Alhambra Diamond Drilling Intersects Best Gold Drill Intercepts to Date at Shirotnaia; Including 14.71 g/t Au Over 10.1 Metres

Alhambra Resources Ltd. (TSX VENTURE:ALH)(PINKSHEETS:AHBRF)(FRANKFURT:A4Y)
("Alhambra" or the "Corporation"), an international gold producer and explorer,
announces assay results for three diamond drill holes ("DDH") completed in 2012
at its 100% owned Shirotnaia Gold Project ("Shirotnaia") (see location map,
Figure 1).


Diamond drilling has intersected higher-grade gold mineralization in DDH 28-08
that yielded a weighted average grade of 4.75 grams per tonne gold ("g/t Au")
over a core interval of 33.4 metres ("m"), including 14.71 g/t Au over 10.1 m.
The highest grade interval was intersected less than 100 m below surface.
Together with several other drill intercepts in this area, this higher-grade
interval defines a new high-grade zone of gold mineralization trending and
plunging to the northwest ("NW"). These results constitute the best drill
intercepts to date from Shirotnaia.


As reported in January 2012 (see Table 2 and footnotes below), Shirotnaia is a
mineral resource exposed on surface within an envelope of sporadic low-grade
gold mineralization and alteration that measures more than 1,800 m long and 750
m across. The current inferred mineral resource for this deposit is
approximately 645,000 ounces of gold contained in 35 million tonnes at an
average grade of 0.58 g/t Au using a 0.18 g/t Au cutoff. Shirotnaia is one of
numerous targets on the Corporation's 9,800 square kilometres ("km2") mineral
license. Shirotnaia is approximately 3 kilometres ("kms") NW of the reported
multi-million ounce Aksu and Quartzite Hills Deposits currently being mined by
KazakhGold Group Limited ("KazakhGold"). The technical information on the Aksu
and Quartzite Hills gold deposits have not been verified by Alhambra.


Mr. John J. Komarnicki, Alhambra's Chairman and Chief Executive Officer
commented on the drilling, "These latest Shirotnaia results are most exciting.
This high-grade intercept will markedly improve the grade and thickness of this
portion of Shirotnaia. Delivering our fourth Shirotnaia drill hole with more
than 100 gram-metres of gold is an indication that our technical team is
advancing our knowledge of this emerging discovery. Now that we have identified
new targets of structurally controlled high-grade shoots, follow-up drilling
will likely result in an increase in both the tonnes and grade of gold mineral
resources at Shirotnaia."


DRILLING PROGRAM SUMMARY

In 2012 the Corporation completed 18 DDH totaling 3,691 m. The average depth of
the holes was 205 m. In late 2012, the Corporation reported assay results for
eight of those holes, totaling 1,408 m (see News Release dated November 14,
2012). The objective of the 2012 drilling program was to confirm and extend the
previously identified higher grade gold mineralization zones along strike and to
depth (see News Releases dated March 10, 2010 and April 28, 2011). The results
to date indicate that this objective has been achieved, resulting in a number of
new targets requiring follow-up drilling.


Due to the Corporation's recent financial difficulties, it has been forced to
conserve its working capital and defer payment of some invoices. As a result,
assay results are being reported as received from the laboratory. At the time of
this release, the assays are still pending for 7 DDH from the 2012 drill
program. The results from the three DDH discussed here are summarized in Table 1
and Figures 2 and 3.


The geological model of the Shirotnaia gold mineralization includes an
interpreted higher-grade (+1.0 g/t Au) zone that is about 1,200 m long and has
variable width (see Figure 2). The higher-grade zone is interpreted to trend
more E-W than the broader mineralized zone, which is orientated NE-SW. The
higher grades are controlled by shear zones, cross structures and related
breccias and are generally related to more intense alteration, including
pervasive silicification. The mineralized zones dip generally to the NW at an
angle of 60 degrees to 70 degrees.


The most significant intervals that were received are summarized in more detail
below:


The best mineralized interval reported was in DDH 28-08, which yielded a
weighted average of 33.4 m @ 4.75 g/t Au (including 10.1 m @ 14.71 g/t Au) and
13.0 m @ 1.46 g/t Au (including 2.0 m @ 7.60 g/t Au). This hole included
numerous other significant intercepts up to 19.6 m in thickness and bottomed in
low-grade mineralization at 280.1 m. The hole was steeply inclined in a SE
direction, targeted as a 25 m step-out to the NE from DDH 28-09 (see news
release dated November 14, 2012), which yielded 136 m of 1.12 g/t Au, including
some higher grades over narrower widths. The 2012 Shirotnaia mineral resource
does not include results from either of these drill holes.


The broad and higher-grade mineralization in this area is related to a NW
striking cross-cutting structure. This structure exhibits significant
higher-grade gold values associated with intense silicification, carbonate
veining, sulphides, and quartz veining. The higher-grade mineralization extends
and deepens the +1 g/t Au mineralization reported in the resource estimate dated
January 9, 2012. This zone remains open to the NW and at depth; and it is also
poorly constrained on the NW and SE (see Figure 2).


DDP 15-14 targeted the area between the western end of the higher-grade zone and
the mineralization situated farther to the west and drilled in 2007. The
higher-grade mineralization comes to surface in this area, resulting in a
weighted average of 8.9 m of 4.07 g/t Au in oxide to transitional material,
including a 1.0 m intercept of 30.9 g/t Au from 16 to 17 m depth. This narrow
high-grade interval is open to the west (see Figure 2). Having confirmed the
presence of the high-grade mineralization on the west end of the deposit,
follow-up drilling will focus on identifying cross structures and other controls
on this good quality mineralization.


DDP 52-04 intercepted four narrow zones of mineralization down to 157 m below
surface. This step out drill hole targeted the deeper part of the higher grade
zone established by hole DDH 52-01 (21.3 m @ 1.43 g/t Au), and is in an area of
relatively sparse drilling.


Table 1 - Summary Drilling Results



----------------------------------------------------------------------------
                                                            Grade  Minerali-
                                        From    To Interval    Au     zation
Section DDH#  Length Azimuth Dip         (m)   (m)      (m) (g/t)       Type
----------------------------------------------------------------------------
24+     DDH   302.8  145     -85                                            
         28-08                           0.0  11.4     11.4  0.60      Oxide
----------------------------------------------------------------------------
                             including   0.7   3.8      3.1  1.21      Oxide
----------------------------------------------------------------------------
                                        29.3  33.5      4.2  0.81 Transition
----------------------------------------------------------------------------
                                        46.5  66.1     19.6  0.72   Sulphide
----------------------------------------------------------------------------
                             including  53.1  63.1     10.0  1.07   Sulphide
----------------------------------------------------------------------------
                                        69.9  74.3      4.4  1.41   Sulphide
----------------------------------------------------------------------------
                                        83.3 116.7     33.4  4.75   Sulphide
----------------------------------------------------------------------------
                             including  94.6 104.7     10.1 14.71   Sulphide
----------------------------------------------------------------------------
                                       125.0 134.4      9.4  0.49   Sulphide
----------------------------------------------------------------------------
                                       153.4 166.4     13.0  1.46   Sulphide
----------------------------------------------------------------------------
                             including 153.4 155.4      2.0  7.60   Sulphide
----------------------------------------------------------------------------
                                       245.9 251.4      5.5  0.40   Sulphide
----------------------------------------------------------------------------
                                       258.4 264.1      5.7  0.40   Sulphide
----------------------------------------------------------------------------
                                       268.1 287.1     19.0  0.52   Sulphide
----------------------------------------------------------------------------
                             including 276.1 280.1      4.0  1.05   Sulphide
----------------------------------------------------------------------------
15      DDP   111.2  145     -65                                  Oxide/Tran
         15-14                          8.3  17.2      8.9  4.07      sition
----------------------------------------------------------------------------
                             including  16.2  17.2      1.0 30.90 Transition
----------------------------------------------------------------------------
                                        35.5  40.5      5.0  0.30   Sulphide
----------------------------------------------------------------------------
                                        54.5  67.5     13.0  0.63   Sulphide
----------------------------------------------------------------------------
52      DDH   185    145     -85                                            
         52-04                           1.2   4.2      3.0  0.64      Oxide
----------------------------------------------------------------------------
                                       138.5 142.0      3.5  0.82   Sulphide
----------------------------------------------------------------------------
                             including 139.5 141.0      1.5  1.59   Sulphide
----------------------------------------------------------------------------
                                       150.0 157.0      7.0  0.29   Sulphide
----------------------------------------------------------------------------



The intervals set out in the above table are not true widths and the assay
results are uncut. Intercepts are calculated using a 0.2 g/t cut-off without
upper cut, with intervals being not less than 3 m, and with not more than 2 m of
internal waste.


SHIROTNAIA REGIONAL SETTING AND MINERALIZATION

Shirotnaia is just one target within Alhambra's 9,800 km2 (2.4 million acre)
mineral license, located in the world-class Central Asia-Chinese Altayshan Gold
Belt.


At Shirotnaia, gold mineralization consists of numerous zones of intensive
hydrothermal alteration occurring within a generally east-west oriented,
structurally controlled, low grade gold aureole, which is at least 1,800 m long,
750 m wide. Mineralization remains open in several directions as well as at
depth. Four zones of gold mineralization are presently known in the explored
portions of the system.


The gold mineralization at Shirotnaia is hosted in a sequence of mostly dacitic
to andesitic volcanic and volcaniclastic rocks. The oxidized zone extends to an
average depth from surface of about 20 m and a transition zone about 16 m thick
below that, underlain by primary gold mineralization.


DRILLING AND SAMPLING PROCEDURES

For the core drilling, an NQ diamond drilling core barrel was utilized and core
recovery was close to 100%. The core was split by the drilling contractor under
the supervision of the Corporation's geologists with one half sampled for assay
and another half left for references. Every metre of core was sampled and the
exact borders of the sampling interval were determined according to the
lithological contacts. The average sample weight was 2.0 kilograms.


Sample preparation was completed by Stewart Assay and Environmental Laboratories
(now part of the ALS Group) located in Kyrgyzstan using the following procedure:
samples were crushed to minus 2 mm, mixed and split into two 200 gram
sub-samples. One sub-sample was pulverized to - 200 mesh and the other
sub-sample was retained for reference purposes. A 30 gram sample of the -200
mesh material was used for fire assay atomic absorption finish. Stewart Assay
and Environmental Laboratories is independent of Alhambra and is accredited to
International Standard Organization ("ISO") 17025 for certain relevant assay
methodologies.


QUALITY ASSSURANCE QUALITY CONTROL

The Kyrgyzstan Stewart Assay and Environmental Laboratories have stringent
quality assurance and quality control ("QA/QC") procedures. Alhambra also
follows a rigorous QA/QC program consisting of inserting standards, blanks and
duplicates into the sample stream submitted to the laboratory for analysis to
ensure that the sampling and analysis of all samples is conducted in accordance
with the best possible practices.


Elmer B. Stewart, MSc. P. Geol., a technical consultant, is the Corporation's
nominated Qualified Person. Mr. Stewart has reviewed and approved the technical
information contained in this news release.


ABOUT ALHAMBRA

Alhambra is a Canadian based international exploration and gold production
corporation with NI 43-101 gold resources as per ACA Howe International UK and
Micromine Consulting Services UK as noted below:


Table 2 - Resource Estimates by Project



----------------------------------------------------------------------------
                         Measured (M)                  Indicated (I)        
----------------------------------------------------------------------------
Project                      Grade                          Grade           
----------------------------------------------------------------------------
                    Tonnes    (g/t)    Ounces      Tonnes    (g/t)    Ounces
----------------------------------------------------------------------------
                                                                            
Uzboy (1)       14,317,200     1.52   700,000   7,009,500     1.22   275,500
----------------------------------------------------------------------------
Dombraly (2)             -                  -     559,000     1.22    22,000
----------------------------------------------------------------------------
Shirotnaia (3)           -                  -   2,900,000     0.76    71,000
----------------------------------------------------------------------------
TOTAL           14,317,200     1.52   700,000  10,468,500     1.09   368,500
----------------------------------------------------------------------------

----------------------------------------------------------------------------
                            M + I                        Inferred           
----------------------------------------------------------------------------
Project                      Grade                          Grade           
----------------------------------------------------------------------------
                    Tonnes    (g/t)    Ounces      Tonnes    (g/t)    Ounces
----------------------------------------------------------------------------
                                                                            
Uzboy (1)       21,326,700     1.42   975,500  11,258,200     1.17   421,700
----------------------------------------------------------------------------
Dombraly (2)       559,000     1.22    22,000   9,317,000     1.01   301,000
----------------------------------------------------------------------------
Shirotnaia (3)   2,900,000     0.76    71,000  34,577,000     0.58   645,000
----------------------------------------------------------------------------
TOTAL           24,785,700     1.34 1,068,500  55,152,200     0.77 1,367,700
----------------------------------------------------------------------------

1.  Effective as of Dec 31/07 as per ACA Howe per news release dated Apr
    8/08 at a 0.40 g/t cut-off. 
2.  Effective as of Nov 27/11 as per ACA Howe per news release dated Feb
    7/12 using natural cut-off grades of 0.13 g/t, 0.1 g/t and 0.2 g/t for
    the low grade stockpile, pit infill and in-situ mineralized zones
    respectively. 
3.  Effective as of Jan 9/12 as per ACA Howe per news release dated Feb
    28/12 using cut-off grades of 0.1 g/t for oxide gold mineralization and
    0.2 g/t for transitional and primary gold mineralization respectively. 



Alhambra common shares trade in Canada on the TSX Venture Exchange under the
symbol ALH, in the United States on the Over-The-Counter Pink Sheets Market
under the symbol AHBRF and in Germany on the Frankfurt Open Market under the
symbol A4Y. The Corporation's website can be accessed at
www.alhambraresources.com.


Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as
that term is defined in the Policies of the TSX Venture Exchange Inc.) accepts
responsibility for the adequacy or accuracy of this release.


Forward-Looking Statements

Certain statements contained in this news release constitute "forward-looking
statements" as such term is used in applicable Canadian and US securities laws.
These statements relate to analyses and other information that are based on
forecasts of future results, estimates of amounts not yet determinable and
assumptions of management. In particular, there is no certainty that additional
drilling will be conducted nor that additional resources or increased gold grade
will be realized and other factors and events described in this news release
should be viewed as forward-looking statements to the extent that they involve
estimates thereof. Any statements that express or involve discussions with
respect to predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or performance (often, but not always, using words
or phrases such as "expects" or "does not expect", "is expected", "anticipates"
or "does not anticipate", "plans, "estimates" or "intends", or stating that
certain actions, events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved) are not statements of historical fact and should be
viewed as "forward -looking statements". Such forward-looking statements involve
known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Corporation to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements. Such risks and other factors
include, among others, conducting additional drill programs, identifying
additional resources or increasing gold grade, availability of capital to fund
exploration projects; political, social and other risks inherent in carrying on
business in a foreign jurisdiction and such other business risks as discussed
herein and other publicly filed disclosure documents. Although the Corporation
has attempted to identify important factors that could cause actual actions,
events or results to differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events or results not
to be as anticipated, estimated or intended. There can be no assurance that
additional exploration will intersect or extend the limits of the gold
mineralization discussed herein, there is no assurance that such statements will
prove to be accurate as actual results and future events could vary or differ
materially from those anticipated in such statements. Accordingly, readers
should not place undue reliance on forward-looking statements contained in this
news release.


Forward-looking statements are made based on management's beliefs, estimates and
opinions on the date the statements are made and the Corporation undertakes no
obligation to update forward-looking statements and if these beliefs, estimates
and opinions or other circumstances should change, except as required by
applicable law.


This news release contains forward-looking statements based on assumptions,
uncertainties and management's best estimates of future events. When used
herein, words such as "intended" and similar expressions are intended to
identify forward-looking statements. Forward-looking statements are based on
assumptions by and information available to the Corporation. Investors are
cautioned that such forward-looking statements involve risks and uncertainties.
Actual results may differ materially from those currently anticipated. The
forward-looking statements contained herein are expressly qualified by this
cautionary statement.


To view the figures associated with this release, please visit the following
link: http://media3.marketwire.com/docs/AL%20Figures.pdf.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Alhambra Resources Ltd.
Ihor P. Wasylkiw
VP & Chief Information Officer
[phone]


Alhambra Resources Ltd.
John J. Komarnicki
Chairman & CEO
[phone]
www.alhambraresources.com