Alhambra Resources Ltd.
TSX VENTURE : ALH

Alhambra Resources Ltd.

February 22, 2011 08:00 ET

Alhambra Resources Ltd.-New Export Licenses Approved and Received-Drill Samples Prepared for Export to Kyrgyzstan

CALGARY, ALBERTA--(Marketwire - Feb. 22, 2011) - Alhambra Resources Ltd. (TSX VENTURE:ALH) ("Alhambra" or the "Corporation"), an international gold producer and explorer, announces that it has received approval from the Kazakhstan government Committee of Industry to continue exporting its 2010 drill samples to the Republic of Kyrgyzstan ("Kyrgyzstan") for assaying. Kyrgyzstan is directly adjacent to the Republic of Kazakhstan ("Kazakhstan").

Over 11,800 drill samples have been prepared. Assays pending include drill results from Uzboy, Dombraly, Shirotnaia, North Balusty, Zhanatobe and rock chip samples from Vasilkovskoe East. The Corporation will continue to release and announce drill results as assay results become available.

Currently, no laboratories in Kazakhstan have the International Standard Organization ("ISO") 17025 accreditation for assaying drill samples even though the Kazakhstan government is advancing the mining industry in Kazakhstan by encouraging both its local mining expertise to gain international accreditation and international independent certified laboratories to operate in Kazakhstan.

Alhambra identified the Stewart Assay and Environmental ("Stewart") Laboratories located in Kyrgyzstan as qualified and ISO 17025 accredited, and in early September 2010, applied for an export license with the appropriate Kazakhstan authorities to transport its prepared drill samples to the Stewart laboratories. In early November 2010, an export license was approval by the state Committee of Geology (one of many state committees operating within the Kazakhstan Ministry of Industry and New Technology ("MINT")). As a result of this approval, Alhambra established a procedure by which it would continue to export drill samples.

Using this same procedure, two subsequent export license applications were submitted by the Corporation to the appropriate Kazakh government authorities for the remaining 2010 drill samples. However, new export custom codes and licensing procedures, introduced in late November 2010 by the MINT, resulted in approval delay.

On February 10 and 21, 2011, respectively, two Alhambra export license requests were approved by the Committee of Geology and the Committee of Industry (another state committee in MINT which previously was not involved in the approval process). This approval now allows for the continued export of Alhambra's drill samples to Kyrgyzstan and the Corporation anticipates that this new process will result in a more timely approval of future samples.

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 2.7 million acre (11,000 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 5 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.

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.

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 timely approval of future export licenses 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, lack of certainty that future export licenses will be approved on a timely basis; 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
    or
    Alhambra Resources Ltd.
    John J. Komarnicki
    Chairman & CEO
    +1 (403) 228-2855