Cornish Metals Inc - mineral exploration and development company, focused on the South Crofty tin project in Cornwall - Says dewatering work at the South Crofty mine, started in early November, is tracking ahead of expectations. Water level as of December 5 stood at approximately 155 metres below surface, with up to 25,000 cubic metres of water pumped and treated each day. Company is working to restart production at South Crofty, which stopped operating in 1998. Treated water is being discharged into the Red River and "having a positive effect on [its] water quality".
Chief Executive Officer Richard Williams says: "The start of dewatering of South Crofty Mine was an important milestone for the company and it is pleasing to see the water level in the [New Cook's Kitchen] shaft dropping faster than expected over the last month. We remain focussed on our objective to complete the dewatering of South Crofty within 18 months."
Current stock price: 10.00 pence
12-month change: down 32%
By Emma Curzon, Alliance News reporter
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Cornish Metals (CUSN)