Alhambra Resources Ltd. ("Alhambra" or the "Corporation") announces that its Annual and Special Meeting of Shareholders will be held at The Westin Calgary, 320 - 4th Avenue S.W., Calgary, Alberta on Tuesday, July 31, 2007 at 2 p.m. (Calgary time).
At the meeting, in addition to the normal business of the Corporation, the shareholders will be asked to consider, and if thought advisable, approve a reorganization by an arrangement under the Business Corporations Act (Alberta) (the "Arrangement") involving Alhambra, its Shareholders and a newly incorporated corporation, DOT Resources Ltd. ("DOT"). As reported in a news release dated June 20, 2007, the Arrangement, if completed will have the result of dividing Alhambra's mineral assets between two separate publicly traded corporations.
Upon implementation of the Arrangement, Alhambra will continue to hold and operate its gold producing assets situated in the Republic of Kazakhstan, while DOT will hold and conduct exploration activities on Alhambra's Canadian mineral properties, situated near Kamloops, British Columbia. Details of the Arrangement are more fully described in the Information Circular that has been mailed to shareholders and is available for review on SEDAR at www.sedar.com.
The Corporation also announces that it has restated its financial statements for the three months ended March 31, 2007 to reflect a recalculation of stock-based compensation. Originally, stock-based compensation was calculated to be CDN$718,935 of which CDN$636,241 was expensed and CDN$82,694 was capitalized to mining assets. As a result of the recalculation, stock-based compensation for the three months ended March 31, 2007 has been reduced to CDN$526,211 of which CDN$479,690 has been expensed and CDN$46,521 has been capitalized to mining assets. As a result of the recalculation, net loss for the three months ended March 31, 2007 has been reduced to CDN$799,291 compared to an earlier reported loss of CDN$955,842. Basic and diluted net loss per share remained unchanged at CDN$0.01. The Restated Interim Financial Statements and Amended Management and Discussion and Analysis of Financial Condition and Results of Operations for the Three Months Ended March 31, 2007 are available on SEDAR at www.sedar.com.
About Alhambra
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 sixth 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.- PR Newswire, UK
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