GRAND BAIE, Mauritius, June 18, 2019 (GLOBE NEWSWIRE) -- Alphamin Resources Corp. (Alphamin) completed C4 Commissioning of its Bisie tin project Processing Plant.
C4 involves feeding the system with material, checking instrumentation calibration, process flows and individual equipment throughput and building up to instantaneous design throughput. A C4 certificate indicates that a unit or the entire system is complete and can operate with material.
C5 is the final stage of the commissioning process. This is achieved when the facility has run at and held at full continuous production at nameplate capacity for a duration of 48 hours.
Attaining C5 and the ramp up to nameplate capacity is taking longer than expected as aspects of the processing plant operations are refined and optimised.
Concentrate produced during commissioning and the plant ramp up, are being delivered to Gerald Metals in Kampala. Gerald Metals have taken delivery of 96 tonnes of concentrate. A further 192 tonnes are on route to Kampala from Logu, Alphamin’s marshalling yard for tin exports where a further 240 tonnes are being cleared for export prior to departing for Kampala. Total production to date is 528 tons.
Sound Mining Solutions are nearing completion of the revised mine design. Once complete the NI 43-101 will be updated.
The Directorate General of Taxes have informed Alphamin VAT disbursements will be forthcoming.
The Industrial Development Corporation (IDC) will be matching their pro rata share of the recent equity raised by Alphamin.
Nameplate production is expected to be achieved during H2 2019. To avoid requiring any additional funding Alphamin requires break even production of circa 800 tonnes of concentrate per month, be achieved by during July 2019.
FOR MORE INFORMATION, PLEASE CONTACT:
Chief Executive Officer
Alphamin Resources Corp.
Tel: +230 269 4166
Grand Baie, Mauritius
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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 atwww.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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