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Vision Blue Resources Nominates Mr. Tony Trahar to Cornish Metals’ Board of Directors

VANCOUVER, British Columbia, June 06, 2022 (GLOBE NEWSWIRE) — Cornish Metals Inc. (TSX-V/AIM: CUSN) (“Cornish Metals” or the “Company”), a mineral…

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VANCOUVER, British Columbia, June 06, 2022 (GLOBE NEWSWIRE) — 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 [email protected]

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 [email protected]
  Megan Ray [email protected]

For Vision Blue Resources
Aura Financial

Tel:

+44 207 321 0000
+44 7834 368 299
+44 7841 748 911

  Michael Oke [email protected]
  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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