Alhambra Resources Ltd. - Debenture Financing

    CALGARY, Aug. 11 /CNW/ - Alhambra Resources Ltd. ("Alhambra" or the
"Corporation") announces that it intends to issue a series of twelve (12%)
percent secured debentures due August 11, 2009, in the aggregate principal
amount of one million Canadian (C$1,000,000) dollars. The Debentures shall
bear interest at a simple rate of twelve (12%) percent per annum calculated
annually, not in advance, from and including the date of advancement up to and
including the date of maturity. The Debentures shall be secured by way of a
first floating charge against all of the assets, property and undertakings of
the Corporation. It is anticipated that the entire amount of the Debentures
will be subscribed for by officers and directors of the Corporation.

    About Alhambra

    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

    The TSX Venture Exchange Inc. has neither approved nor disapproved the
    information contained herein.

    This news release contains forward - looking information including but
not limited to comments regarding the timing and content of upcoming work
programs and potential mineral recovery processes. Forward - looking
information includes disclosure regarding possible future events, conditions
or results of operations that is based on assumptions and courses of action,
and therefore, involves inherent risks and uncertainties. For any forward
looking information given, management has assumed that the analytical results
it has received are reliable and the metallurgical testing methodologies
applied are consistent with industry standards. Although management has a
reasonable basis for the conclusions drawn, actual results may differ
materially from those currently anticipated in such statements. For such
statements, we claim the safe harbor for future.

For further information:

For further information: Ihor P. Wasylkiw, Chief Information Officer,
(403) 508-4953; Donald D. McKechnie, Chief Financial Officer, (403) 228-2855

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