Cornish Metals Inc. - COMMENCEMENT OF 2ND PHASE OF SHAFT REFURBISHMENT

Cornish Metals is pleased to provide an update on the progress of activities:

• NCK shaft refurbishment progressing as planned with new Phase 2 work platform installed and enabling faster replacement of old shaft timbers with new steel guides

• Mine dewatering continues with water level being maintained at approximately 280 metres below surface

• 14-hole Wide Formation exploration drilling programme has been completed

• Initial payment received for disposal of the Nickel King asset

• Discussions progressing for the sale of other non-core assets

• The search for a permanent CEO is advancing

• Market fundamentals remain supportive of the tin price that is presently up nearly 40% year-to-date to approximately US$35,000