On May 24, 2011 Celeste entered into an earn-in agreement to acquire up to a 100% interest in Cornish Minerals Limited, which controls mining rights in the historic Cornish mining region in Cornwall, England, including the South Crofty Mine. The South Crofty Mine is an amalgamation of twelve mines that were historically mined primarily for tin and copper. The properties are located between Redruth and Camborne in Cornwall, England and comprise approximately 150 square kilometers of mineral rights in this historic mining district. Mining in this region goes back approximately 400 years and includes mines like South Crofty, Dolcoath and Roskear mines, which are included in these mineral rights. It is the first time in the region's history that such a large package of mineral rights has been assembled, with an opportunity to apply modern exploration and development mining techniques.
The Dolcoath mine was closed in 1922 after mining what was reputed to be the widest highest grade orebody in Cornwall. Current drilling is intersecting up to 20 m of disseminated mineralization in the footwall of this structure and intact parallel lodes. At the end of its life, South Crofty began mining (at depth), numerous parallel structures to the north of Dolcoath. The updip extensions of these lodes are largely in place but not yet quantified. Current drilling (28,000 metres) has resulted in the estimation of an inferred resource (2.5 million tonnes at 0.46% Sn, 0.54% Cu and 0.23% Zn (0.68% tin equivalent))
Future planning anticipates the dewatering of both Dolcoath and South Crofty to access and more accurately delineate mineralized structures in order to increase confidence in both resources and exploration targets and to plan future production.