Cornish Metals Announces Results of Its 2022 Annual General and Special Meeting of the Shareholders
29 July 2022 - 4:00PM
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 |
|
% For |
|
Votes Against |
|
% Against |
Votes 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 Equivalent (‘000 tonnes) |
Increase in contained 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@blytheray.com |
|
Megan Ray |
megan.ray@blytheray.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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