Alhambra Resources : Alhambra Announces Maiden NI 43-101 Technical Report for Dombraly Filed

NEWS RELEASE FOR IMMEDIATE RELEASE - March 23, 2012 FOR: Alhambra Resources Ltd. SUBJECT: Alhambra Announces Maiden NI 43-101 Technical Report for Dombraly Filed CALGARY, Alberta - Alhambra Resources Ltd. (TSX-V: ALH) ("Alhambra" or the "Corporation"), an international gold explorer and producer, announces that the Corporation has received and SEDAR filed the final technical report (the "Report") related to the initial independent National Instrument ("NI") 43-101 gold resource estimate (the "Estimate") for Alhambra's 100% owned Dombraly gold deposit ("Dombraly") (see news release dated February 7, 2012).

Dombraly is one of three advanced exploration project areas Alhambra is exploring within its 9,800 square kilometre

("km2") (2.4 million acre) Uzboy Gold Project located in north central Kazakhstan.

The Report and Estimate were prepared by ACA Howe International UK ("ACA Howe") and Micromine Consulting

Services UK ("MCS"). The Report has also been posted on the Corporation's website.

HIGHLIGHTS

• The Report summaries the results of the maiden NI 43-101 Estimate for Dombraly,

• 301,000 ounces ("ozs") of Inferred current mineral resources contained in 9.3 million tonnes grading 1.01 grams per tonne gold ("g/t Au") were identified,

• An additional 22,000 ozs of Indicated current mineral resources contained in 0.60 million tonnes grading 1.22 g/t

Au were identified.

Mr. J.N. Hogg, MSc., MAIG, Senior Geologist and Qualified Person with MCS and Mr. J.G. Langlands, BSc, FGS, FIMMM, CEng., Principal Geologist and Qualified Person with ACA Howe, have reviewed and approve the Report filed on SEDAR.

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

ABOUT ALHAMBRA

Alhambra is a Canadian based international exploration and gold production corporation and has, in three separate deposits, a total of 1.07 million ozs of NI 43-101 Measured and Indicated resources (26.79 million tonnes grading

1.24 g/t Au) and 1.37 million ozs of Inferred mineral resources (55.15 million tonnes grading 0.77 g/t Au).

Of the total, the Corporation's Uzboy gold deposit amounts to 0.98 million ozs of NI 43-101 Measured and Indicated resources (23.33 million tonnes grading 1.42 g/t Au) and 0.42 million ozs of Inferred mineral resources (11.26 million tonnes grading 1.17 g/t Au) and the Corporation's Shirotnaia project amounts to 0.01 million ozs of NI 43-101

Measured and Indicated resources (2.90 million tonnes grading 0.74 g/t Au) and 0.65 million ozs of Inferred mineral resources (34.58 million tonnes grading 0.58 g/t Au). The remaining resources are at Dombraly as noted above.

Suite 3, 4015 - 1st Street S.E. Calgary, Alberta, Canada T2G 4X7 Telephone (403) 228-2855 Fax: (403) 228-2865

1

Alhambra holds exploration and exploitation rights to a 2.4 million acre (9,800 km2), 100% owned license called the Uzboy Project, located in the Northern Kazakhstan Metallogenic Province which hosts numerous world-class gold deposits. Over 100 mineral targets, including three advanced exploration areas, are contained within the Uzboy Project.

Alhambra common shares trade in Canada on The TSX Venture Exchange under the symbol ALH, in the United States on the Over-The-Counter 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.

For further information please contact:

Ihor P. Wasylkiw

VP & Chief Information Officer

+1 (403) 508-4953

John J. Komarnicki

Chairman & CEO

+1 (403) 228-2855

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, the current mineral resources identified 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 differentfrom any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, 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.
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.

Suite 3, 4015 - 1st Street S.E. Calgary, Alberta, Canada T2G 4X7 Telephone (403) 228-2855 Fax: (403) 228-2865

2

Partner Area