Alhambra Resources Ltd. - Granting of Stock Options

    CALGARY, Jan. 21 /CNW/ - Alhambra Resources Ltd. (TSX-V: ALH) ("Alhambra"
or the "Corporation") announces that its Board of Directors has resolved to
issue stock options to purchase up to and including 2,250,000 common shares of
the Corporation to directors, officers, employees and consultants. Such stock
options shall have an exercise price of C$1.15 per common share, shall have a
term of three years from the date of grant, and shall vest as to twenty-five
percent (25%) immediately and thereafter as to twenty-five percent (25%) on
dates which are six (6) months, twelve (12) months and eighteen (18) months
from the date of grant.
    In addition to the foregoing, the Corporation also announces the granting
of a stock option to James Clarke, of Vancouver, British Columbia, to purchase
up to 100,000 common shares of the Corporation at an exercise price of C$1.15
per common share. Mr. Clarke is a consultant who provides investor relations
services to the Corporation, pursuant to an investor relations services
contract, details of which were previously announced in a news release of the
Corporation on June 16, 2003. The granting of stock options to Mr. Clarke is
subject to the approval of the TSX Venture Exchange Inc.

    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 sixth 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 statements about expected or anticipated
results that are forward-looking in nature and, as a result, are subject to
certain risks and uncertainties, such as technical issues, new legislation,
competitive and general economic factors and conditions, uncertainties
resulting from potential delays, changes in plans, the occurrence of
unexpected events and the Corporation's capability to execute and implement
its future plans. Actual results may differ materially from those projected by
management. 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, 1-888-290-1335 (Toll Free)

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