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Page 1: Corporate PresentationCorporate Presentation · Corporate PresentationCorporate Presentation January 2011 1. Forward-Looking Statements:Cautionary Note In compliance with Canadian

Corporate PresentationCorporate PresentationJanuary 2011

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Page 2: Corporate PresentationCorporate Presentation · Corporate PresentationCorporate Presentation January 2011 1. Forward-Looking Statements:Cautionary Note In compliance with Canadian

Forward-Looking Statements: Cautionary NoteIn compliance with Canadian and U.S. Continuous Disclosure Policies:

Except for the statements of historical fact contained herein, certain of the information presented in this presentation constitutes "forward-lookingt t t " h t i d i li bl C di d U S l Th t t t l t t l d th i f ti th t b dstatements" as such term is used in applicable Canadian and U.S. laws. These statements relate to analyses and other information that are based on

forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In particular, statements concerning MineralResource estimates should be viewed as forward-looking statements to the extent that they involve estimates of the mineralization. Any statementsthat express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events orperformance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does notanticipate", "plans, "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur orbe achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward-looking statements, includingbe achieved) are not statements of historical fact and should be viewed as forward looking statements . Such forward looking statements, includingbut not limited to, the amount of estimated mineralization and the timing of and possible outcome of pending economic evaluations and other factorsand events described in this presentation, involve known and unknown risks, uncertainties and other factors which may cause the actual results,performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or impliedby such forward-looking statements. Such risks and other factors include, among others, the timing of and actual results of exploration activities;variations in the underlying assumptions associated with the estimation or realization of Mineral Resources, the conclusions of economic evaluationsand possible variations in ore grade or recovery rates; costs and timing of the development of existing and new deposits; availability of capital to fundexploration and development programs and the resulting dilution caused by the raising of capital through the sale of shares; and other risks of themining industry including without limitation those associated with the environment, financing or in the completion of development or constructionactivities and the operational, economic, political and social risks inherent in carrying on business in Kazakhstan. Although the Corporation hasattempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-lookingstatements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be noassurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated insuch statements Accordingly readers should not place undue reliance on forward-looking statements contained in this presentationsuch statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this presentation.

Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and theCorporation undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances shouldchange, except as required by applicable law.

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Page 3: Corporate PresentationCorporate Presentation · Corporate PresentationCorporate Presentation January 2011 1. Forward-Looking Statements:Cautionary Note In compliance with Canadian

Alhambra Resources Ltd. – Highlights• Canadian corporation focused on gold exploration & production in

Kazakhstan• License area 2 7 million acres (11 000 km2)• License area - 2.7 million acres (11,000 km2)• Exploring within a prolific gold belt that hosts numerous multi-million

ounce gold deposits• Near term objective is to increase resources reserves and production• Near term objective is to increase resources, reserves and production• Over 100 significant gold occurrences on the property, five of those

being advanced exploration areas1993 2002 20042005

Incorporated in CanadaAcquired Kazakh assetsCommenced test leaching operations in DecemberFirst gold sale in February

2006May 1, 200620072008/9

Feasibility study on oxide portion of Uzboy Gold Deposit receivedDeclared commercial production at Uzboy heap leach mineUpdated resource & reserve estimatesCorporate raid of Kazakh assets

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2008/9Dec 14, 20092010

Corporate raid of Kazakh assetsAnnounced Results of the Preliminary Economic AssessmentResumed an aggressive exploration program

Page 4: Corporate PresentationCorporate Presentation · Corporate PresentationCorporate Presentation January 2011 1. Forward-Looking Statements:Cautionary Note In compliance with Canadian

Capital Market Summary (as of Jan 17, 2011)

Common Share symbol TSX.V: ALH52 week Share price range $0.21 to $1.20p g $ $Share price $1.05Common Shares 104.0 millionWarrants 11.8 millionOptions 7.7 million

Fully Diluted Total: 123 5 millionFully Diluted Total: 123.5 million

Market Capitalization, basic $109 million

Shares held by insiders1 27% (basic)29% (diluted)% ( )

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1. Insiders information as per SEDI Reports

Page 5: Corporate PresentationCorporate Presentation · Corporate PresentationCorporate Presentation January 2011 1. Forward-Looking Statements:Cautionary Note In compliance with Canadian

Share Price (in C$)( )

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Page 6: Corporate PresentationCorporate Presentation · Corporate PresentationCorporate Presentation January 2011 1. Forward-Looking Statements:Cautionary Note In compliance with Canadian

Company Shareholder BaseTotal shareholders ~ 1,200

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Page 7: Corporate PresentationCorporate Presentation · Corporate PresentationCorporate Presentation January 2011 1. Forward-Looking Statements:Cautionary Note In compliance with Canadian

Senior Management TeamJohn J. Komarnicki, P. Eng. - Chairman & CEOMr. Komarnicki has 37 years of experience in the resource sector. Between 1999 and 2005, Mr.Komarnicki was President and CEO of Tartan Energy Inc., a Canadian based oil and gas exploration anddevelopment company focusing its activities on California, USA and Central Asia.. From 1989 to 1998, Mr.Komarnicki as President and CEO of H rricane H drocarbons Ltd a j nior Canadian oil and gasKomarnicki was President and CEO of Hurricane Hydrocarbons Ltd., a junior Canadian oil and gasexploration, development and production company doing business in Kazakhstan. HurricaneHydrocarbons, later called PetroKazakhstan, was successful in winning the first major state energyprivatization tender in 1995.

D ld D M K h i CA VP Fi & CFODonald D. McKechnie, CA - VP Finance & CFOMr. McKechnie is a Chartered Accountant with 35 years of senior financial and management experience32 of those being in the resource sector involved with oil and natural gas projects in Canada, Indonesiaand Ukraine and in the mining sector in Kazakhstan. The majority of his career was spent with NorthCanadian Oils Limited, a natural resource and electrical cogeneration company headquartered in Calgary.Mr McKechnie was the president of North Canadian's electrical cogeneration subsidiary at the time thatMr. McKechnie was the president of North Canadian s electrical cogeneration subsidiary at the time thatcompany was sold. Mr. McKechnie joined Alhambra in 2003.

Ihor P. Wasylkiw, P. Eng. - VP & CIOMr. Wasylkiw is a Professional Engineer with 30 years of experience in the oil, gas, mining, and securitiesindustries. He has held both technical and managerial positions and has worked internationally. From1999 to 2006, Mr. Wasylkiw held the position of Vice President Investor Relations for PetroKazakhstanInc., an integrated energy company engaged in the exploration, development and production of oil andgas, refining of oil and sale of oil and refined products in Kazakhstan. From 1979 to 1992, Mr. Wasylkiwworked for Shell Canada Limited in various technical and managerial positions. In 1992, he joined TotalGestion Internationale in Paris France and worked in Russian and Tatarstan where he held the positionsGestion Internationale in Paris, France and worked in Russian and Tatarstan where he held the positionsFirst Deputy Director General and Advisor to the Director General.

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Page 8: Corporate PresentationCorporate Presentation · Corporate PresentationCorporate Presentation January 2011 1. Forward-Looking Statements:Cautionary Note In compliance with Canadian

Senior Management TeamPaul Marchenko, MBA - VP Business DevelopmentMr. Marchenko joined Alhambra in 2003 and was appointed Vice President Business Development onNovember 26, 2009. From 2001 to 2003, Mr. Marchenko was a Senior Tax Consultant with Deloitte &Touche LLP in Calgary where he focused on tax compliance and planning matters for both CanadianTouche LLP in Calgary where he focused on tax compliance and planning matters for both Canadianand international companies. Between 1996 and 1999, Mr. Marchenko practiced corporate andsecurities law with the Chicago based international law firm of Altheimer & Gray in Kiev where heworked extensively on investment transactions related to various countries within the former SovietUnion. As part of his practice, Mr. Marchenko represented the interests of some of the world's largestmultinational corporations and financial institutions, such as British Petroleum, Motorola, Credit SuissepFirst Boston, Citibank and the EBRD, for their investment projects in Russia, Ukraine and other FormerSoviet Union countries.

Elmer B. Stewart, MSc., P.Geol. - Qualified PersonMr. Stewart holds a Masters Degree in Geology and has 35 years of international and North Americang gy yexperience in the mineral industry. His early career development was with St. Joseph ExplorationLimited, Noranda Exploration and AGIP Canada before assuming progressively more seniormanagement positions with Northern Minerals in 1991. Mr. Stewart was President and CEO of EurasiaGold Corp. from 1997 until 2000. and he was President and Chief Operating Officer of AlhambraResources Ltd. from 2003 to 2007. Mr. Stewart has been involved in evaluating uranium, base metal

d i t l j t i E t E M i N th A i d S th A i I 1999 hand precious metal projects in Eastern Europe, Mexico, North America and South America. In 1999, hedirected the purchase, financing and development of two heap leach gold projects in Kazakhstan. Mr.Stewart is a registered Professional Geologist with the Association of Professional Engineers Geologistsand Geophysicists of Alberta.

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Page 9: Corporate PresentationCorporate Presentation · Corporate PresentationCorporate Presentation January 2011 1. Forward-Looking Statements:Cautionary Note In compliance with Canadian

DirectorsRichard K. GortonMr. Gorton has 40 years of experience in the international mining industry including South Africa, Australia and NorthAmerica. He is a Professional Geologist holding a Master’s degree in Geology from the University of Cape Town. Mr.Gorton has been involved in exploration operations and business development arenas From 1973 to 1986 Mr GortonGorton has been involved in exploration, operations and business development arenas. From 1973 to 1986, Mr. Gortonworked for Newmont South Africa Ltd., directing the Company’s exploration activities in the search for gold, base metals,diamonds and uranium. During this time, Mr. Gorton was involved in the early discovery stages of the Gamsberg zincdeposit for the O’okiep Copper Company in Namaqualand, South Africa. From 1986 to 1990, Mr. Gorton was ChiefGeologist at the Telfer Gold Mine in Western Australia. From 1990 to 1994, Mr. Gorton became Great Basin ExplorationManager and later Director, Exploration North America. From 1994 to 2005, Mr. Gorton became Director of Exploration andg p pBusiness Development for Newmont Mining Corporation. Mr. Gorton retired in 2005 but continued as a consultant toNewmont. In 2005, Mr. Gorton also co-founded BWG Mining which applies supervised Neural Network technology tomultiple exploration data sets targeting new discoveries.

Graham A. KarklinMr. Karklin has 36 years of experience in the international mining industry including Central Asia, Australia, North andSouth America, Africa, Indonesia and Russia. Mr. Karklin has been involved in the area of project development, operationsand business development. He is a Professional Metallurgist, QP, who graduated from Haileybury School of Mines inCanada. Mr. Karklin’s experience includes metallurgical development in the areas of rare earths, base metals and preciousmetals. Management experience includes general management of mining operations, metallurgical testing facilities, as well

f di C di bli F 18 M K kli k d t E h B Mi Ltd i thas co-founding a Canadian public resource company. For 18 years, Mr. Karklin worked at Echo Bay Mines Ltd. in thecapacity of Director of Metallurgical Services, which involved due diligence for mergers and acquisitions, operations anddevelopment of new mining projects. For the past 12 years Mr. Karklin has worked at Newmont Mining Corporation in thetechnical services group as an internal consultant to projects and operations in Russia, Uzbekistan, Indonesia, Peru,Bolivia, Ghana and Canada. Mr. Karklin retired in 2008, and continues to be a consultant to Newmont Mining Corporation.

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Page 10: Corporate PresentationCorporate Presentation · Corporate PresentationCorporate Presentation January 2011 1. Forward-Looking Statements:Cautionary Note In compliance with Canadian

DirectorsMichael E. HriskevichDr. Hriskevich served as the President and Chief Executive Officer of Alhambra Resources Ltd from 1993 to 2003. From1983 to 2005, Dr. Hriskevich held the position of President in Banaqu Exploration Ltd., a privately held company. In 1983,Dr Hriskevich took early retirement from Canterra Energy Ltd being in a position of a Senior Vice-President DrDr. Hriskevich took early retirement from Canterra Energy Ltd. being in a position of a Senior Vice-President. Dr.Hriskevich has a Bachelor and a Masters Degrees in Mining Engineering and Geology from Queen’s University, as well asPhD in Geology from Princeton University. Dr. Hriskevich is currently retired.

James S. BunyanMr. Bunyan is an independent businessman and has served as a director of a number of public companies. Mr. BunyanMr. Bunyan is an independent businessman and has served as a director of a number of public companies. Mr. Bunyanwas director of Tiberon Minerals from 1998 to 2003 and has been a director of Madison Energy Corp. since 2000. Mr.Bunyan has a Bachelor of Science degree from Heriot-Watt University in Edinburgh, Scotland and a Masters in BusinessAdministration from the Warwick University Business School in Warwick, England.

Gordon L. LevangGordon L. Levang is the President of Kranor Sales Ltd. since August 1998 and Chief Executive Officer of Polartek 2000Ltd. from 1998, a private corporation manufacturing electrical equipment for the oil and natural gas industry. During hiscareer, Mr. Levang owned and operated several businesses in the oil and natural gas service industry. Mr. Levang servedon the board of directors of Tartan Energy Inc. from 1999 to 2006.

Clarence K. WagenaarClarence K. Wagenaar is the founder and President of Hillcrest Investments Ltd., a real estate development company, anda principal shareholder in a number of other venture corporations involved in the development of real estate land and multi-family apartment buildings, as well as various construction projects. Mr. Wagenaar has also been a director of CinchEnergy Corp. from 2003 to 2006, a public corporation listed on TSX Venture Exchange Inc.

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Page 11: Corporate PresentationCorporate Presentation · Corporate PresentationCorporate Presentation January 2011 1. Forward-Looking Statements:Cautionary Note In compliance with Canadian

Kazakhstan• 9th largest country in the world: 2.7 million km2

• Population: 16 2 million – ethnic Kazakhs 64% ethnicPopulation: 16.2 million ethnic Kazakhs 64%, ethnic Russians 23%

• Stable political environment – organized as a presidential republic

• Fastest growing economy in the former Soviet Union -recognised by the U S as a market economyrecognised by the U.S. as a market economy

• Banking system's capitalization now exceeds $1 billion. Several major foreign banks now have branches in j gKazakhstan, including RBS, Citibank, and HSBC.

• Sovereign bonds: rated investment grade

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Page 12: Corporate PresentationCorporate Presentation · Corporate PresentationCorporate Presentation January 2011 1. Forward-Looking Statements:Cautionary Note In compliance with Canadian

Kazakhstan (continued)• Development of petroleum, natural gas, and mineral

extraction has attracted most of the over $40 billion in f i i t t i K kh t i 1993 dforeign investment in Kazakhstan since 1993 and accounts for some 57% of the nation's industrial output (or approximately 13% of GDP)

• Abundant supply of accessible mineral and fossil fuel resources: • ranks in the top 10 for coal, iron, and gold• 2nd largest uranium, chromium, lead, and zinc

reserves• 3rd largest manganese reserves• 5th largest copper reserves• 11th largest proven reserves of both oil & natural gas

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• 11th largest proven reserves of both oil & natural gas

Page 13: Corporate PresentationCorporate Presentation · Corporate PresentationCorporate Presentation January 2011 1. Forward-Looking Statements:Cautionary Note In compliance with Canadian

Gold Deposits of Northern KazakhstanVasilkovskoe12 MM oz.(Glencore) 

Aksu15 MM oz.

(KazakhGold)Maykain3 MM oz.(RMC)

Varvarinskoe5 MM oz.(Polymetal)

(RMC)

Bakyrchik8 MM oz.(Ivanhoe)

UZBOY GOLD PROJECTALHAMBRA RESOURCES

Bestobe10 MM oz.

(KazakhGold)

Komarovskoe2 MM oz.(Cammex)

(Ivanhoe)

SuzdalZholymbet8 MM oz.

( khG ld)

(KazakhGold)

2 MM oz.(Severstal)

(KazakhGold)

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Page 14: Corporate PresentationCorporate Presentation · Corporate PresentationCorporate Presentation January 2011 1. Forward-Looking Statements:Cautionary Note In compliance with Canadian

Regional Infrastructure Map

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Our Projects – 2.7 million acresN

EWVasilkovskoe East Kirtoge

VASILKOVSKOE

Uzboy S

EWVasilkovskoe East g

North Balusty180 kms

ShirotnaiaDombraly

St k

180 kms

70 kmsShirotnaia

LEGEND KerbayZhanatobeStepnyak

Mamay

AKSU

Mineralized TrendsProject Areas

License AreaEarly Stage Exploration Mamay

AKSUProject Areas

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Page 16: Corporate PresentationCorporate Presentation · Corporate PresentationCorporate Presentation January 2011 1. Forward-Looking Statements:Cautionary Note In compliance with Canadian

2011 Advanced Project - Uzboy Gold Deposit

West PitEast PitEast Pit

Producing gold from the oxide zone

Oxide underlain by transitional and sulphide layers

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Oxide underlain by transitional and sulphide layers

Page 17: Corporate PresentationCorporate Presentation · Corporate PresentationCorporate Presentation January 2011 1. Forward-Looking Statements:Cautionary Note In compliance with Canadian

Uzboy Gold Deposit – Gold Resources

Resource Tonnes(1) Grade (g/t) Ounces(1)

As of 15-Dec-09, no material change from 31-Dec-07

Category Tonnes(1) Grade (g/t) Ounces(1)

Measured (M) 14,317,200 1.52 700,000Indicated (I) 7 009 500 1 22 275 500Indicated (I) 7,009,500 1.22 275,500M + I 21,326,700 1.42 975,500Inferred 11,258,200 1.17 421,700

• This NI 43-101 compliant study (done at a gold price of US$850 per ounce) confirmed:

Alhambra has a property that can be economically developedp p y y pSignificant upside potential

• Under various operating and technical parameters, NPV ranged from $90 to $203 million(2) (i.e. US$0.87 to US$1.95/share)

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1. Resource information effective as of 12/31/07 as per ACA Howe International Ltd. per news release datedApril 8, 2008 at a 0.40 g/t cut‐off.

2. The complete ACA Howe Scoping Study has been filed on SEDAR. All NPVs are based on a 0.4 g/t gold cut‐offand were discounted at 10% .

from $90 to $203 million (i.e. US$0.87 to US$1.95/share)

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Uzboy Gold Deposit

• 2010 assay results still pending; including• Shallow oxide core drilling• Shallow oxide core drilling• Deeper sulphide core drilling

Drilling focus to further define the down dip• Drilling focus – to further define the down dip extension of sulphide gold mineralization

• 2011 Plans:• 2011 Plans:• An expanded drilling program • Updating the current NI 43 101 resource report• Updating the current NI 43-101 resource report• Updating the current Preliminary Economic

Assessment (i e Scoping Study)

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Assessment (i.e. Scoping Study)

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Alhambra – Yearly Gold Production & Sales

30,000(ounces per year)

Prod ction

20,000

25,000 Production

15,000

20,000Sales

5,000

10,000

02006 2007 2008 2009 9 Mths YTD

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Page 20: Corporate PresentationCorporate Presentation · Corporate PresentationCorporate Presentation January 2011 1. Forward-Looking Statements:Cautionary Note In compliance with Canadian

Alhambra – Cash Operating Costs

600Due to

140450500550 Due to

pre-stripping

578534 497

350400450

334 354421 420

497

200250300

150200

2006 2007 2008 2009 1Q10 2Q10 3Q10

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Q Q Q

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2011 Advanced Project - DombralyN

EW

VASILKOVSKOE S

EW

Dombraly

LEGEND

AKSU

Mineralized Trends2010 Target Areas

License Area

G

AKSU2010 Target Areas

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Page 22: Corporate PresentationCorporate Presentation · Corporate PresentationCorporate Presentation January 2011 1. Forward-Looking Statements:Cautionary Note In compliance with Canadian

Dombraly Gold Deposit

Open Pit

Waste Pile

A former producing gold mine

Target Size: 1,700 m by 250 m

Intercepts: DDH: 40 02 5 07 g/t Au/27 mAverage oxide gold grade ~ 1.52 g/t

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Intercepts: DDH: 40-02 5.07 g/t Au/27 mDDH: 16-02 8.65 g/t Au/10 m

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Dombraly Gold Deposit• Min. exploration target(1) : 5 to 7 MM tonnes with

gold grades ranging from 1.40 to 1.80 g/t (oxide)gold grades ranging from 1.40 to 1.80 g/t (oxide)• 2010 assay results still pending, including:

• Core & RAB drilling to further define limits of ggold mineralization

• RC drilling north of the former pit, of the waste pile & back fill material

• 2011 Plans:• An expanded drilling program • Completing an initial NI 43-101 resource report

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(1) Potential quantities and grades are conceptual in nature. To date there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the target being delineated as a mineral resource.

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2011 Advanced Project - ShirotnaiaN

EW

VASILKOVSKOE S

EW

ShirotnaiaLEGEND

AKSU

Mineralized Trends2010 Target Areas

License Area

AKSU2010 Target Areas

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Page 25: Corporate PresentationCorporate Presentation · Corporate PresentationCorporate Presentation January 2011 1. Forward-Looking Statements:Cautionary Note In compliance with Canadian

Shirotnaia Zone

Aksu waste pile

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Target Size: 10 kms x 2 kmsGold soil anomaly: 3.4 kms x 1.5 kms

2010 Diamond Drilling Intercepts: DDH: 100-02 4.32 g/t Au/36.0 mDDH: 32-02 2.13 g/t Au/20.0 m

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Shirotnaia Zone• Adjacent to two multi-million oz gold deposits

currently being mined – Aksu/Quartzite Hills• Recent exploration gold discoveries made:

• 2010 – sample intercept; 4.32 g/t over 36.0 m• 2008 bedrock gold anomolies• 2008 – bedrock gold anomolies • 2007 – sample intercept; 1.79 g/t over 73 m

• 2010 RC drilling assay results still pending0 0 C d g assay esu ts st pe d g• 2011 Plans:

• An extensive exploration program consisting of diamond & reverse circulation drilling to further identify geology and potential

• Completing an initial NI 43-101 resource report

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• Completing an initial NI 43-101 resource report

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Early Stage Exploration ProjectsN

EWVasilkovskoe EastVASILKOVSKOE S

EWVasilkovskoe East

North Balustyo t a usty

LEGEND KerbayZhanatobe

AKSU

Mineralized TrendsProject Areas

License AreaEarly Stage Exploration

AKSUProject Areas

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Early Stage Exploration Projects• Considered to be areas of high potential• To date limited geophysical work and drillingTo date, limited geophysical work and drilling

conducted in these areas• 2010 assay results still pending; including

• RAB drilling at Zhanatobe• KGK drilling at North Balusty• Rock chip samples from Vasilkovskoe East• Rock chip samples from Vasilkovskoe East

• 2011 Plans:• Significantly increase exploration activities, g y p ,

including a regional geophysical survey and drilling, to increase gold resources and identify

f ld i li ti28

new zones of gold mineralization

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Alhambra – The Opportunity

• Exploring in a prolific proven gold belt• Exceptional exploration potential• A gold producer with cash flow and theA gold producer with cash flow and the

ability to increase gold production• Positive Preliminary EconomicPositive Preliminary Economic

Assessment of the Uzboy gold deposit• Commitment to growthCommitment to growth• Experienced management team

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Page 30: Corporate PresentationCorporate Presentation · Corporate PresentationCorporate Presentation January 2011 1. Forward-Looking Statements:Cautionary Note In compliance with Canadian

Corporate Contact DetailsOffice Address:

Suite 3ASuite 3A4015 – 1st Street S.E.Calgary, Alberta, Canada T2G 4X7W b it lh bWebsite: www.alhambraresources.com

Contacts: R b t R ll I t R l tiRobert Rowell, Investor Relations

tel: +1 (403) 668-4891fax: +1 (403) 228-2865fax: 1 (403) 228 2865

Ihor Wasylkiw, Vice President & CIOtel: +1 (403) 228-2855f 1 ( 03) 228 286fax: +1 (403) 228-2865

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