ALPHAMIN FILES Q2 FINANCIAL STATEMENTS AND MD&A, PROVIDES EXPLORATION UPDATE AND ANNOUNCES THE TIMING OF SEMI-ANNUAL DIVIDENDS
23 August 2024 - 10:30PM
Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX)( “Alphamin” or
the “Company”) announced today the filing of its unaudited
consolidated financial statements and accompanying Management’s
Discussion and Analysis for the quarter ended 30 June 2024 on
SEDAR+ at www.sedarplus.ca, an exploration update and the timing of
dividends.
Exploration Update
Following completion of the Bisie mine
expansion, the Company intends to commence with ongoing exploration
drilling from Q4 2024. The exploration objectives are to:
- Increase the Mpama North and Mpama
South resource base and life of mine
- Discover the next tin deposit in
close proximity to the Bisie mine
- Ongoing grassroots exploration in
search of remote tin deposits
Initial drilling is planned at Mpama North from
an underground exploration drive at level 16 which is 250m below
the first mining level and extending 200m beyond the northern
extremity of the orebody. Development of this drive is nearing
completion with drilling to commence early Q4 2024. Exploration
holes are planned in multiple directions on strike and at depth.
Additional underground exploration drives are planned from level 20
beyond the southern end of the Mpama North orebody. Surface
drilling is planned to commence in Q4 2024 at Mpama South and
between Mpama North and Mpama South targeting extensions at depth
and on strike further south. These initiatives are not only planned
to increase life of mine but also to yield valuable information
towards discovering additional tin deposits in close proximity. In
addition, an external review of all exploration data to date is
expected to guide incremental drilling initiatives from
2025.
Timing of semi-annual
dividends
In line with prior periods, the Board intends to
consider the declaration of semi-annual dividends being a final
dividend and an interim dividend in April and early October of each
year. The dates of these dividend declarations are intended to be
aligned with the timing of holding of meetings of Alphamin Bisie
Mining SA (ABM), the Company’s 84.14% DRC operating subsidiary, to
approve ABM’s annual and interim financial statements and to
consider the declaration of a dividend for distribution to
shareholders of ABM.
Qualified Person
Mr. Jeremy Witley, Pr. Sci. Nat., BSc. (Hons) Mining Geology,
MSc (Eng), is a qualified person (QP) as defined in National
Instrument 43-101 and has reviewed and approved the scientific and
technical information contained in this news release. He is Head of
Mineral Resources at the MSA Group (Pty) Ltd and is an independent
technical consultant to the Company.
_________________________________________________________________________________________
FOR MORE INFORMATION, PLEASE CONTACT:
Maritz
Smith CEO Alphamin
Resources
Corp. Tel:
+230 269 4166E-mail: msmith@alphaminresources.com
CAUTION REGARDING FORWARD LOOKING
STATEMENTS
Information in this news release that is not a
statement of historical fact constitutes forward-looking
information. Forward-looking statements contained herein include,
without limitation, statements relating to the timing and
declaration of dividends and planned exploration activities.
Forward-looking statements are based on assumptions management
believes to be reasonable at the time such statements are made.
There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements. Although Alphamin has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking statements, there may be other
factors that cause results not to be as anticipated, estimated or
intended. Factors that may cause actual results to differ
materially from expected results described in forward-looking
statements include, but are not limited to: uncertainties regarding
the price of tin on the international markets, the level of tin
production and ability to sell product, uninterrupted supply of
equipment and consumables to effectively run the operation, adverse
political events and risks of security related incidents which may
impact the operation or safety of its people as well as those risk
factors set out in the Company’s annual Management Discussion and
Analysis and other disclosure documents available under the
Company’s profile at www.sedarplus.ca. Forward-looking statements
contained herein are made as of the date of this news release and
Alphamin disclaims any obligation to update any forward-looking
statements, whether as a result of new information, future events
or results or otherwise, except as required by applicable
securities laws.
Neither the TSX Venture Exchange nor its
regulation services provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.
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