Subject: BOARD OF DIRECTORS
Cornish Metals - Samantha Hoe-Richardson Joins the Board of Directors
VANCOUVER, British Columbia, Jan. 09, 2024 (GLOBE NEWSWIRE) -- Cornish Metals Inc. (AIM/TSX-V: CUSN) ("Cornish Metals" or the "Company"), a mineral exploration and development company focused on advancing the South Crofty tin project ("South Crofty" or the "Project") located in Cornwall, United Kingdom, to a production decision, is pleased to announce that Samantha Hoe-Richardson has joined the Board of Directors as Independent Non-Executive Director, effective immediately.
Samantha is an experienced non-executive director from a global mining, infrastructure and insurance background. She is currently a non-executive director of Kew Soda Ltd, Assured Guaranty UK Ltd, Ascot Underwriting Limited, 3i Infrastructure plc and Independent Group Advisor on Climate Change & Sustainability to Laing O'Rourke. Samantha was Head of Environment & Sustainable Development at Network Rail until 2017 and prior to that spent 16 years at Anglo American plc, latterly as Head of Environment. She previously worked in investment banking and audit. Samantha holds a Masters Degree in nuclear and electrical engineering from the University of Cambridge, and is also a qualified Chartered Accountant.
Patrick Anderson, Chair of Cornish Metals, stated: "On behalf of the Board of Directors, I welcome Samantha to the Cornish Metals team as we embark on another exciting and critical year on the path to get South Crofty back up and running. Samantha's experience in both Sustainability / ESG and Finance will be a great addition to the Board's skill set and we look forward to her contributions as the Company grows."
The following disclosures are required regarding Samantha Hoe-Richardson's appointment pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies (the "AIM Rules").
Samantha Jane Hoe-Richardson
Samantha Jane Hoe-Richardson (aged 52) is currently, or has during the past five years been, a director of the following companies:
| Current directorships and/or partnerships: | Former directorships and/or partnerships (within the last five years): |
| Ascot Underwriting Limited Kew Soda Ltd Assured Guaranty UK Limited 3i Infrastructure plc Crayfen Limited | Lancashire Insurance Company UK Ltd Lancashire Holdings Limited Royal School of Needlework (The) RSN Enterprises Limited Unum Limited Unum European Holding Company Limited |
Ms Hoe-Richardson does not currently hold any shares in the Company.
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 a construction decision, as well as exploring its additional mineral rights, all located in Cornwall, United Kingdom.
- South Crofty is a historical, high-grade, underground tin mine that started production in 1592 and continued operating until 1998 following over 400 years of continuous production;
- The Project possesses Planning Permission for underground mining (valid to 2071), to construct new processing facilities and all necessary site infrastructure, and an Environmental Permit to dewater the mine;
- South Crofty has the 4th highest grade tin Mineral Resource globally and benefits from existing mine infrastructure including 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 two-thirds of the tin mined today coming from China, Myanmar and Indonesia;
- There is no primary tin production in Europe or North America;
- Tin is an enabler of the energy transition ? 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.
- Cornish Metals has a growing team of skilled people, local to Cornwall, and the Project could generate 250 ? 300 direct jobs.
An updated Mineral Resource was completed in September 2023 with a 39% increase in tonnes and 32% increase in contained tin in the Indicated category for the Lower Mine (see news release dated September 13, 2023) as summarised below:
| South Crofty Summary (JORC 2012) Mineral Resource Estimate | ||||
| Area | Classification | Mass (kt) | Grade | Contained Tin / Tin Equivalent (kt) |
| Lower Mine | Indicated | 2,896 | 1.50% Sn | 43.6 |
| Inferred | 2,626 | 1.42% Sn | 37.4 | |
| Upper Mine | Indicated | 260 | 0.99% SnEq | 2.6 |
| Inferred | 465 | 0.91% SnEq | 4.2 | |
The Mineral Resource Estimate for South Crofty is available in a report titled "South Crofty Tin Project - Mineral Resource Update NI 43-101 Technical Report", dated October 27, 2023, co-authored by Mr. N. Szebor (MCSM, MSc, BSc, CGeol, EurGeol, FGS) and Mr. R. Chesher (FAusIMM(CP), RPEQ, MTMS) of AMC Consultants, and can be accessed through the above link and on the Company's SEDAR+ page.
TECHNICAL INFORMATION
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.
ON BEHALF OF THE BOARD OF DIRECTORS
"Richard D. Williams"
Richard D. Williams, P.Geo
For additional information please contact:
| Cornish Metals | Fawzi Hanano Irene Dorsman | [email protected] [email protected] | |
| Tel: +1 (604) 200 6664 | |||
| SP Angel Corporate Finance LLP (Nominated Adviser & Joint Broker) | Richard Morrison Charlie Bouverat Grant Barker | Tel: +44 203 470 0470 | |
| Hannam & Partners (Joint Broker) | Matthew Hasson Andrew Chubb Jay Ashfield | [email protected] Tel: +44 207 907 8500 | |
| BlytheRay (Financial PR) | Tim Blythe Megan Ray | [email protected] [email protected] Tel: +44 207 138 3204 | |
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.
Market Abuse Regulation (MAR) 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.
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.
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