Alhambra Resources 2nd Qtr 2011 Financial & Operating Results September 23, 2011Posted by Editor in Corporate News.
Tags: gold mining, kazakgold, kazakhstan, kazakhstan gold
add a comment
Highlights for the quarter include:
- Gold production was estimated at 3,239 ounces (“ozs”)
- Revenue from gold sales amounted to $3.1 million based on the sale of 2,033 ozs
- Gold sales were lower than anticipated as the spring thaw in 2011 was later than experienced in prior years resulting in lower recoveries and hence lower gold sales.
- Cash operating costs were $687.30 per oz of gold sold
- Stacked 209,325 tonnes (“t”) of ore on the heaps at an average grade of 0.74 grams/tonne (“g/t”)
- The estimated recoverable gold in work in process (“WIP”) as of June 30, 2011 was 38,377 ozs
- Mining operations at Saga Creek generated a net loss of $0.8 million ($0.01/basic share) and positive cash flow from operating activities of $0.1 million ($0.00/basic share)
- The Corporation recorded net cash generated from operating activities of $0.0 million ($0.00/share) and a net loss of $2.1 million ($0.02/share)
- 7,338 metres of exploration drilling was completed
- Exploration expenditures were $1.1 million
Uzboy Core Drilling Increases Potential Deposit Size by Extending Gold Mineralization in Four Zones From 50 to 160 Metres August 19, 2011Posted by Editor in Corporate News.
Tags: gold mining, kazakhgold, kazakhstan, kazakhstan gold
add a comment
CALGARY, ALBERTA–(Marketwire – Aug. 10, 2011) - Alhambra Resources Ltd. (TSX VENTURE:ALH) (“Alhambra” or the “Corporation”), an international gold explorer and producer, announces that its core drilling program has extended the strike length of four zones of gold mineralization at its Uzboy gold deposit (“Uzboy”) which the Corporation anticipates should lead to an increase in gold resources.
- A 42 core hole drilling program has been completed of which 35 holes have been assayed (see Figure 2),
- Broad intervals of low-grade gold mineralization were intersected in 30 of 35 holes (86% success),
- Drilling has successfully extended the strike length of four zones of gold mineralization from 50 to 160 m in length (see Figure 3),
- The mineralization in these four zones located on the southwest flanks of the West and East Uzboy gold deposits is open along strike and down dip and demonstrates the potential to expand mineralization size and intersect higher grade gold mineralization,
- The gold mineralization of the East Uzboy deposit continues in the direction of the West Uzboy deposit and could be part of a single large gold system,
- Collected data will allow Alhambra’s independent geological consultants ACA Howe to update the National Instrument (“NI”) 43-101 resource estimate report for Uzboy and, considering the drilling results, an increase of its current gold resources is expected.
“We are very excited about the positive Uzboy drilling results,” stated John J. Komarnicki, Alhambra’s Chairman and CEO, “We have successfully extended four zones of gold mineralization and discovered numerous zones of low-grade oxide mineralization which should translate into a longer mine life. We believe these discoveries and extensions will lead to an increase in gold resources as well as an increase in the potential deposit size of the area around the Uzboy gold deposits.”
The Gold Ride Continues July 19, 2011Posted by Editor in Corporate News.
Tags: alhambra resources blog, gold mining, kazakhgold, kazakhstan, kazakhstan gold
add a comment
As the debt crisis spreads across Europe and with indecision in the US congress over the debt ceiling, there has been a rapid rise in the price of Gold, with the Standard & Poor’s GSCI Spot Index increasing for a third straight week, climbing to a one-month high on July 13. To get a clearer view of what’s been driving this rise, we put together a few links to articles that we found interesting:
San Francisco Chronicle: Gold Prices May Reach $5,000 by 2020, Standard Chartered Says
Financial Times: India’s Wealthy Boost Gold With Unexpected Spree
Standard Chartered Makes Bold Call on Gold Price June 22, 2011Posted by Editor in Corporate News.
Tags: Gold, gold mining, kazakhgold, kazakhstan, kazakhstan gold
add a comment
Recently, Standard Chartered made a pretty bullish call on the price of Gold when they issued a report where they see the precious metal heading as high as $5000 an ounce. A punchy an insightful commentary on this report was featured on Business Insider last week which provides a some great data and charts in support of the bullish price call.
We happen to like their call to “invest in physical gold or if you’re taking on a lot more risk, invest in junior gold miners.”
An Interesting View on Gold Prices May 31, 2011Posted by Editor in Corporate News.
Tags: gold mining, gold prices, kazakhgold, kazakhstan, kazakhstan gold, polyus gold
add a comment
To follow the ongoing commentary on the price of Gold is like drinking from a fire hydrant. However, every once in a while we see some interesting perspectives out there.
Bloomberg just published an opinion piece that we thought was interesting. They put a bit of a prick in the bubble of those that link the precious metal’s 27 percent increase in dollar terms during the past year to signal ominous things to come. However, they argue that:
Yes, price surges for gold don’t always reflect genuine fears and the need for disaster-proof investments.
And, yes, gold’s price may continue to climb this year. A recent Bloomberg News survey of 31 analysts, investors and gold- mine operators found respondents, on average, predicting a year- end price of $1,750 an ounce, up significantly from recent levels of about $1,530. If such a rise occurs, however, it’s likely to reflect normal public demand for a shiny commodity, rather than a far- sighted warning to the world’s central bankers.
Tags: Gold, gold mining, kazakhgold, kazakhstan, polyus gold
add a comment
CALGARY, Alberta – Alhambra Resources Ltd. (TSX-V: ALH) (“Alhambra” or the “Corporation”), an international gold explorer and producer, announces its financial and operating results for the year ended December 31, 2010. All amounts related to the financial results are expressed in thousands of United States dollars unless otherwise indicated.
YEAR 2010 HIGHLIGHTS
- Annual gold production was estimated at 18,192 ounces (“ozs”)
- Revenue from gold sales amounted to $16.0 million based on the sale of 12,663 ozs
- Yearly gold sales were slightly lower than anticipated due to un-seasonally cold weather in the first quarter of 2010 and some fourth quarter delays due to ore stacked on a new pad that didn’t begin production until much later in the quarter resulting in lower gold recoveries
- Cash operating costs were $538.10 per oz of gold sold
- Stacked 1,023,853 tonnes (“t”) of ore on the heaps at an average grade of 0.85 grams/tonne (“g/t”)
- The estimated recoverable gold in work in process (“WIP”) as of December 31, 2010 was 36,623 ozs
- The Corporation recorded net cash used in operating activities of $2.1 million ($0.02/share) and a net loss of $5.0 million ($0.06/share)
- 27,265 metres of exploration drilling was completed
- Completion of the 2010 drilling program and the assaying of more than 11,800 associated drill samples was pushed into 2011 due to export permit delays
- Exploration expenditures were $2.0 million
- Provisional capital expenditures of $13.8 million recorded in Kazakhstan
- Completed a private placement in the third quarter for gross proceeds of $8.0 million
- Secured debentures plus accrued interest totalling $1.2 million converted into 4,221,488 shares
For the full earnings release and earnings related financial documents, please link to the following sources:
Drilling Results Expand Shirotnaia Gold Mineralization April 29, 2011Posted by Editor in Corporate News.
Tags: Gold, gold mining, kazakhstan
add a comment
We’ve just released our latest drilling results for our Shirotnaia project area. The full announcement, with accompanying tables and charts can be found by linking to our press release here.
ALGARY, Alberta– Alhambra Resources Ltd. (TSX Venture: ALH) (“Alhambra” or the “Corporation”), an international gold producer and explorer, announces reverse circulation (“RC”) drilling results from its 100% owned advanced exploration drilling target at the Shirotnaia project area (“Shirotnaia”). The recent 43 hole RC drilling program has expanded the 2007/2010 core drilling defined area of gold mineralization and has provided new priority targets for immediate core drilling follow-up.
Prior to 2010, previous drilling at Shirotnaia had identified a large gold anomaly and significant gold mineralization with a high peak gold grade of up to 51.6 g/t (see news release dated March 4, 2010). In addition, two significant widths of higher-grade gold mineralization were encountered within a large area of lower grade gold mineralization, suggesting the probable continuation of the higher-grades to depth typical of this orogenic style of mineralization. Core drilling reported in January, 2011 (see News Release dated January 5, 2011) yielded very encouraging results both in widths and gold grade.
Shirotnaia is located within Alhambra’s 100% owned Uzboy Project in Kazakhstan (see location map, Figure 1) and is immediately adjacent to the world-class Aksu and Quartzite Hills gold deposits currently being mined by KazakhGold Group Limited (“KazakhGold”).
- The successful RC drilling program confirmed the presence of gold mineralization outside the boundaries of that previously known,
- Broad intervals of anomalous gold concentrations (for +0.15 g/t) were intersected in 34 of 43 holes drilled,
- Petrological studies indicate this is the top of the mineralized system and higher-grades are anticipated at depth,
- A link was established between previous successful core drilling programs which proved the existence of at least one continuous and significant higher-grade mineralized zone.
Kazakhstan gold output to grow 2.3 times by 2014 April 27, 2011Posted by Editor in Gold Economics, Gold Mining Kazakhstan.
Tags: Gold, gold investing, gold mining, kazakhstan
add a comment
To better understand the opportunity that lies ahead for gold production in Kazakhstan, it’s useful to look at some recent figures the Kazakhstan Ministry of Industry & New Technologies recently released:
- Monetary equivalent of extracted production of the country’s mining industry for January-February 2011 reached KZT 1.5 trillion, 4.6% more compared to the same period in 2010.
- n 2010, the country exported goods of the metallurgical industry worth US$8 billion which is 39% more than in 2009.
- In addition, gold production increased threefold in 2010.
- By 2014 Kazakhstan plans to produce more than 70 tonnes of gold annually.
Tags: Gold, Mining, Mining Gold
add a comment
For those following recent political developments in Kazakhstan like we do here at Alhambra, it was great news to hear that Kazakhstan’s President reappointed the business-friendly prime minister, who played a key role in steering the country through the recent financial crisis.
The approval followed several hours after the inauguration of Nursultan Nazarbayez for the next five-year presidency, news that many market commentators say ensures political and economic security in Kazakhstan.
Commenting on the significance of the decision to re-appoint Karim Massimov, Kate Mallinson, a political risk analyst at GPW said in an article in the UK’s The Telegraph:
The bestowing of a fourth year on Massimov, in a country where prime ministers are replaced on a frequent basis, is a significant vote of confidence in this competent political player who has skilfully navigated Kazakhstan through the worst of the financial crisis.
Alhambra at 2011 PDAC Convention in Toronto March 30, 2011Posted by Editor in Corporate News, Gold Economics, Investor elations, mining updates.
Tags: Gold, kazakhstan, Mining
add a comment
Earlier this month, Alhambra Resources attended the annual PDAC International Convention, Trade Show & Investors Exchange in Toronto.
With over 27,000 in attendance (a record year according to conference organizers), it was a great forum to network with investors and government representatives from over 50 foreign delegations on Alhambra’s recent developments.
Ihor P. Wasylkiw, Vice President & Chief Information Officer spoke with resourceintelligence.com about exploring and mining in Kazakhstan in a video chat featured below and in an Q&A article.