China Buying Gold Mines, Bypassing London Market with Gold November 22, 2011Posted 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, 2011Posted 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).
- 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.
Kazakhstan Court Overturns US$1.6 Million Historical Cost Assessment and Will be Re-considering Corporate Income Tax Assessment October 19, 2011Posted 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).
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.”
Alhambra’s 2011 Drilling and Exploration Updates October 7, 2011Posted 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).
- 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.
Kazakhstan Government Buys Gold October 3, 2011Posted by Editor in Corporate News.
Tags: Gold, gold mining, gold prices, kazakgold, kazakhgold, kazakhstan
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In another example of governments seeking to expand their gold reserves, the Kazakhstan central bank announced last month that it plans to lock up domestic supplies of refined gold by using a “priority right” it received from the government to buy bullion designated for exports amid record prices for the metal.
Kazakhstan’s central bank said it would be buying up the Central Asian nation’s entire gold bullion output until at least 2014-15 to ease its exposure to the sagging dollar.
Alhambra Announces 1,362 km2 of Gravity and Magnetic Surveys and a Remote Sensing Survey September 28, 2011Posted 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).
- 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.
Standard Chartered Makes Bold Call on Gold Price June 22, 2011Posted by Editor in Corporate News.
Tags: Gold, gold mining, kazakhgold, kazakhstan, kazakhstan gold
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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.”
Tags: Gold, gold mining, kazakhgold, kazakhstan, polyus gold
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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
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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
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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.