CALGARY, Oct. 16 /CNW/ - Alhambra Resources Ltd. ("Alhambra" or the
"Corporation") announces that the court hearing scheduled for October 15, 2008
in Kazakhstan which was to have dealt with a legal claim filed in Kazakhstan
that seeks to invalidate the original Partnership Unit Purchase and Exchange
Agreement dated March 21, 2002 (the "Agreement") whereby Alhambra purchased
Saga Creek Gold Company LLP (see Alhambra News Release dated October 6, 2008)
Alhambra's motion to dismiss the litigation for lack of jurisdiction in
favor of arbitration in Stockholm, Sweden in accordance with the United
Nations' Commission on International Trade Law arbitration rules for
international arbitration as provided for under the Agreement was dismissed by
the Kazakhstan court. Alhambra is now appealing this ruling. The court has
adjourned this case until October 29, 2008 at which time the court will review
Alhambra's motion that the applicant's claim should not proceed for reasons of
procedural irregularities and the court may also hear the applicant's claim at
Alhambra disagrees with the claim and will continue to take all possible
measures to vigorously defend its position.
Alhambra is a Canadian based gold exploration and production corporation
engaged in the exploration of and production from its 100% owned Uzboy
Project. Alhambra is currently in its seventh year of operations in the
Republic of Kazakhstan.
Alhambra common shares trade on The TSX Venture Exchange under the symbol
ALH and in Germany on the Frankfurt Open Market under the symbol A4Y. The
Corporation's website can be accessed at www.alhambraresources.com.
The TSX Venture Exchange Inc. has neither approved nor disapproved the
information contained herein.
This news release contains forward - looking information including but
not limited to comments regarding the timing and content of upcoming work
programs and potential mineral recovery processes. Forward - looking
information includes disclosure regarding possible future events, conditions
or results of operations that is based on assumptions and courses of action,
and therefore, involves inherent risks and uncertainties. For any forward
looking information given, management has assumed that the analytical results
it has received are reliable and the metallurgical testing methodologies
applied are consistent with industry standards. Although management has a
reasonable basis for the conclusions drawn, actual results may differ
materially from those currently anticipated in such statements. For such
statements, we claim the safe harbor for future.
For further information:
For further information: Ihor P. Wasylkiw, Chief Information Officer,
(403) 508-4953; Don McKechnie, Vice President Finance and CFO, (888) 522-8285