Strongbow Completes Acquisition of South Crofty Tin Project, Cornwall, UK
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/12/16 -- Strongbow Exploration Inc. (TSX VENTURE: SBW) ("Strongbow") is pleased to announce that it has completed the acquisition, from administration, of a 100% interest in the South Crofty Tin Project and associated mineral rights in Cornwall, UK, as previously announced on March 17, 2016.
Highlights
Richard Williams, President & CEO of Strongbow stated:
"We are extremely pleased to have concluded this agreement, and look forward to moving the South Crofty Project to completion a PEA and, if successful, through a feasibility study towards a production decision in collaboration with all stakeholders in this historic tin mining district. This represents a significant step towards our goal of creating a new strategic metals company with Osisko Gold Royalties as a cornerstone shareholder."
The Acquisition
In , Strongbow entered into an agreement with Galena Special Situations Fund (the only secured creditor) ("Galena"), and Tin Shield Production Ltd. (a private company) ("Tin Shield") to acquire a 100% interest in the Companies and the South Crofty tin project.
After closing of the acquisition on July 11, 2016, Strongbow now owns a 100% interest in Western United Mines Ltd. ("WUML") and Cornish Minerals Limited (Bermuda) (collectively the "Companies") The Companies hold the rights to the South Crofty underground mine permission area, plus additional mineral rights over a further 7,500 Ha located in various parts of Cornwall, UK. WUML was placed into administration in 2013 to protect the assets.
Material terms of the acquisition are as follows, all references to currency being in Canadian dollars unless otherwise specified:
In addition to the reimbursement, loan repayment and shares issued on July 11, 2016, Strongbow agreed to the following additional payments and share issuances as part of the purchase and sale agreement with Galena and Tin Shield, whereby Galena and Tin Shield would split the payments 52.5% to Galena and 47.5% to Tin Shield:
NI 43-101 Mineral Resource Estimate
An NI 43-101 Mineral Resource Estimate, authored by P&E Mining Consultants Inc. of Brampton, Ontario, was filed under Strongbow's issuer profile on SEDAR on May 31, 2016. Highlights of the resource estimate include:
(i) Sn equivalent (SnEq) grade is calculated using the formula: SnEq%= Sn% + (Cu% x 0.311) + (Zn% x 0.084).
(1) Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. It is noted that no specific issues have been identified as yet.
(2) The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.
(3) The mineral resources in this report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
(4) The 0.60% Sn/SnEq resource cut-off grade was derived from the approximate March 31, 2016 two year trailing average Sn price of US$8.50/lb, Cu price of US$2.75/lb, and Zn price of US$0.90/lb, 88.5%, 85% and 70% respective process recoveries, smelter payable of 95% and refining charges of US$0.25.lb. Operating costs used were US$55/t mining, US$27/t processing and US$9/t G&A.
South Crofty; Background
The South Crofty Tin Project is located in the towns of Pool, Camborne, and Redruth in the county of Cornwall, South West England, approximately 465km drive west of London.
There has been tin mining in Cornwall since at least 2,300 BC. The South Crofty Project commenced large scale production in the mid 17th century. The mine managed to continue operations until it shut down in 1998 following the tin price collapse of 1984.
Several companies attempted to revive the mine between 2001 and 2013. Significant advances were made, primarily the agreement to secure a site for future mill construction, and the grant of a mining permit which is valid until 2071, subject to certain planning conditions being met. Unfortunately, the timing of the mine permit grant in 2013 coincided with very poor market conditions in the resource sector and the assets were put into administration in 2013.
The mine has seen production from near-surface copper mineralization and deeper tin-only mineralization. The focus for Strongbow will be to evaluate the deeper tin-only mineralization that occurs primarily from a depth of 400m below surface.
Qualified Person
Richard Williams, P.Geo. (BC), President & CEO of Strongbow and a Qualified Person under NI 43-101, has reviewed and approved the contents of this news release.
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.
This news release contains "forward-looking statements" including but not limited to statements with respect to Strongbow's ability to obtain an increase to the water discharge permit for the South Crofty Tin Project, its ability to deliver a positive feasibility study on the project, the commencement of commercial production from the South Crofty Tin Project and the estimated future net present value of the South Crofty Tin Project, the availability of financing for future cash payments, ongoing maintenance costs and future development work at the South Crofty Tin Project, in addition to the estimation of a mineral resource and the success of exploration activities.
Forward-looking statements, while based on management's best estimates and assumptions, 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, the successful integration of acquisitions; risks related to general economic and market conditions; risks related to the availability of financing; 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 Strongbow 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. Strongbow undertakes no obligation or responsibility to update forward-looking statements, except as required by law.
Contacts:
Strongbow Exploration Inc.
Richard Williams
(604) 638-8005
Blytheweigh (Financial PR/IR - London)
Camilla Horsfall
Megan Ray
+44 (0) 207 138 3204
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Datum: 12.07.2016 - 17:32 Uhr
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