Alhambra Resources Ltd.
TSX VENTURE : ALH

Alhambra Resources Ltd.

September 27, 2011 08:00 ET

Alhambra Announces 1,362 km2 of Gravity and Magnetic Surveys and a Remote Sensing Survey

CALGARY, ALBERTA--(Marketwire - Sept. 27, 2011) - Alhambra Resources Ltd. (TSX VENTURE:ALH) ("Alhambra" or the "Corporation"), an international gold producer and explorer, announces that the Corporation has initiated geophysical surveys comprised of both gravity and magnetic surveys and a remote sensing survey on its 100% owned, 9,800 km2, Uzboy Project area ("Uzboy Project") (see Figure 1).

HIGHLIGHTS

  • An initial gravity survey of 1,360 km2 and a 1,070 km2 magnetic survey is being prepared,
  • The surveys will be conducted on the southeast part of the license including Dombraly and Shirotnaia,
  • Field magnetic measurements will be conducted along a 1.0 by 0.1 kilometre ("km") grid and the gravity measurements along a 1.0 by 1.0 km grid,
  • The interpretation of a satellite imagery remote sensing survey which began in July is in progress,
  • The objective of the surveys being conducted is to identify new target areas inside Alhambra's license area.

OVERVIEW

Alhambra holds exploration and exploitation rights to a 2.4 million acre (9,800 km2), license called the Uzboy Project. To date, over 100 mineral targets, including three advanced exploration plays, have been identified within the Uzboy Project.

Given advances in modern geoscience and current technology, new opportunities exist which Alhambra believes may lead to the identification of new targets, targets which may indeed become its primary targets. Hence, the Corporation is planning to complete a license wide remote sensing survey and extensive regional gravity and magnetic surveys.

These surveys will be completed in various phases with the objective of placing Alhambra's mineral targets into one comprehensive, regional framework. The first phase (see Figure 1) will be focused on the southeastern flank of its license area between Shirotnaia and Dombraly, a rapidly emerging significant gold trend of at least 50 kms which the Corporation controls. Shirotnaia is located immediately adjacent to the world-class Aksu and Quartzite Hills gold deposits currently being mined by KazakhGold Group Limited.

The magnetic and gravity surveys will be done via field measurements conducted along a 1.0 by 0.1 km grid and 1.0 by 1.0 km grid respectively. Processing of the field surveys and the drafting of a technical report on the geophysical surveys will be completed. It is anticipated that this work will be finalized by year end 2011 followed by the analysis of additional exploration prospects.

The remote sensing survey which commenced in July 2011 is an interpretation of satellite photos using special software made in different spectral intervals which show the distribution of various minerals and structural features. The objective of this program is to identify big hydrothermal alteration cells and structural features usually controlling significant gold mineralization and as a result, outline new areas for future exploration.

Elmer B. Stewart, MSc. P. Geol., a technical consultant, is the Corporation's nominated Qualified Person as defined by National Instrument 43-101, and has reviewed the technical information contained in this news release.

ABOUT ALHAMBRA

Alhambra is a Canadian based international exploration and gold production corporation celebrating its eighth year of operations in the Republic of Kazakhstan. Alhambra holds exploration and exploitation rights to a 2.4 million acre (9,800 km2), 100% owned, license called the Uzboy Project, located in the Northern Kazakhstan Metallogenic Province which hosts numerous world-class gold deposits. Over 100 mineral targets, including three advanced exploration plays, are contained within the Uzboy Project.

Alhambra common shares trade in Canada on The TSX Venture Exchange under the symbol ALH, in the United States on the Over-The-Counter Pink Sheets Market under the symbol AHBRF and in Germany on the Frankfurt Open Market under the symbol A4Y. The Corporation's website can be accessed at www.alhambraresources.com.

Forward-Looking Statements

Certain statements contained in this news release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In particular, statements concerning the anticipated geophysical surveys, and other factors and events described in this news release should be viewed as forward-looking statements to the extent that they involve estimates thereof. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans, "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the ability to discover new gold deposits as a result of the geophysical surveys completed, the availability of capital to fund future exploration programs; political, social and other risks inherent in carrying on business in a foreign jurisdiction and such other business risks as discussed herein and other publicly filed disclosure documents. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release.

Forward looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Corporation undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.

This news release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. When used herein, words such as "intended" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on assumptions by and information available to the Corporation. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Actual results may differ materially from those currently anticipated. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

To view Figure 1 - Uzboy Project – Location Map & Pilot Geophysical Survey Area, please visit the following link: http://media3.marketwire.com/docs/927alh.pdf.

Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the Policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Alhambra Resources Ltd.
    Ihor P. Wasylkiw
    VP & Chief Information Officer
    +1 (403) 508-4953

    Alhambra Resources Ltd.
    John J. Komarnicki
    Chairman & CEO
    +1 (403) 228-2855
    www.alhambraresources.com