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Alphamin Resources Announces Positive Feasibility Study Results for 84.55% Owned Bisie Tin Project, Democratic Republic of Congo
GRAND BAIE, MAURITIUS--(Marketwired - Feb. 23, 2016) - Alphamin Resources Corp (TSX VENTURE:AFM) ("Alphamin" or the "Company") is pleased to report on the resul
About this update from Alphamin Resources Corp.
[{"type":"text","content":" GRAND BAIE, MAURITIUS--(Marketwired - Feb. 23, 2016) - Alphamin Resources Corp (TSX VENTURE:AFM) (\"Alphamin\" or the \"Company\") is pleased to report on the results of its Feasibility Study for its 84.55% owned Bisie Tin Project (Bisie) in east central Democratic Republic of Congo (DRC). The study supports a technically simple underground mining operation with recovery of tin via gravity separation methods that offers low unit capital and operating costs, rapid payback and strong financial performance at metal prices of US$14,800/t tin. \"The Bisie Project is an ideal foundation on which to build a mining company, and act as a catalyst for the economic development of North Kivu. It is straightforward, financeable, resilient, and has tremendous opportunity to grow. We are delighted to have reached such an important milestone, and feel strongly that our development approach is ideally suited to the attributes of the orebody.\" Said Boris Kamstra, Chief Executive Officer. Base Case Operating Highlights and Project Performance Tin price $14,800/t Probable Mineral Reserves 3.04Mt @ 3.76% Sn containing 114,366 tonnes tin (at a 1.8% Sn cut-off grade) Production 9,000 tonnes per annum over 10.5 year mine life Initial CAPEX US$119.2 million NPV @ 15% (after tax) US$84.7 million IRR (after tax) 36.4% The economic highlights throughout this release represent the 100% Project valuation. Alphamin owns an effective 84.55% interest in the Project. The Bisie Project stands out in the world of tin development projects. With very high tin grades, excellent metallurgical recoveries, very low levels of deleterious materials in concentrate, an approved mining license, modest capital requirements and low operating costs, our projected margins are healthy\", said Boris Kamstra, CEO of Alphamin Resources Corp. \"In addition, the Project has been designed to provide flexibility to scale up and take advantage of the potential to deliver additional tin metal from the known areas of mineralisation, as demonstrated by our exploration team's efforts at Mpama North. The foundations for a profitable tin producer are in place today with a proven management team to lead us forward.\" The feasibility study supports an underground mine at the Mpama North orebody containing over 190,000 tonnes of tin from defined Mineral Resources. The process plant is designed ...