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(Sharecast News) - Cornish Metals said on Thursday that it had signed a new 25-year mineral lease at its South Crofty tin project in Cornwall, further consolidating its mineral title position across the permitted mining area.
The AIM-traded firm said the Dudnance lease was agreed with the Preston family, which owns 50% of the relevant mineral rights, while Cornish Metals holds the remaining 50%.
It said the agreement supported its strategy of progressively consolidating mineral rights across South Crofty, reducing title-related risk and strengthening long-term development certainty.
Chief executive Don Turvey said the lease "further strengthens our control over the South Crofty mineral rights" and represented "another important step in de-risking the project" as Cornish Metals advances South Crofty towards construction and production.
At 1041 BST, shares in Cornish Metals were flat at 115p.
Reporting by Josh White for Sharecast.com.
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