Stephan Scown Advises on Completion of South Crofty Acquisition
Stephens Scown advises on completion of South Crofty acquisition
Leading South West law firm Stephens Scown LLP has advised Canadian company Strongbow Exploration Inc. on the completion of the acquisition, from administration, of the South Crofty tin mine in Cornwall.
The deal, which was completed on 11 July, gives Strongbow Exploration Inc. a 100% interest in the South Crofty Tin Project and associated mineral rights.
The South Crofty Tin Project is located in the towns of Pool, Camborne and Redruth and has an active mine permit valid until 2071, subject to certain planning conditions being met. The mine permission area includes 26 former producing mines. Several companies attempted to revive the mine between 2001 and 2013 but due to poor market conditions the assets were put into administration in 2013. The mine has seen production from near-surface copper, mineralisation and deeper tin-only mineralisation. The focus for Strongbow will be to evaluate the deeper tin-only mineralisation that occurs primarily from a depth of 400 metres below surface.
Under the deal, Strongbow has acquired a 100% interest in Western United Mines Limited and Cornish Minerals Limited (Bermuda). These companies between them hold the rights to the South Crofty underground mine permission area, plus additional mineral rights over a further 7,500 hectares located in various parts of Cornwall, UK.
The acquisition enables Strongbow to progress the South Crofty Project towards a production decision, in improving market conditions.
Richard Williams, President and CEO of Strongbow, said: “We are extremely pleased to have concluded this agreement, and look forward to moving the South Crofty project towards a production decision in collaboration with all stakeholders in this historic tin mining district. This represents a significant step towards our goal of creating a new strategic metals company with Osisko Gold Royalties as a cornerstone shareholder.”
Stephens Scown is delighted to continue to act for Strongbow in relation to South Crofty, building on its long-established track record of advising the mining and minerals sector.
Sally Norcross Webb, mining lawyer at Stephens Scown, who acts for Strongbow, and completed the deal yesterday, said: “It’s fantastic we have been able to complete this deal. The Cornish people are justly proud of their mining expertise, and Cornwall led the world in the tonnage of its tin production. Completing this deal gives South Crofty a chance to progress towards a production decision, which could mean significant investment and generate valuable jobs for Cornwall.”
For more information visit www.stephens-scown.co.uk