Alhambra Resources Ltd. - Financial Results for Third Quarter ending September 30, 2007

    CALGARY, Nov. 29 /CNW/ - Alhambra Resources Ltd. ("Alhambra" or the
"Corporation") announces its financial results for the quarter ended
September 30, 2007. All amounts related to the financial results are expressed
in Canadian dollars unless otherwise indicated.


    -   This is the first quarter since declaring commercial production in
        May 2006 that Corporately Alhambra has achieved positive net income
        of $0.3 million ($0.00/share)
    -   Positive cash flow from operating activities of $0.7 million
        ($0.01/share) was also recorded
    -   Revenue from gold sales amounted to $4.1 million based on the sale of
        5,843 ounces
    -   Spent $2.0 million on capital expenditures of which $1.4 million was
        on exploration
    -   Operating costs to produce an ounce of gold were $396.04

    John J. Komarnicki, Chairman and Chief Executive Officer of Alhambra
stated, "Our staff has been working hard to increase both the assets and the
gold production of the Corporation. While our mining operation at Saga Creek
has been net income positive since declaring commercial production in
May 2006, the third quarter of 2007 is the first quarter since then that
Alhambra has achieved positive net income on a Corporate basis."


    (in C$ except per           Three Months ended         Nine Months ended
     share amounts)                September 30              September 30
                                 2007         2006         2007         2006
    Revenue from gold
     sales                $ 4,131,082  $ 3,499,017  $10,270,114  $ 4,826,681
    Net income (loss)         261,256      (71,998)  (1,611,528)  (1,320,091)
      Per basic share            0.00        (0.00)       (0.02)       (0.02)
    Weighted average
     shares outstanding
      Basic                70,439,415   64,997,906   69,925,244   58,258,225
    Shares outstanding
     at end of period      70,911,480   68,528,980   70,911,480   68,528,980

    For the third quarter of 2007, the Corporation recorded a net income of
$0.3 million, or $0.00 per basic share. This compares to a loss of
$0.1 million or $0.00 per basic share in 2006. Cash flow generated from
operating activities for the quarter was $0.7 million or $0.01 per basic share
as compared to $0.4 million or $0.01 per basic share in 2006.
    Revenue from the sale of gold amounted to $4.1 million. This was realized
from the sale of 5,843 ounces ("ozs") of gold at an average price of
$707.14 per ounce ("/oz"). The per oz operating cost to produce an ounce of
gold for the third quarter was $396.04/oz sold, being 4% higher than the
per oz operating cost of $379.63 incurred during the first half of 2007. This
increase is directly related to the lower grade oxide ore that was mined
during the quarter.
    The average rate of exchange for the C$ per US$1.00 was 1.0446 for the
third quarter of 2007. As of September 30, 2007 the average rate of exchange
for the C$ per US$1.00 was 0.9931.

    For the nine months ended September 30, 2007, the Corporation produced
14,608 ozs of gold and sold 14,193 ozs of gold.

    Expenditures on mining assets for the three months ended September 30,
2007 totaled $2.0 million. Of this total, $1.4 million was spent as part of
the $5.5 million exploration program planned for 2007. An additional
$0.6 million was spent on machinery and equipment both at the new resin
stripping plant and the Uzboy mine site.

    A full MD&A and Financial Report of the Third Quarter of 2007 is
available on the Corporation's website, can be obtained on application from
the Corporation and is available under the Corporation's profile on SEDAR at

    Elmer B. Stewart, MSc. P. Geol., a Director of Alhambra, is the
Corporation's nominated Qualified Person responsible for monitoring the
supervision and quality control of the programs completed within the Uzboy
Project. Mr. Stewart has reviewed and verified the technical information
contained in this news release.

    Alhambra is a Canadian based gold exploration and production corporation
celebrating its sixth year of operations in the Republic of Kazakhstan. It is
engaged in the exploration and production of gold properties from its 100%
owned Uzboy Project.

    Alhambra shares trade in Canada 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, geological interpretations and potential mineral recovery processes.
Forward-looking information includes disclosure regarding possible future
events, conditions or results of operations that is based on assumptions about
future economic conditions 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 has applied geological interpretation methodologies which 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; Jim Clarke, Investor Relations, (888) 290-1335 (Toll Free)

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