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Thursday, 29 November 2012
Celeste Copper changes its name to Celeste Mining
Celeste Copper (CVE:C ) says that it has now changed its name to Celeste Mining Corp, with the decision approved at its annual general meeting back in June to better reflect the company's move toward the tin market.
The name change will come into effect immediately, and its common stock will continue to be listed on the TSX Venture Exchange under the current symbol.
"Celeste is focused on developing the South Crofty Tin Project in Cornwall, England and we believe that changing our name to Celeste Mining Corp. better reflects the direction the company is heading in to become an important player in the global tin market," said CEO Alan Shoesmith in a statement.
Celeste is focused on the acquisition of a majority interest in Cornish Minerals, which controls mining rights in the historic Cornish mining region in Cornwall, England, including the South Crofty Mine.
Earlier this month, the company closed its non-brokered private placement, raising $500,000 in new funds.
The company noted that Liberty Metals & Mining Holdings, a wholly-owned subsidiary of Boston-based Liberty Mutual Insurance, acquired 2 million units at a price of five cents per unit, for gross proceeds of $100,000.
In September, the company unveiled an updated resource estimates for the Dolcoath section of the South Crofty project.
The resource estimate, which used a 0.2 per cent cut-off grade, revealed an inferred resource of 2.47 million tonnes grading 0.46 per cent tin, 0.54 per cent copper and 0.23% per cent zinc.
The estimate also showed an exploration target of between 6.7 and 13.5 million tonnes with grades ranging from 1.4 to 1.8 per cent tin, east of the Great Crosscourse at the South Crofty mine.
Further, the report defined an exploration target of around 1.25 and 2.5 million tonnes with grades ranging between 1.25 and 1.6 per cent tin in the Dolcoath deep and Roskear areas of South Crofty.