Magnetic Survey Identifies Three New Uzboy Exploration Targets

Alhambra Resources Ltd. provide an update on a recently completed total field magnetometer survey. The magnetic survey covered an area of approximately 132 square kilometres surrounding Alhambra’s 100% owned Uzboy gold deposit located in north central Kazakhstan.

The magnetic survey has identified three large exploration targets within close proximity to the Uzboy gold deposit where the Corporation is currently producing gold. Within these targets, the interpretation of the magnetic data suggests that three areas exhibit a similar structural and lithologic setting as that which hosts the Uzboy gold deposit. The exploration of these target areas using Induced Polarization to identify areas of strong pyrite-carbonate-sericite alteration is planned in 2009.

Alhambra recently completed a detailed study of the lithological and structural controls on the gold mineralization within the Uzboy gold deposit which occurs within the Shatskaya Mineral Trend crossing the northern portion of the Uzboy gold project. This mineral trend also hosts the Vasilkovskoe gold deposit which is located approximately 80 kilometres (“kms”) west of the Uzboy gold deposit.

The pertinent aspects of this study were: a) Altered and intensely sheared and faulted andesite is the primary host rock for the gold mineralization, b) The main shear zone (which can be up to 200 metres (“m”) wide) trends northeast and is the main structural control on the gold mineralization, c) Higher-grade gold mineralization tends to occur at and around the intersections of the main shear zone and two different sets of shear zones, and

d) The gold mineralization is characterized by strong pyrite-carbonate-sericite alteration.

The structural and lithologic controls on the Uzboy gold deposit exhibit a negative magnetic signature (“magnetic low”). The first phase of the geophysical exploration of the area around the Uzboy gold deposit utilized a magnetometer survey to locate similar structural and lithologic features to that which hosts the Uzboy gold deposit. Detailed exploration of magnetic lows to locate areas of strong pyrite-carbonate-sericite using an Induced Polarization survey is planned in 2009.

The magnetic survey was completed over a portion of the Shatskaya Mineral Trend that covered a strike length of 17 kms and a width of 8 kms ( see Figure 1 at the following link: http://files.newswire.ca/483/ALH_MagneticSurvey.doc ) extending from the northeast end of the Uzboy gold deposit to the southwest beyond the Aygabak zone. The magnetic survey was completed to: (i) detect the strike extension of the altered and sheared andesite in the main shear zone that hosts the Uzboy gold deposit, (ii) locate other parallel shear zones that have not been detected, and (iii) locate similar structural and lithologic settings as the Uzboy gold deposit.

The magnetic survey was completed on lines that are spaced at regular intervals of 200 m. Magnetometer readings were collects at 20 m intervals along the survey lines. The magnetic survey was completed by Azimuth Energy Services, a Kazakhstani geophysical company that is independent of Alhambra.

The magnetic survey located three target areas that are interpreted to demonstrate the same lithologic and structural features as the Uzboy gold deposit that required more detailed geophysical exploration.

Area No. 1

This area is located immediately southeast of the Uzboy gold deposit and is characterized by a strong northeast trending negative magnetic feature (“magnetic low”). This target area has only been partially delineated. Additional magnetic surveying is required to delineate the remainder of this target area. This area exhibits similar structural trends and magnetic signature as the Uzboy gold deposit and is bordered by a large semi-circular positive magnetic feature (“magnetic high”) which is interpreted to be a mafic intrusive, possibly a diorite.

Area No. 2

This area extends for a distance of approximately 10 kms southwest of the Uzboy gold deposit. Two targets within the intense magnetic low exhibit a similar structural setting to that which hosts the Uzboy gold deposit. Area No. 2 is cross-cut by a prominent southeast trending magnetic feature that is interpreted to be either a fault or a mafic dike which exhibits the same strike direction as the fault that occurs along the southwest end of the West zone of the Uzboy gold deposit. Area No. 2 trends northeast-southwest and is interpreted to cover the southwest extension of the main shear zone which hosts the Uzboy gold deposit. This area is bordered by a large semi-circular positive magnetic feature which is interpreted to be a mafic intrusive, possibly a diorite.

Area No. 3

This area is located approximately 3.0 kms southwest of the Aygabak zone and is characterized by a northeast trending magnetic low. Although Area No. 3 displays a weaker magnetic signature, the area exhibits cross-cutting magnetic features that are interpreted to be either faults or shear zones which have the same strike directions as the faults/shears that control the gold mineralization in the Uzboy gold deposit.

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 seventh 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.