The deal gives Strongbow Exploration the right to acquire, from administration, a 100% interest in the South Crofty Tin Project and associated mineral rights.
The project, in the towns of Pool, Camborne and Redruth, has an active mine permit valid until 2071, subject to certain planning conditions being addressed. The mine permission area includes 26 former producing mines.
Several companies attempted to revive the mine between 2001 and 2013 but due to poor market conditions the assets were put into administration in 2013.
“It is our opinion that South Crofty represents one of the best tin opportunities currently available. Cornwall is a world-class tin district and South Crofty is one of the best known mines in that district, with a mining history spanning over 400 years,” says Richard Williams, President and CEO of Strongbow.
Sally Norcross Webb, mining lawyer at Stephens Scown who acts for Strongbow, says: “It has been a complex negotiation process, but I am delighted that a deal has now been signed between Strongbow, Galena Special Situations Master Fund Limited and Tin Shield Production Inc.”
