08 Sep Alphamin project update / private placement announcement
MAURITIUS – SEPTEMBER 08, 2016 – Alphamin Resources Corp. (AFM: TSXV, “Alphamin” or the “Company”) is pleased to announce an update on progress made on its Bisie tin project. The highlights include strengthening the project team and infrastructure improvements around the project area. A US$8.5m private placement is also planned.
“Alphamin is pleased to announce continued progress towards bringing its Bisie project into production. This includes attracting and retaining additional premier skills to the current Alphamin team. Richard Robinson will be leading Alphamin Bisie Mining SA, Alphamin’s DRC company. Richard has many years of experience in the interface between mining companies, the GoDRC, local communities, and artisanal miners. Richard has moved with his family to Goma from where he will be guiding Alphamin’s operations. Alphamin is pleased to welcome Ian Dun, who was previously responsible for optimising the processing plants of Minsur, including at their San Rafael mine. Ian has joined the Alphamin team to apply his high grade tin processing knowledge to Alphamin’s process design for Bisie,” states Boris Kamstra, CEO Alphamin Resources Corp.
“To assist us with mine design we are fortunate to have, via DRA, secured the services of Tony Cox, one of the world’s leading Sub Level Caving Mining Engineers. Alphamin has also made significant strides preparing the supporting infrastructure for our operations. The access track linking Bisie to the Walikale Kisangani road has been cleared and will shortly be able to accommodate 4 ton loads. This will be upgraded further to accommodate the heavy vehicles required to transport the construction materials to Bisie.
“Trucks carrying seven containers of materials required for the early works have recently made the trip from Johannesburg to the head of the Bisie access road in an average time of 21 days. The rehabilitation work done by the Government of North Kivu, supported by Alphamin, on the Goma Walikale road contributed materially to this and bodes well for efficient logistics during operations. Alphamin intends to make a $8.5m non brokered private placement in September. The proceeds will be used to fund Bisie’s development up to the final capital raise for the construction of this project,” says Kamstra.
Alphamin is pleased to announce that on January 14, 2016 Dr Richard Robinson was appointed as managing director of the Company’s DRC subsidiary, Alphamin Bisie Mining SA. Dr. Robinson brings a wealth of DRC experience having served as the Extractive Industries Technical Adviser with the United States Agency for International Development based in Kinshasa, DRC from 2011 through 2015, serving as a focal point for U.S. government support for conflict-free mining in the DRC and great lakes region.
Prior to joining USAID in 2011 Richard was Social Programs Manager for Freeport McMoRan’s Tenke Fungurume Mine in Katanga responsible for community development, resettlement and community liaison including managing responses to illegal artisanal mining incursions. In 2003 Richard began the development NGO, Pact’s programs in the DRC’s Katanga province, including its role as a social and artisanal mining risk The above media statement and accompanying material for media use are issued by ALPHAMIN RESOURCES CORPORATION without embargo unless an embargo is indicated above management and community development partner with responsible mining companies. Richard has prior experience in manufacturing, public-private partnerships for persons with disabilities in North America and the developing world, and has taught and directed in MBA programs in both the United States and South Africa. Richard was born in the DRC, is a permanent resident and he and his family are currently living in Goma.
In June, 2016 Alphamin engaged Mr. Ian Dun on a 6-month contract. Mr Dun is among the world’s leading Tin specialist metallurgists having spent over 30 years as a metallurgist on tin projects in South America, including 8 years with Minsur where he was Director of Processing Development, with full responsibility for production and metallurgical accounting. Mr Dun has been engaged to review and optimise the tin recovery process envisaged in the Bisie Tin Project processing plant.
Following the appointment of DRA Projects as the Company’s preferred EPCM contractor, Mr Tony Cox has been appointed to the project team. Mr. Cox has 50 years of experience in the mining industry. The bulk of this experience has been in large underground mines employing a wide range of mining methods suited to mechanisation.
A substantial amount of this experience has been in large open stoping and caving methods, particularly sub level caving (11 years). This experience has extended to depths of 2,500 m at Target and South Deep mines. As General Manager Strategic Planning, Ashanti Goldfields he was responsible for the ore reserves generation in 1996 and 1997 under the JORC code. He has spent the last fourteen years from 1999 as a mining consultant for RHDHV (formerly Turgis Consulting) in the field of mechanisation and deep level massive mining.
The Company is pleased to announce the completion of clearing of the 32km access track from the Bisie Project site to the nearest National Road (N3) that runs between Kisangani and Bukavu. In the second half of F2016 the Company will contract heavy machinery to allow compacting the road surface, shaping of the road prism and storm water control along the road.
Following road upgrade works on the Goma Walikale road by the DRC roads authority, with ABM support, trucks can now reach Walikale from South Africa in 21 days. Management are of the view that these improvements to the regional infrastructure represent a significant de-risking of the Bisie Tin Project. Alphamin will support the North Kivu Government’s program rehabilitating this road further.
Non-brokered Private placement
The Company intends to proceed with a non-brokered private placement of common shares to raise gross proceeds of up to US$8,500,000 (the “Financing”). The common shares will be offered at a price of C$0.30 per share. The Company anticipates that insiders of Alphamin may subscribe for up to 100% of the Financing. Net proceeds from the Financing will be used for the early project works and continued infrastructural improvements and preliminary mine construction work on the Company’s Bisie Tin project and for working capital and general corporate purposes.
Issued on behalf of the Board of Directors of Alphamin Resources Corporation by
Chief Executive Officer
Tel: +230 269 4166
Grand Baie, Mauritius
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MORE INFORMATION ON ALPHAMIN RESOURCES CORPORATION:
Alphamin is a pioneering tin exploration and mining business with the vision to be respected in the international tin mining sector, unleashing the full profit and potential of its world-class tin asset in North Kivu, DRC. Alphamin’s future expansion is expected to be internally funded with operational cash flows. Alphamin is expected to deliver a significant return to investors through the full range of expected tin prices.
Alphamin has the vision to become a premier tin producer:
• Leading a world-class, profitable mining company in North Kivu, delivering results for the benefit of all stakeholders and viewed with respect by the communities and Government.
• A profitable tin producer, while continuing with exploration to increase life of mine.
• A profitable tin mine operating in a safe environment and uplifting the local community.
• Developing the first, low-cost per tonne tin, commercial mine in North Kivu, while making a marked, positive impact on the communities surrounding the mine.
• Tin mining company that excels at the production of tin and providing leadership for the region in terms of safety, health, environment and community development.
• A highly profitable and responsible operator of the Bisie mine.
• Deliver on the commitment to develop a first and large, commercial tin mine in that part of the country, giving Alphamin credibility locally and aboard – becoming a business transformation reference in the tin mining industry.
• A low-cost tin producer creating value for both shareholders and the community.
MORE INFORMATION ON BORIS KAMSTRA, CEO OF ALPHAMIN
Boris Kamstra is an accomplished senior business executive. He bravely capitalises on his strategic management style to ensure good business leadership, corporate alignment and success – imperative in challenging environments. He has a passion for Africa and the varied opportunities it holds. His ability to identify potential, unlock opportunity and celebrate talent diversity, adds significant value in the growing and competitive African business and mining environment. Boris graduated with an MBA from WITS Business School, University of Witwatersrand and a BSc (Civil Engineering) (cum laude) from University of Cape Town – both times named on the Deans merit list. Boris is a Registered Professional Engineer with the SA Engineering Council and a member of the SA Institute of Mining and Metallurgy.