Alhambra Resources Ltd. Announces the Closing of the GRIT Financing

Further to Alhambra Resources Ltd.'s (TSX
VENTURE:ALH)(PINKSHEETS:AHBRF)(FRANKFURT:A4Y) ("Alhambra" or the "Corporation")
news releases of November 12, 2013 and February 10, 2014, Alhambra announces
that it has closed its financing with Global Resources Investment Trust plc
("GRIT"). 


In exchange for 2,764,500 ordinary shares of GRIT (the "GRIT Shares") at the
deemed price of GBP 1.00 per GRIT Share, Alhambra issued to GRIT a C$5.0
million, three year, 12% convertible secured promissory note (the "Note") plus
warrants to purchase 5.0 million common shares of the Corporation (the
"Warrants"). 


GRIT has been established to exploit investment opportunities in the junior
mining and natural resources sectors worldwide, with an investment objective to
generate medium and long-term capital growth. GRIT has conducted share exchange
transactions with 41 junior resource companies (32 headquartered in Canada),
acquiring an initial portfolio of their securities in exchange for 39,520,012
ordinary shares having a deemed value of GBP 39,520,012 (approximately
C$73,250,000).


The GRIT Shares were distributed pursuant to a prospectus published by GRIT in
the UK on February 28, 2014. GRIT's application to list its ordinary shares on
the premium listing segment of the Official List and to trade on the London
Stock Exchange's main market became effective on Friday, March 7, 2014. GRIT's
distribution of the GRIT Shares to the Corporation and other Canadian based
issuers was also made pursuant to a discretionary exemption order granted by the
Ontario and British Columbia Securities Commissions dated November 13, 2013. 


The Note is convertible into common shares of the Corporation at C$0.25 per
common share. The Note may be repaid at any time prior to maturity at the fair
market value of the note at that time. The Corporation also has the option to
force conversion during the term of the Note at a minimum of US$0.20 per share.
The Warrants have an exercise price of C$0.30 per common share and are
exercisable for three years from the date of issue of the Note. If the weighted
average trading price of Alhambra's shares for any five trading days within ten
consecutive trading days equals or exceeds C$0.35 per share, any outstanding
balance owing on the Note will automatically convert to common shares. Similarly
the Warrant holder is required to convert outstanding Warrants at the same time
and under the same conditions.


The Corporation will seek to sell the GRIT Shares through the facilities of the
London Stock Exchange. During the first six months, all sales of GRIT Shares
will be arranged by GRIT. Funds realized from the sale of the GRIT Shares will
allow the Corporation to deal with its creditors, resume its mining operations
in Kazakhstan and advance its exploration and production development strategy. 


ABOUT ALHAMBRA

Alhambra is a Canadian based international exploration and gold production
corporation focused on gold in Kazakhstan. 


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 assurance that Alhambra
will realize at least GBP 1.00 per GRIT Share upon the sale thereof, or that the
Corporation will realize proceeds from the sale of the GRIT Shares in a timely
manner, or how the realized funds received will be used. These statements 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 including, 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 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Alhambra Resources Ltd.
John J. Komarnicki
Chairman and Chief Executive Officer
[phone]


Alhambra Resources Ltd.
Donald D. McKechnie
VP & Chief Financial Officer
[phone]