Alhambra Resources Ltd. - Proposed Financing

    CALGARY, Sept. 14 /CNW/ - Alhambra Resources Ltd. (TSX-V:ALH)
("Alhambra") announces that it is undertaking a non-brokered private placement
of units for aggregate estimated proceeds of $5,000,000. The offering price
will be $1.50 per unit and each unit will be comprised of one common share of
Alhambra and one-half of a common share purchase warrant. Each whole warrant
will be exercisable for one common share of Alhambra for one year from closing
at an exercise price of $2.00 per share. The securities will be subject to
hold periods in accordance with TSX Venture Exchange policies and applicable
securities laws.
    Completion of the financing is subject to satisfaction of usual
requirements, including completion of documentation and regulatory approval,
including approval of the TSX Venture Exchange.

    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 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 forward - looking information. 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: Elmer B. Stewart, President & Chief Operating
Officer, (403) 228-2855; Ihor P. Wasylkiw, Chief Information Officer, (403)
508-4953; Jim Clarke, Investor Relations, (888) 290-1335 (Toll Free)

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