TIDMCUSN
RNS Number : 6987N
Cornish Metals Inc.
06 June 2022
VISION BLUE RESOURCES NOMINATES MR. TONY TRAHAR TO CORNISH
METALS' BOARD OF DIRECTORS
June 6, 2022
Cornish Metals Inc. (TSX-V/AIM: CUSN) ("Cornish Metals" or the
"Company"), a mineral exploration and development company focused
on tin / copper projects in Cornwall, United Kingdom, is pleased to
announce that Vision Blue Resources has nominated Mr. Tony Trahar
as its representative to the Board of Directors of the Company.
Mr. Trahar has had a distinguished 40 year career in the mining,
natural resources and industrial sectors. From 2000 to 2007 he was
CEO of Anglo American Plc, one of the world's largest mining
groups, and was also a director of Anglo Gold, Anglo Platinum and
De Beers. During his tenure at Anglo American, Tony oversaw a
significant period of growth, delivering a 35% return on equity and
returning US$10.5 billion ("bn") to shareholders while overseeing
US$15bn of strategic acquisitions as well as US$11bn of disposals.
In addition, he negotiated and implemented the US$19bn 'take
private' of De Beers diamond group with the Oppenheimer family and
the Government of Botswana. Tony is currently a special adviser to
Vision Blue Resources.
From 1985-2000, he was Chief Executive, and then Chairman of
Mondi Ltd (now listed in London as Mondi Plc), a multinational
forestry, pulp, paper and packaging group. Since leaving Anglo
American he has also held a number of senior advisory roles for
Barclays Natural Resource Investments (2007-2013) and Macquarie
Bank (2014-2016). Tony holds a B.Comm degree and is a Chartered
Accountant.
Richard Williams, CEO of Cornish Metals, stated : "We are very
pleased to welcome Mr. Trahar to the Board of Cornish Metals.
Tony's experience in all aspects of the mining industry will be a
tremendous asset to Cornish Metals as we advance South Crofty and
assess additional value adding opportunities that may be presented
to us."
Mr. Trahar commented "I am delighted to be joining the board of
Cornish Metals and to be part of the project to bring South Crofty
back into production. The South Crofty project is financially and
environmentally sound, will add a new secure source of supply to
the western world's needs of energy metals and will also provide
significant employment and economic growth in the Camborne - Pool -
Redruth area of Cornwall."
Regulatory disclosures
In accordance with Schedule 2(g) of the AIM Rules, Anthony John
Trahar (aged 73) holds, or has held in the past five years, the
following directorships and partnerships:
Current directorships/partnerships Past directorships/partnerships
Reflex Vehicle Hire Limited Laneglade Projects Limited
Eviola S.A. CWD UK Projects Limited
Bartlett Resources LLP Binding Solutions Ltd
Oxhill Homes Ltd.
Mr Trahar currently holds 1,222,222 common shares in the
Company.
There is no further information to be disclosed in respect of
the above appointment pursuant to Rule 17 and Schedule 2 paragraph
(g) of the AIM Rules for Companies.
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. The Company has undertaken
extensive pilot-scale water treatment trials and successfully
applied for and received the necessary environmental permits to
abstract, treat and discharge mine water in order to dewater the
mine. Planning permissions for the operation of the mine and
re-development of the surface facilities have been secured and
construction of the water treatment plant foundations commenced.
The dewatering pumps, variable speed drives and new high-voltage
power supply have been delivered to site.
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.
ABOUT VISION BLUE RESOURCES
VBR aims to create lasting value for all stakeholders by
accelerating the supply of the commodities necessary to facilitate
the green energy transition. The growth in demand for these metals
is unprecedented, driven by regulation and social change, and is
taking place against a backdrop of limited supply due to years of
underinvestment in the sector. VBR aims to unlock value in its
investments by providing transformational investment capital and
its financial, technical, ESG, construction and operating
experience in the mining and metals sector, ensuring its
investments are advanced into production and beyond.
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@blyther
ay .com
Megan Ray megan.ray@blythe ray
.com
+44 207 321 0000
For Vision Blue Resources +44 7834 368 299
Aura Financial T el: +44 7841 748 911
Michael Oke info@vision-blue.com
Andy Mills
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". 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, the potential benefits to the
Company, to the economy and to the environment in respect of the
development of the South Crofty mine, and surrounding exploration
potential.
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: 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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END
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