Alhambra Announces Maiden NI 43-101 Technical Report for Shirotnaia Filed
April 16 2012 - 7:30AM
Marketwired Canada
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 ("km(2)") (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 km(2) 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)
----------------------------------------------------------------------------
Project Grade Grade
----------------------------------------------------------------------------
Tonnes (g/t) Ounces Tonnes (g/t) Ounces
----------------------------------------------------------------------------
Uzboy (1) 14,317,200 1.52 700,000 7,009,500 1.22 275,500
----------------------------------------------------------------------------
Dombraly
(2) - - 559,000 1.22 22,000
----------------------------------------------------------------------------
Shirotnaia
(3) - - 2,900,000 0.76 71,000
----------------------------------------------------------------------------
TOTAL 14,317,200 1.52 700,000 10,468,500 1.09 368,500
----------------------------------------------------------------------------
M + I Inferred
---------------------------------------------------------------------------
Project Grade Grade
---------------------------------------------------------------------------
Tonnes (g/t) Ounces Tonnes (g/t) Ounces
---------------------------------------------------------------------------
Uzboy (1) 21,326,700 1.42 975,500 11,258,200 1.17 421,700
---------------------------------------------------------------------------
Dombraly
(2) 559,000 1.22 22,000 9,317,000 1.01 301,000
---------------------------------------------------------------------------
Shirotnaia
(3) 2,900,000 0.76 71,000 34,577,000 0.58 645,000
---------------------------------------------------------------------------
TOTAL 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
km(2)), 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.
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