Alhambra Resources Ltd.
TSX VENTURE : ALH
PINKSHEETS : AHBRF
FRANKFURT : A4Y

Alhambra Resources Ltd.

April 16, 2012 08:30 ET

Alhambra Announces Maiden NI 43-101 Technical Report for Shirotnaia Filed

CALGARY, ALBERTA--(Marketwire - April 16, 2012) - Alhambra Resources Ltd. (TSX VENTURE:ALH) (PINKSHEETS:AHBRF) (FRANKFURT:A4Y) ("Alhambra" or the "Corporation"), an international gold explorer and producer, announces that the Corporation has received and SEDAR filed the final technical report (the "Report") related to the initial independent National Instrument ("NI") 43-101 gold resource estimate (the "Estimate") for Alhambra's 100% owned Shirotnaia gold deposit ("Shirotnaia") (see news release dated February 28, 2012).

Shirotnaia is one of three advanced exploration project areas Alhambra is exploring within its 9,800 square kilometre ("km2") (2.4 million acre) Uzboy Gold Project located in north central Kazakhstan.

The Report and Estimate were prepared by ACA Howe International UK ("ACA Howe") and Micromine Consulting Services UK ("MCS"). The Report has also been posted on the Corporation's website.

HIGHLIGHTS

  • The Report summaries the results of the maiden NI 43-101 Estimate for Shirotnaia,
  • 645,000 ounces ("ozs") of Inferred current mineral resources contained in 34.6 million tonnes grading 0.58 grams per tonne gold ("g/t Au") were identified,
  • An additional 71,000 ozs of Indicated current mineral resources contained in 2.90 million tonnes grading 0.76 g/t Au were identified.

Mr. J.N. Hogg, MSc., MAIG, Senior Geologist and Qualified Person with MCS and Mr. J.G. Langlands, BSc, FGS, FIMMM, CEng., Principal Geologist and Qualified Person with ACA Howe, have reviewed and approve the Report filed on SEDAR.

The Estimate includes the results of 73 diamond drill ("DD") holes (9,597 metres ("m")) and 43 reverse circulation ("RC") holes (2,249 m).

Due to the timing of the Estimate, it does not incorporate the analytical results for three DD holes (489 m) from the 2011 drilling program, nor the 18 DD holes (3,691 m) already completed from the 2012 drill program. The currently planned 2012 Shirotnaia drill program consists of a 35 hole (4,740 m) program including 18 DD holes (3,040 m) and 17 RC holes (1,700 m). This program will be expanded as appropriate once assay results are received and interpreted.

In addition, Alhambra announced the interpretation of its 1,360 km2 ground gravity and magnetic surveys (see news release dated April 10, 2012) which identified 18 new exploration targets on the emerging Dombraly-Shirotnaia gold trend. The Corporation anticipates that additional drilling will be planned in 2012 to further test the gold potential of this emerging gold trend of at least 50 kilometres extending north from Shirotnaia.

Elmer B. Stewart, MSc., P. Geol., a technical consultant, is the Corporation's nominated Qualified Person. Mr. Stewart has reviewed the technical information contained in this news release.

ABOUT ALHAMBRA

Alhambra is a Canadian based international exploration and gold production corporation with NI 43-101 resources as noted below:

Measured (M) Indicated (I) M + I Inferred
Project Grade Grade Grade Grade
Tonnes (g/t ) Ounces Tonnes (g/t ) Ounces Tonnes (g/t ) Ounces Tonnes (g/t ) Ounces
Uzboy (1) 14,317,200 1.52 700,000 7,009,500 1.22 275,500 21,326,700 1.42 975,500 11,258,200 1.17 421,700
Dombraly (2) - - 559,000 1.22 22,000 559,000 1.22 22,000 9,317,000 1.01 301,000
Shirotnaia (3) - - 2,900,000 0.76 71,000 2,900,000 0.76 71,000 34,577,000 0.58 645,000
TOTAL 14,317,200 1.52 700,000 10,468,500 1.09 368,500 24,785,700 1.34 1,068,500 55,152,200 0.77 1,367,700
  1. Effective as of Dec 31/07 as per ACA Howe per news release dated Apr 8/08 at a 0.40 g/t cut-off
  2. Effective as of Nov 27/11 as per ACA Howe per news release dated Feb 7/12 using natural cut-off grades of 0.13 g/t, 0.1 g/t and 0.2 g/t for the low grade stockpile, pit infill and in-situ mineralized zones respectively.
  3. Effective as of Jan 9/12 as per ACA Howe per news release dated Feb 28/12 using cut-off grades of 0.1 g/t for oxide material and 0.2 g/t for transitional and primary mineralized zones respectively.

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 areas, 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 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, the planned drill programs in 2012, and the current mineral resources identified 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 planned drill programs in 2012, 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.

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