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.
