ALPHAMIN CLOSES ACQUISITION OF A 70% INTEREST IN THE BISIE TIN PROJECT IN THE DEMOCRATIC REPUBLIC OF THE CONGO AND CONCURRENT $ 5 MILLION CONVERTIBLE NOTE FINANCING
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Vancouver, Canada - August 19, 2011 - Alphamin Resources Corp. (AFM: TSXV,
"Alphamin" or the "Company") is pleased to announce that, further to its news
release of March 31, 2011, it has closed its acquisition of a 70% interest in
the Bisie Tin Project in the Democratic Republic of the Congo in consideration
for the issuance of 14,000,000 shares to the shareholders of Kivu Resources Ltd.
("Kivu"). An additional 10,000,000 shares will be issuable to the shareholders
of Kivu on or about March 18, 2012. An aggregate 1,200,000 shares are issuable
as a finder's fee, of which 700,000 have been issued on closing, and the
remaining 500,000 will be issued on or about March 18, 2012.
Alphamin has also closed the concurrent Cdn$5,000,000 convertible notes private
placement, which notes bear interest at 8% per annum, and will be convertible
automatically into Alphamin shares on March 18, 2012 at $0.80 per share, for an
aggregate 6,250,000 shares. Finder's fees of an aggregate 1,425,000 shares have
been issued in respect of this placement.
All securities issued are subject to resale restrictions that expire on
December 19, 2011.
Kivu has granted Alphamin a call option to purchase an additional 20% of the
Property for a period of 3 years, the purchase price of which is payable in cash
or Alphamin shares at Kivu's election and calculated based on the value of a
percentage of Alphamin's issued share capital using a minimum $0.80 share price.
Alphamin has granted Kivu a put option on the same terms.
The Bisie Tin Project
The Bisie Tin Project occurs within PR 5266, one of 4 exploration permits
granted to Mining and Processing Congo sprl, which is now a 70% owned Congolese
subsidiary of Alphamin. All tenements are located in North Kivu Province of the
east-central Democratic Republic of the Congo and lie within in one of the
world's principal gold and tin metallogenic provinces.
Three sets of north-south trending quartz/cassiterite veins which jointly cover
1,500 metres were identified previously from field and underground mapping and
sampling of the extensive network of small scale primary workings. Veins outcrop
on a ridge which continues for a minimum of 9km. There has been no drilling to
date.
Known tin mineralisation at Bisie occurs within 2 discrete vertically plunging
high grade chutes of roughly 20m x 6m which pinch out along strike into
quartz/cassiterite veins roughly 1m wide. Workings were excavated down to 80m
below surface before being abandoned due to flooding and unsafe mining
conditions. Grades within the chutes vary from 70-90% SnO2 and 50% within the
thinner veins. Up to 0.5% rare earths - rhadophane (hydrated REE phosphate) is
associated with the high grade mineralization.
Bisie tin mineralization is unique in its occurrence as it is hosted within a
hematite rich schist sequence situated in relatively close proximity to a
granitic intrusion and is likely the result of low temperature fractionation of
the granite followed by hematisation of the country rock.
Soil sampling and airborne geophysical programs are planned to define the
extent of tin mineralization and to identify additional high grade mineralized
chutes along the 9km ridge. Drilling is likely to commence in early 2012.
The appearance of rare earth elements (REE) together with very high grade tin
is particularly unique in the Bisie Property and, coupled with the extent of
historic artisanal mining activity, demonstrates the potential to discover a new
significant compliant tin and rare earth resource on PR 5266.
Little work has been done on the other three permits, PR's 5267, 5270 and
4246, and the Company will be conducting a literature search for historical data
on these permits at the Belgian museum in Brussels and an airborne geophysical
program will be conducted during the year.
MPC was successful in imposing a force majeure on the Property in 2009, which
the Company is in the process of lifting.
Carl G. Verley, P.Geo, a qualified person under National Instrument 43-101, has
verified technical data disclosed in this release.
ON BEHALF OF THE BOARD OF DIRECTORS
"Cosme Maria Beccar Varela"
Cosme Maria Beccar Varela,
President and CEO
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Source: Alphamin Resources Corp. via Thomson Reuters ONE
[HUG#1539511]
Unternehmensinformation / Kurzprofil:
Datum: 19.08.2011 - 10:00 Uhr
Sprache: Deutsch
News-ID 57407
Anzahl Zeichen: 6660
contact information:
Town:
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Kategorie:
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"ALPHAMIN CLOSES ACQUISITION OF A 70% INTEREST IN THE BISIE TIN PROJECT IN THE DEMOCRATIC REPUBLIC OF THE CONGO AND CONCURRENT $ 5 MILLION CONVERTIBLE NOTE FINANCING"
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