TIDMCUSN
RNS Number : 1739U
Cornish Metals Inc.
29 July 2022
CORNISH METALS ANNOUNCES RESULTS OF ITS 2022 ANNUAL GENERAL AND
SPECIAL MEETING OF THE SHAREHOLDERS
July 29, 2022
Cornish Metals Inc. (TSX-V/AIM: CUSN) ("Cornish Metals" or the
"Company") is pleased to announce the results of its 2022 Annual
General and Special Meeting of the shareholders of the Company held
via live audio teleconference on July 28, 2022 (the "Meeting").
Proxies representing 305,975,225 common shares of the Company
("Common Shares"), being approximately 57.6% of the issued and
outstanding Common Shares, were voted. All resolutions were
passed.
The voting results of the business of the Meeting are summarized
as follows:
MOTION Votes % For Votes % Against Votes
For Against Withheld
Number of directors set
at eight 303,533,574 99.97 82,702 0.03 0
------------ ------ --------- ---------- ----------
Election of Patrick F.N.
Anderson 303,490,073 99.96 0 0.00 125,103
------------ ------ --------- ---------- ----------
Election of Richard D.
Williams 303,403,043 99.93 0 0.00 212,133
------------ ------ --------- ---------- ----------
Election of D. Grenville
Thomas 303,531,591 99.97 0 0.00 83,585
------------ ------ --------- ---------- ----------
Election of Kenneth A.
Armstrong 303,487,173 99.96 0 0.00 128,003
------------ ------ --------- ---------- ----------
Election of Donald Njegovan 303,471,591 99.95 0 0.00 143,585
------------ ------ --------- ---------- ----------
Election of John F.G.
McGloin 303,532,343 99.97 0 0.00 83,933
------------ ------ --------- ---------- ----------
Election of Stephen T.
Gatley 303,555,973 99.98 0 0.00 60,303
------------ ------ --------- ---------- ----------
Election of Tony Trahar 303,544,873 99.98 0 0.00 70,303
------------ ------ --------- ---------- ----------
Appointment of Auditors 305,904,873 99.98 0 0.00 48,916
------------ ------ --------- ---------- ----------
Approval of Amended and
Restated Stock Option
Plan 303,421,255 99.94 195,021 0.06 0
------------ ------ --------- ---------- ----------
Approval of General Share
Authority 303,384,228 99.93 218,162 0.07 0
------------ ------ --------- ---------- ----------
Approval of Pre-Emptive
Disapplication Authority 303,401,825 99.93 200,565 0.07 0
------------ ------ --------- ---------- ----------
The Company's Stock Option Plan (the "Amended Plan"), as
approved by the shareholders at the Meeting, was amended to comply
with new TSX Venture Exchange ("TSX-V") rules with respect to
security based compensation. The Amended Plan allows the directors
of the Company to issue stock options to directors, officers,
employees, and consultants of the Company. The maximum number of
shares issuable under the Amended Plan, together with the number of
shares issuable under outstanding options granted otherwise than
under the Plan, shall not exceed 10% of the issued and outstanding
Common Shares, being 53,124,849 Common Shares as at the date
hereof. The Amended Plan was conditionally approved by the TSX-V on
June 16, 2022 and is subject to final approval of the TSX-V.
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 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. South Crofty mine closed in 1998 following over 400 years
of continuous production. Since acquiring the project in 2016,
Cornish Metals has completed and published maiden NI 43-101 Mineral
Resources for South Crofty using the vast archive of historical
production data and more recent drilling completed between 2007 and
2013. Additionally, Cornish Metals 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.
An updated Mineral Resource was completed in June 2021 as
summarised below:
South Crofty Summary (JORC 2012) Mineral Resource Estimate
Area Classification Mass ('000 tonnes) Grade Contained Tin / Tin Increase in contained
Equivalent ('000 tonnes) Tin / Tin equivalent
from 2016 MRE
---------------- ------------------- ----------- ------------------------- -------------------------
Lower Mine Indicated 2,084 1.59% Sn 33 10.2%
---------------- ------------------- ----------- ------------------------- -------------------------
Inferred 1,937 1.67% Sn 32 129.8%
----------------------------- ------------------- ----------- ------------------------- -------------------------
Upper Mine Indicated 277 1.01% SnEq 3 9.5%
---------------- ------------------- ----------- ------------------------- -------------------------
Inferred 493 0.93% SnEq 5 8.0%
----------------------------- ------------------- ----------- ------------------------- -------------------------
The Mineral Resource Estimate for South Crofty (see news release
dated June 9, 2021), is available in a report titled the "South
Crofty Tin Project Mineral Resource Update", dated June 7, 2021,
authored by Mr. N. Szebor, CGeol (London), EuroGeol, FGS, of AMC
Consultants (UK) Ltd, can be accessed on the Company's SEDAR
page.
For additional information please contact:
In North America:
Irene Dorsman at (604) 210 8752 or by e-mail at
irene@cornishmetals.com
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
ON BEHALF OF THE BOARD OF DIRECTORS
"Richard D. Williams"
Richard D. Williams, P.Geo
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"
including, but not limited to, statements in connection with the
Amended Plan and the final approval of the TSX-V in respect
thereof. 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 when required
and on terms acceptable to the Company and the potential
consequences if the Company fails to obtain any such financing,
such as a potential disruption of the Company's exploration
program(s); the timing and content of upcoming work programs;
actual results of proposed exploration activities; possible
variations in Mineral Resources or grade; 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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