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Alhambra Announces That MINT Approves a Lower Financing Floor Price

Alhambra Announces That MINT Approves a Lower Financing Floor Price 
CALGARY, ALBERTA -- (Marketwire) -- 01/29/13 -- 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 formal notification from
the Government of Kazakhstan's Ministry of Industry and New
Technology ("MINT") that MINT has approved the Corporation's request
to reduce the floor price for a potential future equity financing.
The approval which is for the reduction of the floor price from
US$0.60 per common share (see News Release dated September 13, 2012)
to US$0.20 per common share has been extended to June 25, 2013 as
stipulated under the Kazakhstan Subsoil and Use Act. 
Alhambra announced on September 13, 2012 that the Corporation had
executed a non-binding term sheet which met the terms of the original
MINT approval (with the US$0.60 per common share floor price). The
Corporation is currently completing the due diligence process related
to that financing and is optimistic that it will close the financing
in the near term according to the term sheet.  
Stated John J. Komarnicki, Chairman and Chief Executive Officer of
Alhambra Resources Ltd., "We are very pleased to have received MINT's
approval to reduce the floor price to US$0.20 per common share in
such an expeditious time period given that our request was made to
MINT in the fourth quarter of 2012. Upon successful completion of a
financing we anticipate being able to proceed with the acceleration
of exploration and production development of Alhambra's gold mineral
license." 
ABOUT ALHAMBRA 
Alhambra is a Canadian based international exploration and gold
production corporation with NI 43-101 gold resources as per ACA Howe
International UK and Micromine Consulting Services UK 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 of0.1 g/t for oxide gold mineralization and
      0.2 g/t for transitional and primary gold mineralization 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
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, finalizing the details of a financing
scenario within six months of MINT approval, 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, finalizing the details of a financing
scenario within six months of MINT approval; 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. 
Contacts:
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