Alhambra Resources Reports Financial and Operating Results for Third Quarter ending September 30, 2011 December 1, 2011
Posted by Editor in Corporate News.Tags: gold investing, gold mining, kazakhgold, kazakhstan gold
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CALGARY, Alberta – Alhambra Resources Ltd. (“Alhambra” or the “Corporation”) announces its financial and operating results for the quarter ended September 30, 2011. All amounts related to the financial results are expressed in thousands of United States dollars unless otherwise indicated.
For the full earning release, please visit Alhambra’s Investor Relations page or download the full PDF version here.
HIGHLIGHTS FOR THE QUARTER:
- Due to a positive Kazakhstan court ruling, the Corporation reversed the provision recorded on its balance sheet of $13.8 million, being the discounted value of the total Historical Cost liability of $15.8 million, and interest and penalties charged against earnings totalling $2.5 million
- Gold production was estimated at 4,665 ounces (“ozs”)
- Revenue from gold sales amounted to $7.0 million based on the sale of 3,858 ozs
- Gold sales were lower than anticipated as the gold being mined is from the deeper East pit which is harder than experienced in prior years resulting in leaching taking longer and hence lower gold sales
- Cash operating costs were $622 per oz of gold sold
- Stacked 257,003 tonnes (“t”) of ore on the heaps at an average grade of 0.87 grams/tonne (“g/t”)
- The estimated recoverable gold in work in process (“WIP”) as of September 30, 2011 was 39,184 ozs
- Mining operations at Saga Creek generated a net income of $3.45 million ($0.03/basic share)
- The Corporation recorded net income of $2.55 million ($0.02/basic share)
- 4,272 metres (“m”) of exploration drilling was completed
- Exploration expenditures were $0.7 million
FINANCIAL HIGHLIGHTS
| (in US$000 except per share amounts) |
Three Months ended September 30 |
Nine Months ended September 30 |
||
|
2011 |
2010 |
2011 |
2010 |
|
| Revenue from gold sales |
$ 7,012 |
$ 5,482 |
$ 12,555 |
$ 11,853 |
| Net income (loss) |
2,550 |
(24) |
(1,201) |
(797) |
| Per share (basic and diluted) |
0.02 |
(0.00) |
(0.01) |
(0.01) |
| Weighted average shares outstanding | ||||
| Basic |
104,132,059 |
88,458,974 |
104,094,115 |
82,562,988 |
| Diluted |
106,079,287 |
88,458,974 |
104,094,115 |
82,562,988 |
| Shares outstanding at end of period |
104,132,059 |
103,900,559 |
104,132,059 |
103,900,559 |
China Buying Gold Mines, Bypassing London Market with Gold November 22, 2011
Posted by Editor in Corporate News.Tags: Gold, gold investing, gold mining, kazakhgold, kazakhstan gold
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Interesting conversation on Bloomberg TV recently about China’s plans for Gold. We noted some insightful comments from James Rickards, senior managing director of Tangent Capital Partners, who notes that China is buying gold mines around the world and shipping the gold directly to China thereby bypassing the “normal” London channels.
The full interview can be found online at Bloomberg.com
Deep Core Drilling At Uzboy Confirms The Intersection of Several Zones Of Higher-Grade Gold Mineralization November 9, 2011
Posted by Editor in Corporate News.Tags: Gold, gold investing, gold kazakhstan, gold mining, kazakhgold, kazakhstan, kazakhstan gold
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CALGARY, Alberta – Alhambra Resources Ltd. (TSX-V: ALH) (“Alhambra” or the “Corporation”), an international gold explorer and producer, announces assay results for seven diamond drill holes (“DDH”) completed southwest of the West Zone of the Uzboy gold deposit (“Uzboy”). The DDH drilling program has extended the zone of gold mineralization in West Uzboy to depth and along strike including the intersection of several zones of higher-grade gold mineralization.
Uzboy is one of three advanced exploration project areas within Alhambra’s 9,800 km2 Uzboy Project located in north central Kazakhstan (see location map below).
HIGHLIGHTS
- A down-plunge extension of a higher-grade zone of gold mineralization has been confirmed,
- Gold mineralization has been expanded by 225 metres (“m”) along the dip and 60 m along strike,
- Broad intervals (from 9.0 m to 46.0 m) of gold mineralization were intersected in all seven diamond drill holes,
- The deposit is still open on strike to the southwest and at depth.
The full version of the press release can be found by visiting Alhambra’s official IR website or by downloading the PDF version.
Kazakhstan Court Overturns US$1.6 Million Historical Cost Assessment and Will be Re-considering Corporate Income Tax Assessment October 19, 2011
Posted by Editor in Corporate News.Tags: Gold, gold investing, gold mining, kazakhgold, kazakhstan, kazakhstan gold
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CALGARY, Alberta – Alhambra Resources Ltd. (TSX-V: ALH) (“Alhambra” or the “Corporation”), an international gold explorer and producer, announces that on September 27, 2011, the Cassation Chamber of the Akmola Oblast Court in Kazakhstan (the “Cassation Court”) overturned the decision of the Appeal Court of the Akmola Oblast with regard to the tax assessment as related to Historical Costs put forth by the city of Stepnagorsk tax office (the “Tax Office”) filed against the Corporation’s 100% owned operating subsidiary, Saga Creek Gold Company LLP (“Saga Creek”), and sent back to the lower court the Corporate Income Tax assessment for re-consideration (see News Release dated August 26, 2011).
HIGHLIGHTS
A copy of the Cassation Court’s ruling was received on October 5, 2011. While the Corporation is still interpreting and analyzing the legal and financial implications of the Cassation Court’s ruling, the decisions made are as follows:
- The 2009 assessment for Historical Costs amounting to approximately US$1.6 million was cancelled,
- The assessment for Corporate Income Tax (“CIT”) amounting to approximately US$0.4 million was cancelled and sent back to the lower court for review and re-consideration by a different judge,
- The assessment for Mineral Extraction Tax (“MET”) in the amount of approximately US$1.0 million was upheld.
“We are extremely happy with the ruling of the Cassation Court,” stated John J. Komarnicki, Chairman and CEO of Alhambra who was in the courtroom in Kazakhstan when the ruling was announced. “The court’s ruling on Historical Costs was in line with our understanding and interpretation of the law. Regarding the other two aspects of the assessment, we continue to believe our legal position is correct, and we are working with our legal counsel to fully understand the decision and determine our next steps.”
For the full release, please download a PDF version here or visit Alhambra’s official Investor Relations site.
Alhambra’s 2011 Drilling and Exploration Updates October 7, 2011
Posted by Editor in Corporate News.Tags: Gold, gold investing, gold mining, kazakgold, kazakhstan
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CALGARY, Alberta – Alhambra Resources Ltd. (TSX Venture: ALH) (“Alhambra” or the “Corporation”), an international gold producer and explorer, announces today an update for the Corporation’s 2011 drilling and exploration activities on its 100% owned Uzboy Project in Kazakhstan (see Figure 1).
HIGHLIGHTS
- The Shirotnaia 2011 core drilling program has been completed; 49 core holes totaling 6,000 m were drilled, and assay results for four core holes have been received,
- Eighteen core holes, of a planned 31 core hole drilling program at Dombraly, have been completed and drilling continues,
- The anticipated drill program at Zhanatobe began in late September and has been increased by 5% to roughly 12,600 metres (“m”) from 12,000 m,
- Assay results for three of the seven deep Uzboy 2010 core holes have been received,
- The soil sampling programs for Zhusaly and Kontacktovy have been completed; analytical results are pending.
The full press release can be downloaded here or by visiting Alhambra’s IR website.
Alhambra Announces 1,362 km2 of Gravity and Magnetic Surveys and a Remote Sensing Survey September 28, 2011
Posted by Editor in Corporate News, mining updates.Tags: Gold, gold investing, gold mining, gold prices, kazakgold, kazakhstan
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CALGARY, Alberta – Alhambra Resources Ltd. (TSX Venture: ALH) (“Alhambra” or the “Corporation”), an international gold producer and explorer, announces that the Corporation has initiated geophysical surveys comprised of both gravity and magnetic surveys and a remote sensing survey on its 100% owned, 9,800 km2, Uzboy Project area (“Uzboy Project”) (see Figure 1).
HIGHLIGHTS
- An initial gravity survey of 1,360 km2 and a 1,070 km2 magnetic survey is being prepared,
- The surveys will be conducted on the southeast part of the license including Dombraly and Shirotnaia,
- Field magnetic measurements will be conducted along a 1.0 by 0.1 kilometre (“km”) grid and the gravity measurements along a 1.0 by 1.0 km grid,
- The interpretation of a satellite imagery remote sensing survey which began in July is in progress,
- The objective of the surveys being conducted is to identify new target areas inside Alhambra’s license area.
The full press release can be found here or by visiting Alhambra’s official IR page.
Kazakhstan gold output to grow 2.3 times by 2014 April 27, 2011
Posted by Editor in Gold Economics, Gold Mining Kazakhstan.Tags: kazakhstan, Gold, gold mining, gold investing
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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.
Kazakh Ministry of Industry and New Technology seeks to bring gold production output to over 70 tons per year by 2014
