07:58 AM EDT, 04/16/2024 (MT Newswires) -- Cornish Metals ( SBWFF ) (CUSN.V, CUSN.L) was at last look up 5.5% in early afternoon UK trade on Tuesday after it provided an update on its 100% owned South Crofty tin project located in Cornwall, United Kingdom.

The shares rose 8% yesterday in Canada.

The company said the South Crofty Preliminary Economic Assessment is "on track" for completion this quarter; and refurbishment of New Cook's Kitchen shaft is "progressing as planned" with the two winders and cages now installed, fully commissioned and certified to allow for the safe transport of equipment and workers within the shaft.

Mine dewatering continues with submersible pumps and the water treatment plant is operating correctly, with the treated water being discharged to the Red River "continues to exceed" the standards permitted by the Environment Agency, Cornish said.

"The timing of this important work coincides with a strengthening tin price, which reached over US$30,000 per tonne this past week, and an emerging recognition of tin as a critical metal by the United Kingdom and other national governments," said interim CEO Ken Armstrong. "Combined with the fact that there is presently no primary tin production in Europe or North America, these factors strongly support our thesis to fast-track work to, if feasible, responsibly bring the South Crofty tin mine back into production to the benefit of Cornwall, the United Kingdom and other stakeholders."