ALPHAMIN RESOURCES CORPORATION - Alphamin Resources Corp. provides project update, releases interim results

Release Date: 29/08/2018 14:30
Code(s): APH
 
Wrap Text
Alphamin Resources Corp. provides project update, releases interim results

Alphamin Resources Corp.
Continued in the Republic of Mauritius
Date of incorporation: 12 August 1981
Corporation number: C125884 C1/GBL
TSX-V share code: AFM
JSE share code: APH
ISIN: MU0456S00006
(“Alphamin” or the “Company”)

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR PUBLICATION, RELEASE OR
DISSEMINATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN THE UNITED STATES, AUSTRALIA,
JAPAN, OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO. ANY FAILURE TO
COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF THE SECURITIES LAWS OF SUCH
JURISDICTIONS.

        ALPHAMIN RESOURCES CORP. PROVIDES PROJECT UPDATE, RELEASES INTERIM RESULTS

MAURITIUS – August 29, 2018 – Alphamin Resources Corp. (AFM: TSXV, “Alphamin” or the “Company”) is
pleased to announce an update on progress at its Bisie Tin Project.

Construction of the Company’s 80.75% owned Bisie Tin Project is currently on schedule and 75% complete.
Commissioning of the process plant is scheduled for Q1 2019. Equity financing raised to date together with the
US$80m credit facility is currently projected to take the Company through to commercial production.

Key project highlights include;

         -     Safety                                  Over 1 million-man hours worked by over 600 employees with no
                                                       lost time injuries reported.
         -     Mine construction                       Progressing ahead of schedule with 1709 development meters
                                                       complete out of a total of 2,700.
         -     Process plant                           Construction ahead of schedule with 256 tons of steel erected with
                                                       majority of kit required now on site.
         -     Infrastructure                          Construction of the Company’s 36Km access road to site and
                                                       airstrip is now complete with project deliveries getting through to site
                                                       without difficulty.
         -     Logistics and procurement               73% of project loads have been delivered to the mine site.
                                                       Procurement is 90% complete.
         -     Social and community                    Social development investments targeting over 1500 households for
                                                       livelihoods and community infrastructure projects continue. Site
                                                       security and community relations have been strengthened further by
                                                       the peaceful and voluntary migration of the remaining 500 artisanal
                                                       miners from Alphamin’s concession in late 2017 and early 2018.

The recent Ebola outbreak in the North Kivu province is being monitored closely and strict protocols have been put
in place to reduce the risk of transmission at Bisie. The outbreak is located some 1,200km from Bisie by road. To
date there has been no impact on the Company’s operations.

The Company has also filed its interim financial statements for the three and six months ended June 30, 2018 and
Management Discussion and Analaysis – quarterly highlights, which are available on SEDAR.com.

Further information, videos and photographs of the Project’s progress are available on the Alphamin
Resources Corp. website at www.alphaminresources.com


EDITORS NOTES:

FOR MORE INFORMATION, PLEASE CONTACT:

Boris Kamstra                                                  Alphamin Resources Corp.
Chief Executive Officer                                        Tel: +230 269 4166
                                                               E-mail: boris.kamstra@alphaminresources.com

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this News Release.

ISSUED ON BEHALF OF THE BOARD OF DIRECTORS OF ALPHAMIN RESOURCES CORP. BY:
    Boris Kamstra, Chief Executive Officer
    Tel: +230 269 4166
    Grand Baie, Mauritius

JSE Designated Advisor
Nedbank Corporate and Investment Banking

CAUTION REGARDING FORWARD LOOKING STATEMENTS

Information in this news release that is not a statement of historical fact constitutes forward-looking information.
Forward-looking statements contained herein include, without limitation, statements relating to the intended
completion of additional financing and the anticipated use of funds from such financing, the participation of Tremont
and other stakeholders, the satisfaction of conditions precedent under the Credit Facility, the Company’s intentions
to raise the balance of funding required to complete construction of the Project and the sources thereof, additional
subscription by IDC, costs of production, success of mining operations, the ranking of the project in terms of cash
cost and production, economic return estimates, social, community and environmental impacts, and continued
positive discussions and relationships with local communities and stakeholders. Forward-looking statements are
based on assumptions management believes to be reasonable at the time such statements are made. There can
be no assurance that such statements will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on
forward-looking statements. Although Alphamin has attempted to identify important factors that could cause actual
results to differ materially from those contained in forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. Factors that may cause actual results to differ materially
from expected results described in forward-looking statements include, but are not limited to: Alphamin’s ability to
secure sufficient financing to advance and complete the Project, uncertainties associated with Alphamin’s resource
and reserve estimates, uncertainties regarding the estimation of future costs, uncertainties regarding global supply
and demand for tin and market and sales prices, uncertainties associated with securing off-take agreements and
customer contracts, uncertainties with respect to social, community and environmental impacts, adverse political
events, uncertainties with respect to optimization opportunities for the Project, as well as those risk factors set out
in the Company’s Management Discussion and Analysis and other disclosure documents available under the
Company’s profile at www.sedar.com. Forward-looking statements contained herein are made as of the date of this
news release and Alphamin disclaims any obligation to update any forward-looking statements, whether as a result
of new information, future events or results or otherwise, except as required by applicable securities laws.

                  The above media statement and accompanying material for media use are issued by
                ALPHAMIN RESOURCES CORP. without embargo unless an embargo is indicated above

Date: 29/08/2018 02:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Email this JSE Sens Item to a Friend.

Share This Story