Funding progress at Bisie as early works begin

SEATTLE (ITRI.CO.UK): Alphamin Resources Corp. (AFM: TSXV) has announced that early construction works have commenced at its Bisie Tin Project in North Kivu, Democratic Republic of Congo, while significant progress has been made on finding a full funding solution for the project.

The work on the box cut and the continued upgrading of the 34km access road has already commenced with expected completion by December this year, following the successful upgrading of the initial 9km of the access road to enable the carrying of normal traffic. Living quarters and associated infrastructure for housing staff at the site during construction of the mine have already been completed.

Alphamin has reiterated that the Bisie Project is expected to be completed on time and within budget by the end of Q1 of 2019 providing financing is secured. Alphamin has indicated that significant progress has been made towards finalizing the funding package for the project which would include a combination of debt, equity and an equity standby facility. The company anticipates that the total funding package could be finalized by the end of May.

ITRI View: Earlier this year the Company announced detailed design and budget estimates which envisaged an underground mine producing an annual average of 9,642 tonnes of tin-in-concentrate over a 12.5-year mine life. Following a lot of detailed work carried out at Bisie in recent years, the project is now at an advanced phase. While finalizing funding remains the largest remaining hurdle for the project, this recent announcement from suggests a big step towards achieving this has been made and could be less than a month away.

Courtesy: www. itri.co.uk