Alphamin Resources Corp, (TSX-V: AFM) have announced completion of a feasibility study and new ore reserve for its 84.55% owned Bisie Tin Project in North Kivu, Democratic Republic of Congo.
Probable Mineral Reserves for the Bisie project total 3.04 Mt at 3.76% Sn, or 114,366 tonnes of tin, using a 1.8% cut-off grade. This is an upgrade of the October 2015 mineral resource, which outlined total inferred and indicated resources of 4.76 Mt of ore at 4.08% Sn, or 194,200 tonnes of contained tin.
The DFS envisages a simple underground mining operation producing 9,000 tonnes of tin per year over a 10.5 year mine life. Projected capital costs for the operation total US$119.2 million, including the cost of construction of an access road, underground mine, process plant, tailings dam and associated facilities. Low, all in, operating costs of $8,450/t of tin are anticipated, with 72% tin recovery to a 60% tin concentrate final product using gravity separation and flotation for sulphide removal.
The company will seek ways to reduce capital expenditure during 2016 whilst funding is sought through a combination of debt and equity for mine development, which it is hoped will commence in 2017, with first concentrate production targeted by Q4 2018.
