Cornish Metals Inc. has recently acquired approximately 7.7 acres of land adjacent to crucial surface infrastructure at its South Crofty tin project in Cornwall, UK. This strategic purchase increases the company's total land ownership to 28.5 acres, providing space for future site works, potential cost savings, renewable energy initiatives, and improved property security. The acquisition also eliminates the need for existing right-of-passage agreements, granting the company complete control over the refurbishment of the North Winder.
The South Crofty project holds Planning Permission for underground mining until 2071, with a Preliminary Economic Assessment validating its potential, including a US$201 million after-tax NPV8% and 29.8% IRR. The project boasts one of the highest grade tin Mineral Resources globally and benefits from existing mine infrastructure, positioning it as a significant player in the critical minerals market. With no primary tin production in Europe or North America, South Crofty's potential to generate up to 320 direct jobs is a significant economic opportunity for the region.
The news release has been reviewed and approved by Mr. Owen Mihalop, Chief Operating Officer for Cornish Metals Inc., who is the designated Qualified Person under NI 43-101 and a Competent Person as defined under the JORC Code (2012). The company has also provided contact information for additional inquiries.
In summary, Cornish Metals Inc.'s acquisition of additional land at the South Crofty tin project marks a significant strategic move, providing the company with increased control, potential cost savings, and opportunities for renewable energy initiatives. This expansion further solidifies the project's position as a key player in the global tin market, with the potential to generate significant economic benefits for the local community and the region as a whole.