Cornish Metals completes Sleitat royalty sale to Electric
VANCOUVER, British Columbia, May 30, 2022 (GLOBE NEWSWIRE) — Cornish Metals Inc. (TSX-V/AIM: CUSN) (“Cornish Metals” or the “Company”), a mining exploration and development company focused on the South Crofty tin project in Cornwall, United Kingdom, announces 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 exchange for 100 $000 in cash and 1,000,000 shares of Electric common stock (“Consideration Shares”) (see news release dated March 10, 2022).
As previously announced, the Counterpart Shares will be subject to a voluntary lock-up agreement pursuant to which 50% of the Counterpart Shares will be subject to a six-month hold period and the balance 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, together with additional mineral rights located in Cornwall, UK, in July 2016 (see company press release dated July 12, 2016). The additional mineral rights cover an area of approximately 15,000 hectares and are spread throughout Cornwall. Some of these mining rights cover former mines that were historically mined for copper, tin, zinc and tungsten.
The South Crofty project covers the former producing South Crofty tin mine located below the towns of Pool and Camborne, Cornwall. The South Crofty mine closed in 1998 after more than 400 years of continuous production.
For an updated mineral resource estimate for the South Crofty mine, please see the company’s technical report entitled “South Crofty Tin Project Mineral Resource Update” dated June 7, 2021, portions of which are summarized below :
|South Crofty Summary Mineral Resource Estimate|
|To note||Pewter content / Pewter
Equivalent (‘000 tonnes)
All technical information contained in this press release has been reviewed and approved for disclosure by Owen Mihalop, (MCSM, BSc (Hons), MSc, FGS, MIMMM, CEng), the company’s chief operating officer and a ” qualified person”. as defined in NI 43-101.
For more information, please contact:
In North America:
Irene Dorsman at (604) 200 6664 or email [email protected]
|SP Angel Corporate Finance LLP
(Appointed Councilor and Spouse
|Such :||+44 203 470 0470|
|Hannam & Partners
|Such :||+44 207 907 8500|
|Such :||+44 207 138 3204|
|Tim Blythe||[email protected]|
|Megan Ray||[email protected]|
ON BEHALF OF THE BOARD OF DIRECTORS
“Richard D. Williams”
Richard D. Williams, P. Geo
Market Abuse Regulation Disclosure
The information contained in this announcement is considered by the Company to be inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK national law under the Withdrawal from the Union Act 2018 European as amended. (“MAR”) encompassing the information relating to the Offering described above, and is disclosed in accordance with the Company’s obligations under Article 17 of the MAR. In addition, market soundings (as defined in MAR) have been made in respect of the UK Placement which have resulted in certain persons becoming aware of inside information (as defined in MAR), such as allows it MAR. This inside information is presented in this announcement. Consequently, as of the publication of this press release, persons who have received such privileged information within the framework of a market sounding are no longer in possession of such privileged 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 press release contains “forward-looking statements”, including, but not limited to, statements relating to hold periods applicable to the Consideration Shares. These forward-looking statements are statements regarding the Company’s current intentions, beliefs or expectations regarding, among other things, projections, prospects, forecasts, estimates, plans, potential operating results or work programs. future, financial condition, prospects, growth, strategies and the industry in which the Company operates.
Forward-looking statements, although based on management’s best estimates and assumptions at the time such statements are made, are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. forward-looking statements, including but not limited to: risks relating to obtaining regulatory approvals, risk of non-compliance with planning and environmental permits/licences, risks relating to the terms and conditions of the economy and market; risks relating to the global COVID-19 pandemic and any variants of COVID-19 that may arise; risks related to the availability of financing; the timing and content of future work programs; the actual results of the proposed exploration activities; possible variations in mineral resources or grade; risks associated with the unexpected departure of key personnel, environmental risks, failure of plant, equipment or processes to operate as planned; accidents, labor disputes, title disputes, claims and limitations of insurance coverage and other mining industry risks; 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 the forward-looking statements, other factors may cause results not to be 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 disclaims any obligation or liability to update forward-looking statements except as required by law.