Mr. Maritz Smith reports

ALPHAMIN ANNOUNCES AWARD OF STOCK OPTIONS AND SAR EQUIVALENT SHARES

Subject to regulatory approval, Alphamin Resources Corp. has awarded stock options and SAR (stock appreciation right) equivalent shares, pursuant to its omnibus incentive plan. The company has granted stock options to acquire an aggregate of 5.9 million common shares to employees and directors of an Alphamin subsidiary, with each option exercisable for a seven-year term to acquire one common share at a price of 96 cents. A total of 5.5 million of the options granted vest over a two-year period from the date of grant, while 400,000 of the options granted vest over a three-year period from the date of grant.

The company has also authorized the issuance of 2.1 million SAR equivalent shares to two senior officers of the company. The SAR equivalent shares are functionally equivalent to stock appreciation rights; however, any entitlements are satisfied by dividend payments on the SAR equivalent shares. The reference price for the SAR equivalent shares awarded is 96 cents, and dividends shall be payable on the SAR equivalent shares (to the extent that they are "in the money") on the first, second and third anniversaries of the date of award.