GRAND BAIE, Mauritius , Jan. 10, 2019 (GLOBE NEWSWIRE) -- Alphamin Resources Corp. (AFM: TSXV, “Alphamin”, or the “Company”) is pleased to announce an update to the development status of its flagship tin project in the DRC.
The processing plant front-end crushing circuit has been successfully commissioned on 8 January 2019, on schedule. This includes the primary crusher, two tertiary crushers and the screening buildings. Ore is now being fed through this circuit to create a stockpile with which the gravity circuit can be commissioned.
The process plant in its entirety is planned to be commissioned, on track with the original schedule by the end of March 2019.
The underground mine capital footprint was completed at the end of December 2018, two months ahead of schedule. The run-of-mine ore production rate is being ramped up to approximately 1,000 tons per day to achieve the targeted steady-state feed rate to the processing.
It is envisaged that the processing plant should ramp up to its nameplate production capacity of tin concentrates from April 2019 to the end of June 2019.
As was previously announced, Alphamin’s subsidiary ABM (Alphamin Bisie Mining SA) has drawn on the total available debt package of US$80m and this together with the previous capital raisings are expected to fund the project to production, bar any unforeseen events.
“To have achieved such significant progress to date on time and within budget for a project of this scale, in a challenging environment, is a testament to the skill and dedication of our staff and contractors on the ground. We look forward to the commencement of tin concentrate production in the near future and will keep the market appraised of developments in this regard.” says Alphamin CEO, Boris Kamstra.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
FOR MORE INFORMATION, PLEASE CONTACT:
Chief Executive Officer
Alphamin Resources Corp.
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 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.
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