CALGARY, ALBERTA--(Marketwire - July 30, 2010) - Alhambra Resources Ltd. (TSX VENTURE:ALH)(PINK SHEETS:AHBRF)(FRANKFURT:A4Y) ("Alhambra" or the "Corporation") is pleased to announce that it has begun its summer drilling program on its 100% owned Shirotnaia Zone ("Shirotnaia") (see location map, Figure 1).
The objective of the 2010 exploration program is to continue the exploration of the gold discovery previously announced, utilizing all available data resulting from past drilling programs including rotary air-blast ("RAB"), hydro-core lift ("KGK") and diamond drilling. Alhambra's focus is to further define the extent and continuity of the gold mineralization at Shirotnaia leading to a National Instrument ("NI") 43-101 compliant gold resource report.
Mr. John J. Komarnicki, Alhambra's Chairman and Chief Executive Officer stated, "We are very excited about moving forward with this drilling program given the positive results of our past Shirotnaia drilling programs. These previous programs have lead to the identification of a large gold anomaly and significant gold mineralization with a high peak gold grade of up to 51.6 grams per tonne. Shirotnaia is but one of many exciting 2010 exploration targets that Alhambra is focused on."
The drilling program commenced on July 29th and will consist of approximately 7,500 meters ("m") of drilling and will be divided into two stages (see Figure 2).
The first stage will consist of approximately 1,100 m of core drilling to be drilled along 3 separate lines in an area of approximately 700 m by 600 m with the objective of confirming the continuity of the mineralization.
Contingent on the first stage results, a second stage of reverse circulation ("RC") drilling is planned which would consist of approximately 6,400 m of drilling on 6 lines at 150 to 200 m intervals.
Alhambra will announce the results of this drill program upon receipt and interpretation of drill assays.
Elmer B. Stewart, MSc. P. Geol., a technical consultant, is the Corporation's nominated Qualified Person and has reviewed and verified the technical information contained in this news release.
ABOUT SHIROTNAIA
Shirotnaia is one of Alhambra's 2010 advanced drilling targets within the Corporation's 100% owned, 2.7 million acre, Uzboy Project located in north central Kazakhstan. The Shirotnaia gold discovery is located approximately 3 kms northeast of the KazakhGold Group Limited ("KazakhGold") mining allotment which hosts the Aksu and Quartzite Hills gold deposits having reported resources of approximately 15 million ounces(1). The target area of Shirotnaia, as indicated by gold and silver soil anomalies, measures approximately 5.5 kms by 2.5 kms.
(1) As per KazakhGold's Annual Report & Accounts for the period January 1 to December 31, 2006
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 prolific Charsk Gold Belt which hosts numerous world-class gold deposits. Over 100 mineral targets, including 5 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.
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.
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 anticipated exploration drilling program 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, timing to complete the drilling program, availability of capital to fund exploration; political, social and other risks inherent in carrying on business in a foreign jurisdiction, the effects of a recessionary economy 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.
To view Figure 1 and Figure 2, please visit the following link: http://media3.marketwire.com/docs/alh730figs.pdf.
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