering described above, and is disclosed in
accordance with the Company's obligations under Article 17 of MAR.
In addition, market soundings (as defined in MAR) were taken in
respect of the UK Placing with the result that certain persons
became aware of inside information (as defined in MAR), as
permitted by MAR. This inside information is set out in this
Announcement. Therefore, upon publication of this announcement,
those persons that received such inside information in a market
sounding are no longer in possession of such inside information
relating to the Company and its securities.
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" including, but not limited to, statements in connection
with the hold periods applicable to the Consideration Shares. These
forward-looking statements are statements regarding the Company's
intentions, beliefs or current expectations concerning, among other
things, the Company's projections, outlook, forecast, estimates,
plans, potential results of operations or upcoming work programs,
financial condition, prospects, growth, strategies and the industry
in which the Company operates.
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, risk of non-compliance with planning and environmental
permissions / licences, 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
programs; actual results of proposed exploration activities;
possible variations in mineral resources or grade; risks associated
with the unplanned departure of key personnel, environmental risks,
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.
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