CALGARY, Oct. 30 /CNW/ - Alhambra Resources Ltd. ("Alhambra" or the
"Corporation") announces that the court hearing scheduled for October 29, 2008
in Kazakhstan was adjourned to November 17, 2008. The hearing was to deal with
the legal claim filed in Kazakhstan seeking 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 Releases dated October 6 and 16, 2008).
The hearing was adjourned in response to the appeal filed by Alhambra to
dismiss the litigation for lack of jurisdiction in favor of arbitration in
Stockholm, Sweden as provided for under the Agreement. As required by Kazakh
law, the Corporation's appeal was transferred to the Civil Case Review Board
of the East Kazakhstan Oblast Court (the "Review Board"). The Review Board has
set November 14, 2008 as the date when it will hear Alhambra's appeal. If the
Corporation's appeal is successful, it is anticipated that the claim against
Alhambra will not proceed on November 17, 2008.
Alhambra disagrees with the claim and continues 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 further information:
For further information: Ihor P. Wasylkiw, Chief Information Officer,
(403) 508-4953; Don McKechnie, Vice President Finance and CFO, (888) 522-8285