C/o ADANSONIA MANAGEMENT SERVICES LIMITED, For m ore media information or interview PERRIERI OFFICE SUITES, C2-302, Level 3, Office Block C, requests, please contact the Stone team
NEWS RELEASE
C/o ADANSONIA MANAGEMENT SERVICES LIMITED, For m ore media information or interview
PERRIERI OFFICE SUITES, C2-302, Level 3, Office Block C, requests, please contact the Stone team
La Croisette, Grand Baie 30517, Mauritius on [email protected] or +2711 4470168
The above media statement and accompanying material for media use are issued by
ALPHAMIN RESOURCES CORP. without embargo unless an embargo is indicated above
6830597 v4
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 a nd, based on current projections, should be suffici ent 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 Q 1, 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 Lev el Caving mining method previously planned at Bisie . A Cut
and Fill mining method is being analysed and if app roved, would result in changes to the operating cos ts, 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
6830597 v4
EDITORS NOTES:
FOR MORE INFORMATION, PLEASE CONTACT:
Boris Kamstra
Chief Executive Officer
Alphamin Resources Corp.
Tel: +230 269 4166
E-mail: [email protected]
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 stat ement of historical fact constitutes forward-looking information.
Forward-looking statements contained herein include , without limitation, statements relating to the in tended
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, soc ial, community and environmental impacts, and conti nued
positive discussions and relationships with local c ommunities 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 co uld differ
materially from those anticipated in such statement s. Accordingly, readers should not place undue reli ance 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 inte nded. Factors that may cause actual results to diff er 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, unc ertainties 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.