VANCOUVER, British Columbia, Oct 04, 2021 (GLOBE NEWSWIRE) – Cornish Metals Inc. (TSX-V / AIM: CUSN) (“Cornish Metals” or the “Company”) reports that, following its press release dated June 30, 2021, the Company wishes to provide an update on its agreement (the “Cover Letter”) with Galena Special Situations Limited (formerly Galena Special Situations Master Fund Limited) (“Galena”) and Tin Shield Production Inc. (“Tin Shield” and with Galena, the “Sellers”) to restructure the Deferred Consideration (the “Deferred Consideration”) payable to the Sellers on the acquisition of the South Crofty tin project and associated mining rights in 2016 (for more details, please see press releases dated March 17, 2016 and June 30, 2021).

The Company received the conditional approval of the TSX-V with respect to the transmittal letter on August 30, 2021 (the “TSX-V Conditional Approval”). On September 30, 2021, the Company and the Sellers agreed to extend the extended shutdown date stated in the covering letter for the Company to obtain final acceptance on the TSX Venture Exchange from September 30, 2021 to October 29, 2021. The Company endeavors to provide the supporting documents required for the conditional approval of TSX-V to TSX-V as soon as possible. The Company expects to issue the Closing Shares to the Sellers once the applicable documentation has been provided to the TSX-V and final acceptance of the TSX-V has been obtained.

ABOUT CORNISH METALS

Cornish Metals completed the acquisition of the South Crofty tin and United Downs copper / tin projects, as well as additional mineral rights located in Cornwall, UK, in July 2016 (see company press release dated of 12 July 2016). The additional mineral rights cover an area of ​​approximately 15,000 hectares and are spread throughout Cornwall. Some of these mining rights cover old mines that were historically mined for copper, tin, zinc and tungsten.

ON BEHALF OF THE BOARD OF DIRECTORS

“Richard D. Williams”
Richard D. Williams, geologist

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 press release contains “forward-looking statements” including, but not limited to, the issuance of Closing Shares and Milestone Shares, TSX Venture Exchange approval to be sought with respect to this Milestone share issue, and the extension of the long-standing shutdown in the cover letter.

Forward-looking statements, although based on management’s best estimates and assumptions at the time such statements are made, are subject to risks and uncertainties which may cause actual results to differ materially from those expressed or implied by such statements. forward-looking, including, but not limited to: risks associated with obtaining regulatory approvals; risks relating to general economic and market conditions; the risks associated with the global COVID-19 pandemic and any variant of COVID-19 that may arise; risks associated with the availability of financing; the timing and content of future work programs; the actual results of the proposed exploration activities; possible variations in mineral resources or grade; failure of the plant, equipment or processes to function as intended; accidents, labor disputes, title disputes, claims and limitations of insurance coverage and other risks of the mining industry; changes in national and local mining operations regulations, tax rules and regulations.

Although Cornish Metals has attempted to identify material factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results to not be as anticipated, estimated or planned. 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. Therefore, readers should not place undue reliance on forward-looking statements. Cornish Metals assumes no obligation or responsibility to update forward-looking statements, except as required by law.