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ALPHAMIN RESOURCES CORPORATION - Alphamin Resources Corp. announces project update and option grant

Release Date: 06/12/2018 08:00
Code(s): APH     PDF:  
 
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Alphamin Resources Corp. announces project update and option grant

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”)

NEWS RELEASE

               ALPHAMIN RESOURCES CORP. ANNOUNCES PROJECT UPDATE AND OPTION GRANT.

    MAURITIUS – December 5, 2018 – Alphamin Resources Corp. (AFM: TSXV, “Alphamin” or the “Company”) is
    pleased to announce an update on progress at its Bisie Tin Project.

    Project update

    The Company’s 80.75% owned DRC subsidiary, Alphamin Bisie Mining SA (“ABM”) has now received all approvals
    required to draw down the final $20m of its previously announced $80m credit facility (the “Credit Facility”). Funds
    are expected to be received by Monday 10 December and, based on current projections, should be sufficient to
    see the Company into production.

    Cold commissioning of the crushing circuit is expected to start in the first half of December, while the completion of
    construction of the gravity concentration building and tailings storage facility remain on track for Q1, 2019. Hot
    commissioning (first ore through the plant) is currently expected to commence in late March 2019.

    As disclosed in the Company’s Management Discussion and Analysis on November 28, 2018 the Company
    continues to assess the impact of the likely change of mining method. Rock conditions underground have led
    management to review the suitability of the Sub Level Caving mining method previously planned at Bisie. A Cut
    and Fill mining method is being analysed and if approved, would result in changes to the operating costs, mined
    grade, recovery and mineral reserves. Management expect to receive a revised mining schedule from it’s technical
    mining consultants on or around December 7, 2018. An updated reserve statement and 43-101 is expected to be
    issued in Q1, 2019.

    Grant of stock options

    The Company also announces that, subject to regulatory approval, it has granted 7,235,861 stock options under
    its stock option plan to directors, officers and employees of the Company and its DRC subsidiary. All options
    carry the right to acquire one common share at a price of C$0.26 per share until 3 December 2025, with one third
    of the options vesting after two 2 years, one third after 3 years and the final one third after 4 years from the date
    of grant.

    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

6 December 2018

JSE Sponsor
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

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