Celeste Copper Corp. (CVE:C) said Monday that it has gained additional property assets to facilitate the construction of the future surface infrastructure at its South Crofty polymetallic mine in Cornwall, England.
The company, which is Calgary-based, said it has completed contracts with the Cornwall Council.
said the South Crofty operation now has a viable surface site, fully
consented for the development of a 21st century mine surface
infrastructure in the historic mine district of England.
"This is yet another exciting achievement underpinning the project's
progression toward a production decision," chairman Farhad Abasov said
in a release.
"With the recent permitting accomplishments and the advancement of
the ongoing exploration program, Celeste is achieving its exploration
and development milestones in this project."
Earlier this year, Cornwall Council – the project’s local mineral
planning authority – granted new conditional planning consents for
developing new surface mine infrastructure and for the extension of the
mine's underground working area to 1,460 hectares from 510 hectares.
Last year, Celeste signed an earn-in agreement to buy a 60 percent
equity stake – with the option to up its interest to 100 percent – in
Cornish Minerals Ltd, which owns 150 square kilometres of tin and copper
mineral rights throughout the Cornish metallogenic province in
Cornwall, England, including the South Crofty Mine.
Tin is a silvery malleable metallic element that resists corrosion;
it is used in many alloys and to coat other metals to prevent corrosion.
Proceeds from the company's initial financing are being used to fund a
20,000 metre drill program as well as a preliminary economic assessment
on the Cornish Minerals district, resulting in an earn-in of up to a 25
percent equity interest in Cornish Minerals Ltd.
is focused on developing the historical tin project in Cornwall. The
company also has copper, gold and silver properties located in Chile’s
Cabeza de Vaca mineral district, where it is undertaking an exploration
Shares of the company jumped 6.25 percent to 8.5 cents on Toronto’s junior venture exchange.