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.
Alhambra Resources 2nd Qtr 2011 Financial & Operating Results September 23, 2011Posted by Editor in Corporate News.
Tags: gold mining, kazakgold, kazakhstan, kazakhstan gold
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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
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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
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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
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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.”
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
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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.