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Alhambra Resources Ltd. |
CALGARY, ALBERTA - Alhambra Resources Ltd. ("Alhambra" or the "Corporation") announces that it has been informed by its Kazakhstan legal council that on March 11, 2009, the Supervisory Chamber of the Eastern-Kazakhstan Oblast Court ("Supervisory Chamber") upheld the claim filed in Kazakhstan by Marsa Aktiengesellschaft (Lichtenstein) and Teragol Investment Limited (Cyprus) against Alhambra seeking to invalidate the original agreement whereby Alhambra purchased Saga Creek Gold Company LLP ("Saga Creek") (see Alhambra News Releases dated November 26, 2008, December 29, 2008 and February 12, 2009). The Corporation has yet to receive the formal ruling documents from the Supervisory Chamber.
Under Kazakhstan law, Alhambra may appeal the decision of the Supervisory Chamber to the Supreme Court of Kazakhstan. "We are very disappointed with the decision of the Supervisory Chamber," stated John J. Komarnicki, Chairman and CEO of Alhambra. "From the onset of this legal process, we have always stated that we disagree with the claim put forth by Marsa and Teragol and that we would continue to vigorously defend our position and do whatever is possible to regain management control and ownership of Saga Creek. As such, we are currently waiting to see the written decision by the Supervisory Chamber at which time we will determine our next course of action."
About AlhambraAlhambra 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.
| Ihor P. Wasylkiw Chief Information Officer +1 (403) 508-4953 |
Donald D. McKechnie Vice President Finance and CFO +1 (403) 228-2855 (Toll Free) |
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Forward-Looking Statements |
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Alhambra Resources Ltd.
Head Office 330, 700 - 6th Avenue S.W. Calgary, Alberta, Canada T2P 0T8 Phone: (403) 228-2855 Fax: (403) 228-2865 E-mail: info@alhambraresources.com |
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