(Alliance News) - Cornish Metals Inc shares rose on Friday, after falling over the past week, as the company reassured its shareholders.
The Vancouver-based mineral exploration company early Friday noted the sharp fall in its share price this week.
The stock plummeted by 42% from 9.98 pence on Monday to 5.68p on Thursday. On Friday morning in London, however, the price rebounded by 20% back to 6.89p each.
Cornish Metals reassured investors and said that "it is unaware of any operational or corporate reason for the price movement".
Interim Chief Executive Ken Armstrong commented: "The company is unaware of any reason for the selling pressure on the Cornish Metals share price this week."
At the start of this month, Cornish Metals Inc said a recent economic assessment of its flagship South Crofty tin project had produced a promising financial profile, reaffirming the company's confidence in its flagship asset.
Cornish Metals said that a preliminary economic assessment reported a post-tax net present value of USD201 million for its 100% owned South Crofty tin project in Cornwall, England.
Armstrong said on Friday: "We believe the PEA...is robust and represents a strong foundation for further evaluation of the South Crofty tin project. South Crofty is fully permitted for mining through to 2071 and has planning permission in place to construct a process plant and other surface facilities on."
By Sophie Rose, Alliance News senior reporter
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Cornish Metals (CUSN)