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Alphamin Resources Announces Completion of Detailed Design and Control Budget Estimate for Bisie Tin Project
GRAND BAIE, MAURITIUS--(Marketwired - Feb. 6, 2017) - Alphamin Resources Corp. (TSX VENTURE:AFM) ("Alphamin" or the "Company") is pleased to announce that it ha
About this update from Alphamin Resources Corp.
[{"type":"text","content":"GRAND BAIE, MAURITIUS--(Marketwired - Feb. 6, 2017) - Alphamin Resources Corp. (TSX VENTURE:AFM) (\"Alphamin\" or the \"Company\") is pleased to announce that it has completed the Front-End Engineering Design (\"FEED\") and Control Budget Estimate (\"CBE\") for its 80.75% owned Bisie Tin Project (\"Bisie\" or the \"Project\") in the Democratic Republic of Congo. HIGHLIGHTS • Increase in proven and probable reserves to 4.67 Mt @ 3.58% Sn containing 167.3 Kt of tin • Increase in LoM to 150 months (12.5 years) • Optimised process flow sheet resulting in 6% higher annual average plant throughput rates, and an increase in tin recoveries to 73% • Cash margin per tonne of tin sold of some US$11,040, resulting in LoM annual average EBITDA of approximately US$110 million (constant 2017 terms) • Net Present Value 8% US$402.2 million • Real, after tax, Project IRR 49.1% • Payback period 17 months from 1st tin production The completion of the FEED program and associated CBE confirms the robust economic metrics and potential of the Bisie Project and the development of the Alphamin Bisie Tin Project into North Kivu's first commercial mine, and a new premier global tin producing mine. Boris Kamstra, Chief Executive Officer of Alphamin explains: \"The completion of the FEED and CBE phase marks another important and exciting milestone as Alphamin advances the Project towards becoming the first industrial mine in DRC's North Kivu Province.\" A comprehensive process for estimating capital costs was followed and the CBE results show that the Project has the potential to remain strongly profitable at lower tin prices, as well as at increased prices for key consumables. The completed FEED and CBE increase proven and probable reserves to 4.67 Mt at 3.58% Sn containing 167.3 Kt of tin while also increasing the life of mine (LoM) to 150 months or 12.5 years. The optimised process flow sheet resulted in 6% higher annual average plant throughput rates, and an increase in tin recoveries to 73%. A cash margin of some US$ 11,040 per tonne of tin sold is foreseen, yielding a LoM annual average EBITDA of approximately US$ 110 million (constant 2017 terms). Alphamin is also pleased with the robust economic performance indicators of a Net Present Value (8%) of US$ 402.2 million as well as real, after tax, Project IR...