TSXV listed Alphamin Resources Corp. has announced plans for a non-brokered private placement to raise C$15 million. Insiders at Alphamin are expected to subscribe to C$12.25 million of the placement, the proceeds from which will provide working capital and funding for completion of the DFS, exploration work and long lead item procurement for mine construction at Alphamin‘s Bisie Tin Prospect.
Alphamin is focused primarily on tin and has five 100% owned permits in the north Kivu Province, DRC. The company is working towards initiating mine construction at the Mpama North deposit at its Bisie Tin Prospect, for which a mining license application is currently underway, towards the end of 2015. Alphamin has the full support of the Ministry of Mines and the Government and has established several initiatives to help support and develop the local community.
The Mpama North deposit has an NI-43-101 compliant, maiden resource of 4.01Mt of ore at 3.52% Sn, equivalent to 141,200 tonnes of contained tin. Drilling at the deposit has intersected tin grades as high as 9.40% and metallurgical testwork results suggest feasible recoveries of 85%. The deposit has a strong chute geometry that is open at depth, to the south of which tin-lead-zinc anomalies have been defined. Both provide potential for further resource development. The first tin production at Mpama North, which favours an underground mining method, is expected in 2017, with a forecast annual production of 13,542 tonnes of tin concentrate during the first three years of operation.