Alhambra Resources Ltd.
TSX VENTURE : ALH

Alhambra Resources Ltd.

January 10, 2006 20:51 ET

Alhambra Appoints Vice President and Chief Information Officer

CALGARY, ALBERTA--(CCNMatthews - Jan. 10, 2006) - Alhambra Resources Ltd. (TSX VENTURE:ALH) is pleased to announce the appointment of Ihor P. Wasylkiw, Calgary, Alberta as Vice President and Chief Information Officer. As an employee, Mr. Wasylkiw will be a key member of the senior management team whose primary responsibilities will be aimed at keeping the investment community and the Corporation's shareholders fully informed regarding the Corporation's ongoing activities and preparing and distributing news releases, corporate materials, corporate profiles and shareholder communication materials.

Mr. Wasylkiw is a Professional Engineer with 27 years of experience in the oil and natural gas, and securities industries. Mr. Wasylkiw has held both technical and managerial positions both domestically and internationally. Most recently, over the last seven years, he was Vice President Investor Relations for PetroKazakhstan Inc., an oil producer in Kazakhstan. Mr. Wasylkiw also worked in Russia and Tatarstan where he held the positions of First Deputy Director General and Advisor to the Director General.

Mr. Wasylkiw has held the position of Senior Oil and Gas Analyst at Research Capital Corporation. He also has oil marketing experience and thirteen years with Shell Canada Limited in various business and technical capacities.

Mr. Wasylkiw holds a Bachelors Degree (Honors) in Mechanical Engineering from the University of Manitoba and is a member of APEGGA.

"We're very pleased to welcome Ihor to our management team" stated John J. Komarnicki, Chief Executive Officer and Chairman of the Board of Alhambra. "His industry experience will prove to be invaluable in helping us grow Alhambra and in interacting with the investment community."

Under the terms of his employment, Mr. Wasylkiw will be paid an annual salary of $120,000 and will be granted options to purchase 300,000 common shares of the Corporation. Such stock options shall have an exercise price of $0.76 per common share (being the closing price on December 21, 2005, the date on which the employment agreement between Mr. Wasylkiw and the Corporation was entered into), have a term of three years from the commencement of his employment, and shall vest as to twenty-five percent (25%) immediately and thereafter as to twenty-five percent (25%) thereof six (6) months, twelve (12) months and eighteen (18) months from the date of grant. The appointment of Mr. Wasylkiw and the granting of options in connection with his appointment are subject to the approval of the TSX Venture Exchange Inc.

Stock Options

Alhambra further announces that the board of directors of the Corporation has resolved to grant stock options to purchase up to and including 900,000 common shares of the Corporation to directors, officers, employees and consultants. Such stock options shall have an exercise price of $1.06 per common share, shall have a term of three years from the date of grant, and shall vest as to twenty-five percent (25%) immediately and thereafter as to twenty-five percent (25%) thereof six (6) months, twelve (12) months and eighteen (18) months from the date of grant.


The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Alhambra Resources Ltd.
    Elmer B. Stewart
    President & Chief Operating Officer
    (403) 228-2855
    or
    Alhambra Resources Ltd.
    Jim Clarke
    Toll Free: 1-888-290-1335