Update On Dewatering South Crofty - Good Progress

Cornish Metals Inc. (AIM/TSX-V: CUSN) ("Cornish Metals" or the "Company"), a mineral exploration and development company focused on its South Crofty Tin Project ("South Crofty" or the "Project") in Cornwall, United Kingdom, is pleased to provide an update on the progress of dewatering of South Crofty Mine.

Mine Dewatering Tracking Ahead of Expectations

• Dewatering has been underway since early November with up to 25,000m3 per day of water pumped directly from South Crofty Mine and treated at the Water Treatment Plant ("WTP");
• Treated water is being discharged into the Red River which is having a positive effect on the water quality of the river downstream of the discharge point;
• The water discharged from South Crofty Mine powers a 75 kW hydro-turbine located ahead of the discharge point that generates up to 20% of the power consumed by the WTP;
• The water level within the New Cook's Kitchen ("NCK") shaft and underground workings is falling at a faster than expected rate;
• On December 5th the water level stood at approximately 155 metres below the surface;
• As the water level falls the rate of drop is expected to decline reflecting more underground workings at the deeper levels of the mine;
• The Company maintains guidance of 18-months (from start of dewatering) to complete dewatering of South Crofty Mine.

Richard Williams, CEO and Director of Cornish Metals, stated: "The start of dewatering of South Crofty Mine was an important milestone for the Company and it is pleasing to see the water level in the NCK shaft dropping faster than expected over the last month. We remain focussed on our objective to complete the dewatering of South Crofty within 18 months."

Background

• The Project possesses Planning Permission for underground mining, valid to 2071, construct new processing facilities and all necessary site infrastructure, and an Environmental Permit to dewater the mine;
• Tin is a Critical Mineral as defined by the UK, USA, and Canadian governments, with approximately two-thirds of the tin mined today coming from China, Myanmar and Indonesia;
• There is no primary tin production in Europe or North America;

South Crofty Summary (JORC 2012) Mineral Resource Estimate

ON BEHALF OF THE BOARD OF DIRECTORS

"Richard D. Williams"

Richard D. Williams, P.Geo

Caution regarding forward looking statements