Dear Investor,
Please be advised that yesterday, Monday, January 25, 2010, Alhambra Resources Ltd.

(ALH - TSX.V) SEDAR filed (at www.sedar.com ) the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") compliant Preliminary Assessment or Scoping Study (the "Study") on the Uzboy gold deposit, one of six advanced exploration areas located within Alhambras 100% owned Kazakhstan Uzboy Gold Project (the "Uzboy Project").


The Study results demonstrate that the Uzboy gold deposit generates positive Net Present Value ("NPV") at gold prices well below that of current gold prices and recommends completion of a pre-feasibility study on the Uzboy gold deposit.


The Study titled "Updated Scoping Study On The Oxide, Transitional, and Primary Resources at the Uzboy Gold Deposit, Akmola Oblast, Kazakhstan" dated December 10, 2009, was independently conducted and prepared by ACA Howe International Limited ("ACA Howe") and is based on the Canadian National Instrument ("NI") 43-101 compliant resource estimate established by ACA Howe in its Technical Report titled, "Resource and Reserve Estimation Study on the Uzboy Gold Deposit, Akmola Oblast, Kazakhstan for Alhambra Resources Ltd", dated June 2, 2008, having an effective date of December 31, 2007.


Highlights of the Scoping Study include
.

A gold price of US$850 per ounce was used for all scenarios, .

Open pit optimization was completed for 16 scenarios, with positive NPV being generated for all input and operating scenarios.

Each scenario tested a range of resource, capital, cut-off grades and geotechnical inputs.

A number of these scenarios included Inferred mineral resources and a 60 degree pit slope angle for mining the sulphide resources and to establish the potential for further improvements in NPV.

All scenarios were positive, however, eight scenarios were excluded from the analysis as they were completed at a 0.0 grams per tonne ("g/t) gold cut-off grade, .

The NPV for the remaining eight pit optimizations, based on a 0.4 g/t gold cut-off, discounted at 10%, ranged in value from US$90 million ("M") to US$203 M, .

The most feasible pit design, optimized without engineering factors, Scenario 2.2.1, generated a 10% discounted NPV of US$130 M over a 6 year mine life, gold production of 636,000 ounces ("ozs") at an average gold grade of 1.50 g/t, .

The subsequently enhanced engineered pit design, derived from an optimized pit shell, Scenario 1.2.1, generated a 10% discounted NPV of US$90 M over a 3-4 year mine life, optimized gold production of 431,000 ozs (engineered gold production of 420,700 ozs) at an average gold grade of 1.75 g/t, .

Scenario 2.2.2, which is based on an optimized pit without engineering factors, highlighting the potential at Uzboy, generated a 10% discounted NPV of US$203 M over an 8 year mine life, gold production of 914,000 ozs at an average gold grade of 1.50 g/t, .

Significant quantities of primary resources (gold mineralization that has been classified as CIM compliant mineral resources) exist below the optimized designed pit shell.

Only 50.4% of the established December 31, 2007 gold resources (as set out in TABLES 3 & 4) was included in the generation of the optimal pits, * A recommended future work program to advance the Study to pre-feasibility.
Please go to SEDAR to download the report in its entirety, or alternatively, I can provide upon request, an electronic copy of the Studys Executive Summary.


I can be reached at +1 (403) 508-4953 if you have any questions.
Best regards,
Ihor P.

Wasylkiw Chief Information Officer Alhambra Resources Ltd. www.alhambraresources.com