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Strongbow eyes AIM listing this year to aid UK tin project revival

Canada's Strongbow Exploration Inc. is looking to list its shares on the London Stock Exchange's AIM this year as part of its plans to raise funds to restart production at its South Crofty tin project in the U.K., Reuters reported Feb. 7, citing CEO Richard Williams.

"We will list on AIM, hopefully this year. AIM likes projects that are close to production," Williams was quoted as saying.

Tin prices have risen about 8% since the start of the year to nearly US$22,000 per tonne, compared to about US$5,000/t when the mine closed and a peak of US$33,600/t in 2011.

The company will be seeking between US$110 million and US$120 million in project financing after completing the project's feasibility study, and first production is targeted for 2021.

South Crofty has a National Instrument 43-101-compliant resource estimate of 1.66 million tonnes at 1.81% tin in the indicated category and about 740,000 tonnes at 1.91% tin in the inferred category.

According to Williams, South Crofty hosts sufficient tin for a mine life of at least eight years. The company can also benefit from a mineral rights agreement with Cornish Lithium through royalties from any lithium extracted from brine springs in the area.