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Alhambra Resources Updates on Drilling Activities at Uzboy Project in Kazakhstan

Alhambra Resources Ltd. (TSX VENTURE:ALH), an international gold producer and explorer, announces today an update for the Corporation's fourth quarter 2010 drilling activities on its 100% owned Uzboy Project in Kazakhstan.

HIGHLIGHTS

  • During the fourth quarter of 2010 more than 10,300 metres of core, RC and KGK drilling was completed at Uzboy, Shirotnaia, Dombraly and North Balusty,
  • Core drilling at Uzboy was focused on the delineation of additional oxide and sulphide gold mineralization,
  • Core and RC drilling conducted at Shirotnaia and Dombraly focused on determining the parameters of gold mineralization,
  • Core drilling at Uzboy and Shirotnaia continues.

EXPLORATION DRILLING UPDATE

1. Uzboy

Diamond core drilling was completed at Uzboy targeting shallow near surface oxide mineralization as an extension of the known oxide mineralization and continued at depth to test for additional sulphide gold mineralization. Twenty seven holes totaling 3,239 metres ("m") were drilled. Numerous intervals of intense hydrothermal alteration, pervasive silicification, quartz veinlets and sulfide mineralization were intersected. The deeper holes confirmed the presence at depth of zones of strong sulphide mineralization. Assay results are pending.

2. Dombraly

At Dombraly, seven core holes totaling 1,995 m were completed in the fourth quarter. These holes confirmed the continuation of previously established zones of hydrothermal alteration, quartz veining and pyritic mineralization to the north and south.

A reverse circulation ("RC") drilling program including the drilling of the waste pile, the open pit back fill material and the possible extension of oxide mineralization northward of the open pit was also completed. Assay results for 13 remaining core holes are pending.

3. Shirotnaia

At Shirotnaia, the second stage of the 43 RC hole (2,249 m) drilling program was completed. Assay results are pending.

4. North Balusty

At North Balusty, a test line consisting of 51 hydro-core lift ("KGK") holes (2,018 m) was completed. (see News Release dated November 29, 2010). Assay results are pending.

5. Zhanatobe

To date, only partial assay results from the 483 hole, (4,744 m) rotary air-blast ("RAB") Zhanatobe drilling program (see News Release dated November 29, 2010) have been received. While the results of the RAB drilling program are encouraging, patchy anomalism ranging from 0.1 to 0.2 grams per tonne ("g/t") gold ("Au") occurs in both the Northern and Central areas. The most significant +0.2 g/t Au anomaly with a peak value of 0.51 g/t Au was intersected in the last drill line in the Northern area. Assay results from RAB holes drilled at the most promising silicified zone situated in the Central area are still pending.

6. Kerbay

Two core holes were drilled at Kerbay totaling 305 m. Both holes intersected intervals of hydrothermal alteration in andesite and siltstone. DDK 110-01 intersected a weighted average gold grade of 0.20 g/t with a peak value of 0.36 g/t Au over a core interval from 99 to 108 m.

7. Vasilkovskoe East

The exploration program for Vasilkovskoe East included soil sampling at the Western and Akshasor locations and sporadic rock chip sampling at the Ivanovka location which is situated between the Western and Akshasor locations.

The Akshasor area returned 25 samples with gold concentrations between 20 to 290 parts per billion ("ppb"). The maximum gold concentration was 0.29 g/t Au. Contouring the results at a +30 ppb contour generated both NW and NE oriented anomalies with dimensions of 550 m by 450 m. The gold anomalies although patchy, remain open to the southeast where sampling still has to be done. A geochemical signature consisting of Ag, As, Sb, Ba, Bi and Mo supports the gold anomaly and suggests the presence of an orogenic intrusion related (Vasilkovskoe style) mineralization.

The Western area returned one sample containing 20 ppb gold and a second sample containing 1.9 parts per million gold. Taking into account the very wide space between the individual samples, more soil/rock samples are planned to be taken in this area.

In the Ivanovka area 30 kilometres of geological traverses covering an area of 12.7 square kilometres ("km2") were done and 54 rock chip samples taken. A schematic geological map of the area was prepared which shows a favorable geological environment for sediment hosted gold mineralization.

Source: Alhambra Resources Ltd.

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