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.
Kazakhstan Government Buys Gold October 3, 2011
Posted 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.
You can read more about this development from a recent Bloomberg News report and from Reuters.
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, 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.
Alhambra Resources 2nd Qtr 2011 Financial & Operating Results September 23, 2011
Posted by Editor in Corporate News.Tags: gold mining, kazakgold, kazakhstan, kazakhstan gold
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Our latest financial and operating results for the 2nd QTR for 2011 are available for download here and by visiting Alhambra’s official IR website.
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
