Monday, January 30, 2012

MINING NEWS 2012: Celeste Copper advances permitting for tin project in England

Proactive Investors
Monday, 30 January 2012 (2 hours ago)
Celeste Copper Corp. (CVE:C) has advanced the permitting process for its tin project in Cornwall, England, the company announced Monday.

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.

In addition, Celeste said it has entered into conditional deals with Cornwall Council to acquire additional adjoining land necessary to accommodate its future surface mine infrastructure.

Celeste’s chairman, Farhad Abasov, said: "These exciting permitting achievements are critical to Celeste because they underpin the project's steady progression to a potential production decision."

Meanwhile, the company is continuing its exploration program to enhance an independent NI 43-101 resource report.

Last year, Celeste entered into an earn-in deal 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 across 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. This resulted in an earn-in of up to 25 percent equity interest in Cornish Minerals Ltd.

Celeste Copper is focused on developing the historical tin project in Cornwall. It also continues to assess other tin, copper and copper-gold properties for exploration and development opportunities.

Celeste also has copper, gold and silver properties located in Chile’s Cabeza de Vaca mineral district where it undertakes an exploration program to advance these projects.

Shares rose 3.57 percent to 14.5 cents each Monday afternoon on Toronto's junior Venture Exchange.

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