The above media statement and accompanying material for media use are issued by
NEWS RELEASE
C/o ADANSONIA MANAGEMENT SERVICES LIMITED, Suite 1, For more media information or
PERRIERI OFFICE SUITES, C2-302, Level 3, Office Block C, interview 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
6884807 v5
BISIE TIN PROJECT DEVELOPMENT UPDATE
GRAND BAIE, MAURITIUS – March 1, 2019 – 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 commissioning has been completed and has run at nameplate
capacity of sixty tonnes per hour. To date, some six thousand, five hundred tons of ore has been crushed and
stockpiled for feeding into the gravity separation circuit.
Cold commissioning on the gravity concentration section has also commenced and is progressing well.
In connection with the previously announced change of mining method to a cut and fill method, a detailed mine
schedule for 2019 and 2020 has been received. Production of ore from the cut and fill stoping operation has now
commenced. A life of mine schedule is expected during Q2 2019 following which the Company plans to update its
NI 43-101 and announce updated project economics. Initial analysis indicates the unit costs per ton will be higher
in 2019 and 2020 than had been anticipated in the Company’s most recent feasibility study.
Full commissioning and ramp up is scheduled to occur during Q2 2019. Production at planned through put is
planned to commence in Q3, 2019.
The Company has reviewed the working capital requirements to achieve planned production volumes . The current
cashflow projections indicate a likely short term working capital shortfall. Factors impacting the projected working
capital shortfall include a delayed response to a request to partially export concentrates by airfreight, requiring the
company to truck all export material, which has impacted delivery times and related revenue receipts; a delay in
VAT refunds and the delayed manufacture and delivery of certain components to finalise plant commisioning. In
addition to this, the change in the mining method has resulted in a slower ramp up of material to the ROM stockpile.
The Company estimates that up to $9m may be required to bridge this expected working capital deficit and enables
the Company to acquire certain sustaining capital and critical spares.
Management considers it prudent to seek a working capital facility of up to US$12m, which exceeds the projected
shortfall of $9m but provides a buffer for any additional unforseen events or challenges. The Company is in
discussion with its lenders to provide this facility.
FOR MORE INFORMATION, PLEASE CONTACT:
Boris Kamstra
Chief Executive Officer
Alphamin Resources Corp.
Tel: +230 269 4166
E-mail: [email protected]
Grand Baie, Mauritius
The above media statement and accompanying material for media use are issued by
ALPHAMIN RESOURCES CORP. without embargo unless an embargo is indicated above
6884807 v5
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.