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ALPHAMIN RESOURCES CORPORATION - Leadership changes and commissioning update

Release Date: 12/08/2019 17:28
Code(s): APH     PDF:  
 
Wrap Text
Leadership changes and commissioning update

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”)

                               LEADERSHIP CHANGES AND COMMISSIONING UPDATE

The board of Alphamin is pleased to announce a change of leadership at Alphamin which is precipitated by the company
completing the “project build” phase and migrating to that of a steady state mining operation.

Mr Boris Kamstra will step down as CEO with immediate effect. Boris has led the Alphamin team through its
development and mine build phase and has done an extraordinary job in extraordinary conditions. Some of the team
accomplishments under Mr Kamstra’s leadership include:

•        Negotiating and implementing Agreements with all local stakeholders resulting in a constructive working
         relationship and “licence to operate” with the local communities and Democratic Republic of the Congo (“DRC”)
         representatives, both local and national.
•        Ensuring that artisanal miners vacated the mining site by mutual agreement.
•        Building road access to the mining site through nearly 40km of deep jungle.
•        Raising the funds needed to develop the Bisie mine.
•        Building and constructing the mine, processing plant and related infrastructure on site.
•        Building a team that is progressing mine commissioning.

The board is delighted to report that Mr Kamstra will continue to serve as an executive director of Alphamin with
responsibilities that include Investor relations, tin marketing and special value-add projects.

Mr Maritz Smith has been appointed Chief Executive Officer of Alphamin. Maritz has 18 years of experience with all
aspects of directing mining operations and is well suited to guide Alphamin through its next phase of operations and
corporate objectives.

Maritz holds a B-Com Hons degree and is a Chartered Account. Following the completion of his degree, he joined the
mining industry 18 years ago as a financial controller in Metorex (Pty) Limited which later listed on the Johannesburg Stock
Exchange. Metorex was a mid-tier multi commodity mining group that owned and managed mining operations in South
Africa, Zambia and the Democratic Republic of Congo.

His involvement included participating actively with the technical executives, both at head office and on-mine, with primary
focus on the financial aspects of the operations.
He was a member of the EXCO team of Metorex and prior to his resignation to join Pangea he held the office of
CFO/Financial Director which included him in decision making on capital projects, the mining company operations and
corporate management and listed company reports and presentations.

On leaving Metorex he was offered the position of Chief Operating Officer of Pangea (Pty) Limited where he was able to
apply his technical and financial experience gained in Metorex to a more general management role in evaluation and
proposing to investors projects of potential interest. Alphamin was one of these projects that has evolved from this
evaluation, financing and development stages to the current operational mining company producing a quality tin product
to the international market.
Maritz progressed to the position of Chief Executive of Pangea prior to accepting the position of Chief Executive of
Alphamin to take the company forward from the construction and development phase to an income producing profitable
mining company

Mr Needham, Chairman of Alphamin stated that “This planned change in leadership personnel at Alphamin takes place
as the mine completes its commissioning and starts to take its place as a significant and responsible producer of tin to the
world. We are indeed fortunate in having such outstanding personnel as Boris and Maritz ready to lead Alphamin at each
stage in the development of this mine”.

It is also pleasing to report that the plant commissioning at Bisie is progressing along a positive trend line and production
metrics have improved over the last 3 months.

                                    May        June          July

        Plant feed (t)            12,459      20,588       33,609
       Feed grade (%Sn)              5%        4.4%         5.3%

  Overall Plant Recovery (%)        26%         50%          42%
    Tin in concentrate (t)          162         452          744

    Concentrate bagged (t)          261         707        1,220

Notes:
(1)        The figures are unaudited
(2)        Recoveries during the first week of August 2019 averaged 62%. Whilst the plant is reporting steadily increasing
           and improved recoveries, further metallurgical balancing is required before the nameplate recoveries are
           achieved.
(3)        The nameplate recoveries are expected to be ~72% and targeted monthly plant feed to the end of the current
           year is expected to average 24,000tpm.

The Industrial Development Corporation (IDC) has now contributed its pro rata share of the previous equity raises, being
US$4,6million.

Further information will be supplied in the scheduled quarterly report at end of August.

FOR MORE INFORMATION, PLEASE CONTACT:

Charles Needham
Chairman
Alphamin Resources Corp.
Tel: +230 269 4166
E-mail: charles.needham@alphaminresources.com
Grand Baie, Mauritius

12 August 2019

JSE Sponsor
Nedbank Limited (acting through its Corporate and Investment Banking Division)


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 terms and intended completion
of the Private Placement, the anticipated use of funds from the Private Placement, the anticipated additional debt
drawdown, the participation of the IDC and other stakeholders, 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 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.

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.
Date: 12/08/2019 05:28:00
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