PERRIERI OFFICE SUITES, C2-302, Level 3, Office Block C, La Croisette, Grand Baie 30517, 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
NEWS RELEASE
C/o ADANSONIA MANAGEMENT SERVICES LIMITED, Suite 1,
PERRIERI OFFICE SUITES, C2-302, Level 3, Office Block C,
La Croisette, Grand Baie 30517, 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
ALPHAMIN PROVIDES QUARTERLY PRODUCTION UPDATE
MAURITIUS – April 3, 2020 – Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX,
“Alphamin” or the “Company”) is pleased to provide the following production update for the
most recent quarter ended March 2020:
Contained tin production of 2,119 tons – at mid point of previous guidance range
Processing recoveries of 71% - in line with target
Plant throughput up 19%
Q2 2020 production guidance of 2,400 - 2,600 tons contained tin
Excellent safety performance with zero lost time injuries during the quarter
Production Summary for the Quarter ended March 2020
The Bisie tin mine has continued with its excellent safety record with zero lost-time injuries
recorded during the past quarter.
Contained tin production of 2,119 tons was at the mid point of our previous market guidance.
The commissioning of two new remote controlled LHDs (load, haul, dump machines) during
February 2020 improved underground loading capacity and this together with the impact of the
recently announced new mining method resulted in a 19 % increase in run-of-mine material
processed. Tin grades are variable depending on where mining is taking place and tapered off
to 3.5% Sn during Q1 2020, in line with expectations . Underground grades are expected to
average 4.0% Sn during the next quarter. The overal l plant recovery of 71% was in line with
target and 11% above the previous quarter.
Payable tin sales exceeded production as we reduced the on-mine concentrate stockpile
during the months of February and March 2020 following the repair of the collapsed bridge on
the main access highway which was opened to traffic on 25 January 2020.
Description Units
Quarter
ended
March 2020
Quarter
ended
December
2019
Variance
Tons processed Tons 85 060 71 559 19%
Tin grade % Sn 3,5 4,9 -29%
Overall Plant recovery % 71 64 11%
Payable Tin produced Tons 2 119 2 235 -5%
Payable Tin sold Tons 3 286 1 109 196%
Actual
The above media statement and accompanying material for media use are issued by
ALPHAMIN RESOURCES CORP. without embargo unless an embargo is indicated above
Production Guidance for the next Quarter:
We expect contained tin production of between 2,400 and 2,600 1 tons for the quarter ending
June 2020 based upon run-of-mine tin grades planned at 4.0% Sn and overall plant recoveries
at 72%.
Covid-19 Pandemic and Impact on Operations:
The health of our employees is of paramount importance and in this regard the Company has
a range of Covid-19 awareness, prevention and other risk mitigation controls in place.
The Covid-19 crisis has seen global disruptions to supply chains. To date, the Company has
been able to continue with normal production and concentrate sales activities. The main border
crossings relevant to our in and outbound activities are still open to freight movement and our
concentrate off-take customer is currently able to send product to at least one tin smelter. The
situation remains dynamic and any issue impacting c ritical flow in our supply chain or that
would restrict operations or the availablity of the Company’s workforce may negatively affect
production and sales activities. During this challenging time it is important that the Company
continues producing and selling tin concentrates fo r the benefit of all our stakeholders,
particularly the economy and people of the North-Kivu province, DRC.
Covid-19 is having a negative impact on global commodity prices. The LME tin price is currently
ranging between US$13,500/t and US$14,500/t compared to the Company’s recently released
NI 43-101 Technical Report which assumed a price of US$17,000/t. From a liquidity
perspective and basis current production rates, this current tin price range supports ongoing
production and sales costs together with debt inter est payments but higher tin prices will be
required to meet additional monthly debt capital repayments scheduled to commence 31 July
2020. The Company continues to focus on achieving i ts full production targets at the lowest
possible unit cost.
Alphamin’s audited consolidated financial statement s and accompanying Management’s
Discussion and Analysis for the year and three mont hs ended December 31, 2019 are
expected to be released by mid April 2020. The unau dited financial statements and
accompanying Management’s Discussion and Analysis for the three months ended March 31,
2020 are expected to be released by the end of April 2020.
The above media statement and accompanying material for media use are issued by
ALPHAMIN RESOURCES CORP. without embargo unless an embargo is indicated above
Qualified Person
Mr. Vaughn Duke Pr.Eng. PMP, MBA, B.Sc. Mining Engineering (Hons.), is a qualified person
(QP) as defined in National Instrument 43-101 and has reviewed and approved the scientific
and technical information contained in this news release. He is a Principal Consultant, Partner
and Director of Sound Mining Solutions, an independent technical consultant to the Company.
__________________________________________________________________________________________
1 Production guidance is based on certain estimates and assumptions, including but not limited to:quantity of material
processed, tin grades of processed material and processing recoverie s and assumes mining operations will continue to be
conducted in the same manner as the previous quarter and will not be further impacted by the Covid-19 pandemic.
FOR MORE INFORMATION, PLEASE CONTACT:
Maritz Smith
CEO
Alphamin Resources Corp.
Tel: +230 269 4166
E-mail: [email protected]
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 production volumes and antic ipated tin grades and processing
recoveries. 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. Accordin gly, 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 m aterially 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 inc lude, but are not limited to: uncertainties
associated with Alphamin’s resource and reserve estimates, uncertainties regarding estimates
of the expected mined tin grades, processing plant performance and recoveries, uncertainties
regarding global supply and demand for tin and mark et and sales prices, uncertainties with
respect to social, community and environmental impacts, adverse political events, impacts of
the global Covid-19 pandemic on mining operations a nd commodity prices as well as those
risk factors set out in the Company’s Management Di scussion 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 for ward-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) accept s responsibility for the adequacy or
accuracy of this news release.