Cornish Metals Inc. (TSX.V / AIM: CUSN)
Announced that it has reached an agreement with Sir Ferrers Vyvyan of Trelowarren in Cornwall to lease certain mineral rights owned by the Vyvyan family.
The mineral lease covers an area of 222 hectares and is valid for 25 years. […]
|Cornish Metals||TSX.V : CUSN|
|Market cap||C$86 m @ 31c|
|Location||Cornwall, United Kingdom|
Cornish Metals Inc. (TSX.V / AIM: CUSN) (“Cornish Metals” or the “Company”), a mineral exploration and development company focused on its tin/copper projects in Cornwall, United Kingdom, is pleased to announce that it has reached an agreement with Sir Ferrers Vyvyan of Trelowarren in Cornwall to lease certain mineral rights owned by the Vyvyan family.
The mineral lease covers an area of 222 hectares and is valid for 25 years.
The lease will enable Cornish Metals to explore and mine within all the mineral right areas owned by the Vyvyan family inside the South Crofty Underground Permission Area, and explore certain other mineral right areas adjacent to the South Crofty property.
The terms of the lease require Cornish Metals to pay an annual rent, plus a tin price-based sliding scale net smelter return royalty on production of any minerals recovered from the leased area.
The Vyvyan family has a long association with Cornish Mining, South Crofty and Camborne in particular; indeed, the main street in Camborne is named after the family’s estate, Trelowarren, and the historic Vyvyan Arms Hotel is a well-known Camborne landmark.
Cornish Metals management comments
“This mineral lease agreement with the Vyvyan family is another important step for the Company, consolidating further ground within the South Crofty Underground Permission Area.
“The agreement enables Cornish Metals to further explore and develop the mineral resources that are contained within the South Crofty Underground Permission Area.
“We very much look forward to working with the Vyvyan family and writing another chapter in the long history of Cornish Mining.”
Richard Williams, CEO of Cornish Metals
“We are delighted to have reached agreement with Cornish Metals over our interests at South Crofty.
“Vyvyans, both with “Y” and “I”s, have been involved with mining in the Camborne area since the 16th century and we hope this project creates many new jobs in the County.”
Sir Ferrers Vyvyan, owner of Trelowarren
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