Cornish Metals has signed an agreement to sell 1% of NSR royalties on the Sleitat Tin-Silver project in Alaska to Electric Royalties Ltd of the Canadian Business Journal.

Vancouver, British Columbia, March 10, 2022 (GLOBE NEWSWIRE) — Cornish Metals Co., Ltd. ((((TSX-V / AIM: CUSN) (“Cornish Metals” or “Company”) is a mineral exploration and development company focused on tin / copper projects in Cornwall, UK, and we have Sleitat in Alaska for the following considerations: The 1% Pure Smelter Revenue Loyalty (NSR) of the Tin Silver Project will be sold to Electric Royalties Ltd. (TSX-V: ELEC / OTCQB: ELECF).

  • 1,000,000 shares of common stock of Electric Royalties Ltd (“Consideration stock”)
  • CDN $ 100,000 cash

The consideration shares issued at the end of the transaction are subject to a voluntary lockup agreement, with 50% of the consideration shares having a 6-month holding period and the rest having a 1-year holding period.

Completion of the transactions described herein is subject to due diligence completion, TSX Venture Exchange approval and other customary conditions.

About Cornish Metal

Cornish Metals completed additional mining rights in Cornwall, UK, in addition to the acquisition of the South Crofts and United Downs Copper / Tin Projects in July 2016 (Company News dated July 12, 2016). See release). Additional mining rights cover an area of ​​approximately 15,000 hectares and are distributed throughout Cornwall. Some of these mining rights cover older mines that historically worked for copper, tin, zinc, and tungsten.

The South Crofty Project targets the once-produced South Croftis’ mine beneath the pools of Cornwall and the town of Camborne. The South Crofty mine was closed in 1998 after more than 400 years of continuous production. Since acquiring the project in 2016, Cornish Metals has used South Crofty Maiden NI 43-101 with a vast archive of past production data and recent drilling completed between 2007 and 2013. We have completed and released mineral resources. In 2017, Cornish Metals completed the reserve economy. An assessment demonstrating the economic feasibility of reopening a mine. In addition, Cornish Metals conducted extensive pilot-scale water treatment tests and applied for and obtained the environmental permits required to extract, treat and discharge mine water to dehydrate the mine. Permission to plan the operation of the mine and the redevelopment of the surface facilities has been secured and the construction of the foundation of the water treatment plant has begun. Dehydration pumps, variable speed drives, and new high voltage power supplies have been delivered to the field.

As summarized below, the updated mineral resources were completed in June 2021.

South Crofty Summary (JORC 2012) Mineral Resources Estimate
region Classification mass (‘000 tons) School year Containing tin / tin equivalent (‘000 tons) Increase in tin / tin equivalent content from 2016 MRE
Lower mine display 2,084 1.59% Sn 33 33 10.2%
Guess 1,937 1.67% Sn 32 129.8%
Upper mine display 277 1.01% SnEq 3 9.5%
Guess 493 0.93% SnEq Five 8.0%

On behalf of the board

“Richard D. Williams”
Richard D. Williams, P.Geo

Disclosure of Market Abuse Regulations (MAR)

The information contained in this announcement constitutes part of UK domestic law under the revised European Union (Withdrawal) Act, and we consider it to constitute inside information under Article 7 of EU Regulation 596/2014. increase.

Neither the TSX Venture Exchange nor its regulatory service provider (the term is defined in the TSX Venture Exchange Policy) is responsible for the validity or accuracy of this release...

Attention about future prospects

This news release contains a “forward-looking statement”. Forward-looking statements are based on management’s best estimates and assumptions at the time such statements were made, but actual results are expressed or implied by such forward-looking statements. It is subject to risks and uncertainties that may be substantially different from what you are. Risks related to the completion of this NSR Loyalty Sales Transaction, receipt of regulatory approval, and risks related to general economic and market conditions. Risks associated with the COVID-19 pandemic and possible COVID-19 variants. Risks associated with the availability of funding. Timing and content of future work programs. The actual result of the proposed exploration activity. Possible variations of mineral resources or grades. The plant, equipment, or process does not work as expected. Accidents, labor disputes, title disputes, claims and restrictions on insurance coverage, and other risks in the mining industry. Changes in national and local government regulations regarding mining operations, tax laws and regulations.

Cornish Metals sought to identify key factors that could cause actual results to differ materially from those contained in the forward-looking statements, but as to why the results were not expected, estimated, or intended. There may be other factors. Actual results and future events may differ materially from those expected in such statements, and there is no guarantee that such statements will be accurate. Therefore, readers should not place undue reliance on forward-looking statements. Cornish Metals shall not be obliged or liable to update any forward-looking statement, except as required by law.

CBJ News Maker

Cornish Metals has signed an agreement to sell 1% of NSR royalties on the Sleitat Tin-Silver project in Alaska to Electric Royalties Ltd of the Canadian Business Journal.

Source link Cornish Metals has signed an agreement to sell 1% of NSR royalties on the Sleitat Tin-Silver project in Alaska to Electric Royalties Ltd of the Canadian Business Journal.

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