12:27 PM EDT, 05/22/2024 (MT Newswires) -- Cornish Metals ( SBWFF ) said on Wednesday it acquired 7.7 acres of land near the surface infrastructure at its South Crofty tin project in the UK.

The company said the acquisition increased its total land area to 28.5 acres and covers the location of the North Winder for the New Cook's Kitchen shaft, South Crofty's main production shaft, as well as a large area near the proposed site of the project's processing plant.

"The land will provide additional space for future site works as well as opportunities for potential operating cost savings, renewable energy initiatives and improved overall property security," interim chief executive Ken Armstrong said in a release.

Cornish said the increased land package removes its reliance on existing right-of-passage agreements and gives the company control over the timing for refurbishment of the North Winder.

An April, 2024, preliminary economic assessment for the project showed a net present value of US$201 million based on an 8% discount rate, with a 29.8% internal rate of return and a three-year payback period.

Cornish's shares were last seen down $0.005 to $0.11 on the TSX Venture Exchange.

Price: 0.11, Change: -0.01, Percent Change: -4.35