Business
Alphamin Resources Announces Updated Feasibility Study with Improved Project Economics for 80.75% Owned Bisie Tin Project, Democratic Republic of Congo
GRAND BAIE, MAURITIUS--(Marketwired - June 28, 2016) - Alphamin Resources Corp. (TSX VENTURE:AFM) ("Alphamin" or the "Company") is pleased to report on the resu
About this update from Alphamin Resources Corp.
[{"type":"text","content":"GRAND BAIE, MAURITIUS--(Marketwired - June 28, 2016) - Alphamin Resources Corp. (TSX VENTURE:AFM) (\"Alphamin\" or the \"Company\") is pleased to report on the results of an update to its Feasibility Study for its 80.75% owned Bisie Tin Project (\"Bisie\" or \"the Project\") located in the Walikale Territory of the North Kivu province of the Democratic Republic of Congo (\"DRC\"). The Updated Feasibility Study (\"UFS\") updates the Original Feasibility Study (\"OFS\") (dated February 2016) and is based on an increase in Bisie's Mineral Resources. \"The 34% increase in the Indicated Mineral Resources announced on 11 May 2016 and improved tin price outlook has enhanced the forecast economic performance indicators for Bisie significantly. The improvement in profitability and extension to the life of mine (LoM), reinforces our belief that the Project forms the ideal foundation on which to build a mining company and associated infrastructure for mining in the tin-rich province of North Kivu. The Project is based on proven mining and tin recovery methods, which should make it straightforward to operate, with low unit tin production costs and significant growth opportunities. Our UFS confirms our view that Bisie presents shareholders with an attractive opportunity to invest in one of the highest grade known tin deposits provinces in the world,\" said Boris Kamstra, Chief Executive Officer of Alphamin. OFS versus UFS - operating highlights and Project performance Probable Mineral Reserves(1) Capital expenditure (US$ million) Total costs (US$ per tonne tin)(2) Tin price (US$ per tonne tin) NPV @ 8% real discount rate (US$ million)(3) IRR (Real %) OFS 3.04Mt @ 3.76% tin 119.2 8 448 14 800 149.0 36.4 UFS 3.52Mt @ 4.34% tin 124.2 8 935 17 300 262.7 48.4 Mpama North orebody only Includes export duties and fees, local and DRC Government royalties, and marketing commissions NPV 8% is shown for ease of comparison to other tin projects who use an 8% discount rate for their valuations. A NPV sensitivity table is included further on. Please note that throughout this release: All figures presented pertain to 100% of the Project. Alphamin owns an effective 80.75% interest in the Project; and All currency related figures are stated in real 1 January 2016 terms unless stated otherwise. \"The Alphamin team has continued to improve the economic p...