Alphamin Resources Corp. Provides Project Update, Releases Interim Results
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GRAND BAIE, Mauritius, Aug. 29, 2018 (GLOBE NEWSWIRE) -- Alphamin Resources Corp. (TSXV:AFM) (“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 Analysis – 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
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.