Reports that gold reserves worth millions, discovered at South Crofty, in Pool, are set to make the Queen and Prince Charles a fortune have been dismissed by the mining company.
Western United Mines Ltd (WUML), which owns the mine, was granted permission to search for tin, copper, zinc and other metals in 2006.
The Crown Estate and the Duchy have agreed to split the proceeds of gold reserves unearthed at the mine, ending a centuries old row over who has the rights to the profits.
The Crown Estate, which had claimed proceeds from mining in the area, agreed to hand half of any profits to the Duchy.
Any profits for the Crown Estate revenues go straight to the Treasury, while the Duchy, which funds Charles' activities, is exempt from corporation tax.
However, WUML dismissed the chances of gold ever being mined in Pool saying it was not commercially viable.
South Crofty Mine went into administration in June after Canadian-based Celeste pulled their funding for the business, which is now run by administrators Wilkins Kennedy LLP.
A spokesman for the mining company said that while traces of gold and silver had been found at South Crofty it was not enough to make it commercially viable to extract.
They said tin, zinc and copper were the main minerals to be mined at the site with WUML retaining the mineral rights.
