Canadian Celeste Copper has entered into an earn-in agreement to acquire up to a 100% interest in Cornish Minerals, which indirectly owns the property and assets known as the South Crofty mine in the tin/copper district at Pool, near Redruth, Cornwall. The agreement has been entered into among Celeste, Cornish UK, the shareholders of Cornish UK being Cassiterite Ltd, a corporation incorporated under the laws of the Cayman Islands and Baseresult Holding, a corporation existing under the laws of England, and Cornish UK’s wholly-owned subsidiaries Cornish Minerals and Western United Mines (WUM). WUM owns all freehold surface property together with the related sub-surface mine workings, intellectual property and mine plant and machinery and Cornish Bermuda owns certain related freehold and leasehold mineral rights and mineral setts situate in the County of Cornwall, UK. The South Crofty Mine is an amalgamation of 12e mines that were historically mined primarily for tin and copper.
The properties are located between Redruth and Camborne in Cornwall, England and comprise approximately 150 km2 of mineral rights in this historic mining district. Mining in this region goes back approximately 4,000 years and includes mines like South Crofty, Dolcoath and Roskear mines, which are included in these mineral rights. It is the first time in the region’s history that such a large package of mineral rights has been assembled, with an opportunity to apply modern exploration and development mining techniques. Denis Clement, President and CEO of Celeste stated: “We are delighted to have the opportunity to participate in the expansion and redevelopment of the historic South Crofty mining region in Cornwall.” South Crofty closed in March 1998, having produced 2,250 t of tin-in-concentrate in its last full year of operation.