Cornish Metals Inc (AIM:CUSN, TSX-V:CUSN, OTC:SBWFF) 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.
"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,” said Richard Williams, chief executive of Cornish Metals.
"The agreement enables Cornish Metals to further explore and develop the mineral resources that are contained within the South Crofty Underground Permission Area.”