Alphamin acquires final 30% of the Bisie tin project, Democratic Republic of the Congo, and announces new director

VANCOUVER, BRITISH COLUMBIA–(Marketwire – Sept. 10, 2012) – Alphamin Resources Corp. (TSX VENTURE:AFM) (“Alphamin” or the “Company”) is pleased to announce that, subject only to the completion of certain mechanical closing matters in the Democratic Republic of the Congo, it has closed the acquisition (the “Acquisition”) of the remaining 30% of Mining and Processing Congo Sprl (“MPC”), the company that is the registered owner of the Bisie Tin Project, by its British Virgin Islands subsidiary (“Alphamin BVI”) as previously described in its news release of July 24, 2012.

In consideration for acquiring the remainder of MPC, Alphamin issued a total of 29,000,000 shares in two steps. The first step was Alphamin issuing 19,335,747 shares for the acquisition of an additional 20% of MPC by Alphamin BVI, bringing its total interest to 90%, these shares being subject to a hold period expiring on January 10, 2013.

The remaining 10% was acquired by Alphamin BVI in consideration for an additional 9,664,253 shares of the Company. In addition warrants to purchase up to 2,400,000 million shares of Alphamin at $0.80 per share until August 30, 2013 have been issued as a finder’s fee. These securities are subject to a hold period expiring on January 11, 2013.

Shareholder approval for the Acquisition was obtained at the Company’s Annual General and Special Meeting (the “AGS”) held on August 28, 2012. Additionally, at the AGS, shareholders re-elected incumbent directors Cosme Beccar Varela and Mark Gasson, and elected Juan Carlos Del Rio of Madrid, Spain to the board. Anna Stylianides did not stand for re-election. The Company wishes to thank Ms. Stylianides for her contributions to the Company.

The Bisie Tin Project

The Bisie Tin Project is located within the Walikale District roughly 140 km west-northwest of the regional centre of Goma which is located on the border with Rwanda.

Tin was first discovered at Bisie in 2004 and was mined by artisanals until recent times. Tin mineralization is within a set of north-south trending quartz/cassiterite veins in schists traced for over 1km along a ridge which transgresses the project area for more than 9km. The occurrence is unique in that grades of 50-95% SnO2 (tin oxide – cassiterite) were reported from high grade chutes which attracted a large informal mining and support community. This potential grade is conceptual in nature. Insufficient exploration has been done to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

The Government imposed a moratorium on small scale tin mining in 2010 which saw a mass movement of people off the Property thereby creating a favorable environment for the Company to acquire ownership and commence detailed exploration programs.

The Company announced on 9th July 2012 that it has commenced drilling on the Bisie Project. To date nine holes for 1,145m (including one redrill as the original hole had to be abandoned) were drilled under two areas mined previously by small scale miners (Figure 1). Holes will cover 700m of delineated tin mineralisation and will be stepped out at 100m intervals thereafter to define the true strike extent of the zone.

Rock Drilling Congo (DRC) SPRL were contracted for the initial drilling programme. Half core samples for the first 3 drill holes were submitted toaccredited ALS Chemex laboratory in Johannesburg where samples will be analyzed using ME-XRF05 conducted on a pressed pellet with 10% precision and an upper limit of 10 000ppm. Over limit samples will be sent to Vancouver for ME-XRF10 which uses a Lithium Borate 50:50 flux with an upper detection limit of 60% and precision of 5%. Industry accepted QA/QC checks will be applied including use of duplicates, standards and blanks.

First results are expected in September.

The Cmpany has also commenced soil sampling along the 9km ridge which hosts the Bisie deposit. Any new tin in soil anomalies will be followed up with trenching and drilling.

Alphamin has an experienced management team in place, has set up an office in Goma and has established an exploration camp at Bisie to accommodate exploration staff.

Lars Pearl, 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, President and CEO

Figure 1: Drill hole location map showing extent of artisanal workings: http://media3.marketwire.com/docs/afm_map.pdf

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.

 

Contact Information

  • Alphamin Resources Corp.
    Level 3, Gotthardstrasse 20, CH-6304,
    Zug, Switzerland
    +41 41 711 02 81
    www.alphaminresources.com