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Press release from Marketwire

Alamos Provides Exploration Update on Turkish Projects

Monday, November 01, 2010

Alamos Provides Exploration Update on Turkish Projects08:02 EDT Monday, November 01, 2010TORONTO, ONTARIO--(Marketwire - Nov. 1, 2010) - Alamos Gold Inc. (TSX:AGI) ("Alamos" or the "Company") announces results from its ongoing exploration program at its Agi Dagi project in northwestern Turkey. The Company is also providing brief updates on its Kirazli, Çamyurt, and Rock Pile exploration projects.Agi Dagi Exploration Update Baba and Deli Zones On the Agi Dagi land package, the Company has drilled more than 15,170 metres ("m") in 91 drill holes in the Baba and Deli deposits in 2010, which are located in Figure 1. Drilling initially focused on collecting representative samples for metallurgical and geotechnical testing purposes, but has shifted to infill drilling and drill-testing for extensions to known areas of mineralization.Notable recent assay results include:10AD377 53.6 m at 1.68 grams of gold per tonne ("g/t Au") 10AD387 31.3 m at 2.25 g/t Au 10AD388 28.9 m at 4.12 g/t Au 10AD392 62.4 m at 1.26 g/t Au 10AD393 42.0 m at 1.33 g/t Au 10AD393A 44.5 m at 1.11 g/t Au 10AD397 39.6 m at 1.38 g/t Au 10AD401 58.4 m at 1.11 g/t Au 10A403 96.0 m at 0.81 g/t Au 10A408 39.0 m at 1.32 g/t Au Drilling continues to confirm expected grades and thicknesses, while the results from some holes, such as 10A408, 10AD393, and 10AD393A, have significantly exceeded expectations, with respect to grade relative to the current block model. Similarly, assay results that are from twins of holes drilled by previous operators continue to generally exceed historical results. The Company attributes this phenomenon to improved core recovery as the increases in grade for twinned holes are generally well correlated with zones having increased core recovery. Alamos' average core recovery is in excess of 85%, while the average core recovery by previous operators was 71%.Drilling at Agi Dagi is ongoing with three core rigs and the Company will be providing an updated mineral resource estimate for the Deli and Baba deposits as part of its annual mineral reserve and resource update in the first quarter of 2011.Relevant assay results and drill hole collar data are presented in tables 1 and 2, respectively. Drill hole locations from the Agi Dagi program are presented in figures 2 and 3 at the end of this press release. Çamyurt Zone The Camyurt target is a separate zone of economic interest that is located about three kilometres southeast of the Baba deposit and is identified in Figure 1. The Company has received drill permits for its Camyurt project and is currently establishing drill access roads and pads.In late 2007, previous operators drilled five wide-spaced core holes at Çamyurt over a strike distance of approximately 700 m. Although all holes had poor core recovery, and one was abandoned during drilling, a significant new discovery had been made. The Çamyurt zone remains open to the southwest, and there appears to be at least 800 m of untested strike length in favourable rock types for hosting gold mineralization that outcrop at surface. As shown in Figure 4, approximately 500 m of this untested favourable rock type coincides with gold mineralization in soil and rock chip samples.The Company's initial 2,500 m drill program is expected to commence shortly with initial assays being reported during the first quarter of 2011. The drill program is primarily intended to drill-test for strike length extensions to known areas of gold mineralization.Kirazli Exploration Update Kirazli Main Zone Drill permits for the Kirazli project were received in late August 2010 and a 5,000 m drilling commenced on August 29, 2010. The Company has drilled over 1,765 m in 13 drill holes at Kirazli and assays are pending. The Company has completed all of the required metallurgical and geotechnical drilling necessary for the PFS and exploration efforts at Kirazli are now focused on completing the infill and extension drilling with three core rigs.The Company will be providing an updated mineral resource estimate for the Kirazli deposit as part of its annual mineral reserve and resource update in the first quarter of 2011. Rock Pile Target Rock Pile is an exploration target located approximately one kilometre west of the main resource area at Kirazli, as shown in Figure 5.Previous operators collected 71 surface rock samples with an average grade of 3.8 g/t Au over an area covering 400 m by 100 m. Within that group of samples, 50 of the samples were associated with silica alteration and returned values above 1 g/t Au. Previous operators also completed an inverse polarization ("IP") survey that identified zones that may contain favourable host rocks for gold mineralization.During the third quarter, Alamos' exploration team began conducting its own geological mapping and has identified several small old workings coincident with the soil and rock gold anomalies identified by previous operators. Rock Pile is a grass roots exploration target and has never been drill-tested. Drilling is planned to commence in the second quarter of 2011.QA/QC ProgramsAgi Dagi and Kirazli exploration programs are conducted under the supervision of Dominique Fournier, B.Sc. Geology, PhD. Geology, Registered Professional Geologist, Alamos' Exploration Manager - Turkey. Mr. Fournier is a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.Strict sampling and QA/QC protocol are followed, including the insertion of standards, blanks, and duplicates on a regular basis. Sample intervals are usually 1.0 to 1.5 m. Agi Dagi samples are sent to Acme Analytical Laboratories in Ankara, Turkey for sample preparation and then to Vancouver, British Columbia, Canada or Santiago, Chile for analysis. Analytical method is fire assay with atomic adsorption finish and gravimetric finish for individual samples with a gold concentration greater than 5.0 g/t Au. Composites presented in the assay results tables include intervals at greater than 0.2 g/t Au over a 3-m minimum width; no assays are cut unless indicated.About AlamosAlamos is an established Canadian-based gold producer that owns and operates the Mulatos Mine in Mexico, and has exploration and development activities in Mexico and Turkey. The Company employs nearly 500 people in Mexico and Turkey and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighbouring communities. Alamos has over US$170 million cash on hand, is debt-free, and unhedged to the price of gold. Alamos' common shares are traded on the Toronto Stock Exchange under the symbol "AGI".Cautionary NoteNo stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including without limitation statements regarding forecast gold production, gold grades, recoveries, waste-to-ore ratios, total cash costs, potential mineralization and reserves, exploration results, and future plans and objectives of Alamos, are forward-looking statements that involve various risks and uncertainties. These forward-looking statements include, but are not limited to, statements with respect to mining and processing of mined ore, achieving projected recovery rates, anticipated production rates and mine life, operating efficiencies, costs and expenditures, changes in mineral resources and conversion of mineral resources to proven and probable reserves, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management.Exploration results that include geophysics, sampling, and drill results on wide spacings may not be indicative of the occurrence of a mineral deposit. Such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics and economic potential to be classed as a category of mineral resource. A mineral resource which is classified as "inferred" or "indicated" has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an "indicated mineral resource" or "inferred mineral resource" will ever be upgraded to a higher category of resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into proven and probable reserves.Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements.There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Alamos' expectations include, among others, risks related to international operations, the actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of gold and silver, as well as those factors discussed in the section entitled "Risk Factors" in Alamos' Annual Information Form. Although Alamos has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources:This press release uses the terms "Measured", "Indicated", and "Inferred" resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of a Mineral Resource is economically or legally mineable.To view "Figure 1: Agi Dagi Target Zone Locations", please visit the following link: http://media3.marketwire.com/docs/alamosfig1.pdf To view "Figure 2: Agi Dagi - Proposed Pits & Drill Hole Locations – Baba Zone", please visit the following link: http://media3.marketwire.com/docs/alamosfig2.pdf To view "Figure 3: Agi Dagi - Proposed Pit & Drill Hole Locations – Deli Zone", please visit the following link: http://media3.marketwire.com/docs/alamosfig3.pdf To view "Figure 4: Agi Dagi - Historical Drill Hole Locations – Çamyurt Zone", please visit the following link: http://media3.marketwire.com/docs/alamosfig4.pdf To view "Figure 5: Kirazli Target Zone Locations", please visit the following link: http://media3.marketwire.com/docs/alamosfig5.pdf Table 1: Agi Dagi, Baba and Deli Zones - Select Composite Intervals(1) Include intervals at >0.2 g/t Au over a 3 metres minimum width, no assay cut (unless indicated)Drill HoleDrillingTotal DepthFromToIntervalAssayNumberMethod(m)(m)(m)(m)(g/t Au)4.5026.6022.100.9310-AD-370Core140.9030.2043.5013.300.3649.0052.703.700.2110-AD-371Core198.6061.8064.903.100.5422.0035.4013.400.2440.5047.406.900.2287.00107.0020.000.32110.00116.606.600.3410-AD-372Core259.00135.40143.608.200.23148.00154.006.000.23158.50168.5010.000.25171.50203.0031.500.31207.20216.909.700.33219.80224.404.600.2712.8023.8011.000.9310-AD-373Core168.4054.3089.5035.200.36103.00119.5016.501.1810-AD-374Core140.0049.2057.808.600.9173.3077.504.200.376.0019.009.000.2732.8035.803.000.2710-AD-375Core190.0054.0057.003.000.2384.10106.3022.200.28114.70128.5013.800.337.8012.004.200.9210-AD-376Core145.0021.0054.4033.400.5857.4089.7032.300.9410-AD-3772Core149.0030.0083.6053.601.6810-AD-377ACore250.10107.60120.2012.600.3510-AD-378Core180.0016.7024.207.500.7272.5075.503.000.235.2010.805.600.5510-AD-379Core164.5032.0035.003.000.38112.50119.006.500.252.905.903.000.2510-AD-380Core133.809.0012.003.000.2419.5027.007.500.3930.0034.504.500.26106.30113.807.500.5610-AD-381Core310.80126.80133.406.600.26261.35267.205.850.2510-AD-382Core183.50110.00113.303.300.4138.3041.303.000.2556.7061.204.500.2210-AD-383Core290.10117.40120.403.000.32124.90137.9013.000.33157.00166.009.000.349.5027.0017.500.4865.8079.9014.100.5610-AD-384Core284.1096.20101.805.600.34108.00144.9036.900.60248.00253.105.100.8625.3032.006.700.7039.5048.509.000.8710-AD-385Core158.5059.5062.603.100.2569.8072.803.000.2277.2087.009.800.9310.5013.503.000.2085.20104.5019.300.3910-AD-386Core234.32123.70130.306.600.24154.60161.106.500.29185.10189.104.000.94231.00234.303.300.8420.6026.606.000.2288.00119.3031.302.2510-AD-387Core201.30125.30128.303.000.29143.50149.506.000.22155.50161.506.000.26165.90181.4015.500.25127.10156.0028.904.12163.50177.0013.501.4510-AD-388Core355.70200.00203.003.000.32214.70219.204.500.27254.00264.0010.000.35297.00300.003.000.5310-AD-3893Core22.0012.3018.306.000.520.608.307.700.4132.1036.404.300.3163.8075.7011.900.6478.7084.205.500.4810-AD-389ACore276.1098.50117.3018.800.91124.10128.804.700.42178.70184.405.700.35195.90214.0018.100.48222.50226.604.100.4729.1032.103.000.2241.1050.809.700.2361.3067.205.900.2282.2085.703.500.2290.20102.1011.900.2510-AD-390Core251.70106.60109.603.000.25113.10116.703.600.49124.20135.3011.100.29141.50155.0013.500.26160.70190.9030.200.37194.10210.0015.900.3010-AD-391Core200.5012.0019.007.000.3235.8098.2062.401.2610-AD-392Core255.00149.50152.503.000.22155.50175.0019.500.63179.50205.7026.200.993.007.504.500.3510-AD-393Core187.3014.3038.0023.700.4841.0083.0042.001.3393.00103.8010.800.594.508.804.300.4510-AD-393A4Core175.5020.0036.6016.600.6145.5090.0044.501.1193.00117.5024.500.6510-AD-394Core105.703.0016.8013.800.8710-AD-395Core83.108.3022.3014.000.25112.50117.004.500.83120.00123.003.000.3010-AD-396Core279.60128.40131.403.000.23140.40155.4015.000.77165.50168.503.000.28106.50112.506.000.3910-AD-397Core222.70122.50125.503.000.26132.50172.1039.601.3856.5077.5021.000.6282.00125.4042.000.6610-AD-398Core265.20128.50137.809.300.37149.00155.006.000.43158.00175.5017.500.25180.00190.0010.000.5010-AD-399Core181.0033.5065.1031.600.8873.2086.3013.100.487.1010.002.900.9910-AD-400Core152.5016.8036.8020.000.2851.1055.204.100.2362.2069.707.500.4810-AD-401Core131.004.5012.007.500.4417.3075.7058.401.1110-AD-402Core146.7031.8042.0010.200.2748.2055.707.500.280.0096.0096.000.8110-A-403RC136.50103.50108.004.500.32115.50120.004.500.329.0027.0018.000.4610-AD-404Core145.1030.0049.5019.500.7289.0095.106.100.4410-AD-405Core93.2019.7026.206.501.818.5013.404.900.7056.0072.0016.000.6310-AD-406Core196.6072.4087.309.900.3591.8098.006.200.30125.00129.504.500.50135.50160.8025.301.6010-AD-407Core115.10No composite10-A-408RC94.5010.5022.5012.000.5130.0069.0039.001.3210-A-409RC255.000.0016.5016.500.7228.5040.5012.000.5710-A-410RC126.0045.0055.5010.500.3058.5064.506.000.28112.50115.503.000.2810-A-411RC118.50No composite9.1018.109.000.6222.7030.007.300.3934.0037.003.000.2910-AD-412Core239.2040.0043.103.100.3854.8061.907.100.2581.8085.904.100.2996.40190.2093.800.5210-AD-413Core150.100.005.105.100.4375.4078.403.000.4610-AD-414Core298.00100.40123.2022.802.70127.20131.704.500.2710-AD-415Core7.70No composite6.0020.5013.500.5324.0087.0063.000.4510-AD-415ACore246.0096.00112.5016.500.37197.70200.703.000.33203.70215.8012.100.3812.0015.003.000.5710-A-416RC97.5022.5043.5021.000.6952.5061.509.000.4278.0088.5010.500.3110-A-417RC103.5045.0049.504.500.2542.0053.3011.300.2810-AD-418Core255.90133.20139.105.900.27150.50155.004.500.22189.70206.5016.800.9710-A-419RC91.5024.0027.003.000.2446.5052.506.000.5310-A-420RC84.0040.5060.0019.500.6667.5078.0010.500.9810-A-421Core156.00Assays pending6.0012.006.002.4510-A-422RC63.0019.5034.5015.000.9443.5063.0019.500.3810-A-423RC42.0010.5021.0010.500.2228.5031.503.000.5210-A-424Core90.408.3011.303.000.2728.8033.004.200.46121.60124.203.200.28136.20147.5011.300.4710-AD-425Core236.50155.80163.307.500.30175.60190.6015.000.34193.60196.603.000.31201.10204.103.000.29222.10231.109.000.2310-AD-426Core149.6057.6068.1010.500.2910-AD-427Core152.200.0049.7049.700.3664.2085.0020.801.0910-AD-428Core222.500.0055.5055.500.5567.3077.7010.400.4582.2086.304.100.29110.50127.1016.600.30137.30141.404.100.24162.60179.2016.600.26213.6022.508.900.31Due to the exploratory nature of this program and the variable orientations of the high-grade mineralized zones, the intersections presented herein may not necessarily represent the true width of mineralization Results in bold represent intervals greater than 20 metres*grams/tonne (20gmt) 10-AD-377 had poor recovery below 106m, it was re-drilled as 10-AD-377A from 102m 10-AD-389 was lost at 22.0 m and re-drilled as 10-AD-389A 10-AD-393A is a re-drill of 10-AD-393 because of low recovery in the original hole Table 2: Agi Dagi – Drill Hole Collar DataDrill HoleAzimuthDipEastingNorthing(degree)(degree)(m)(m)10-AD-3700-90494,8424,413,66110-AD-371190-50497,0754,415,63110-AD-372310-60494,9864,413,78510-AD-373122-60497,2864,415,66810-AD-3740-90494,9464,413,64510-AD-3750-90495,0604,414,02610-AD-376313-75495,0684,413,61710-AD-377135-60497,1234,415,83410-AD-377A135-60497,1234,415,83410-AD-378334-52497,0244,415,40210-AD-379310-60494,7484,413,73910-AD-380310-75494,8474,413,61810-AD-38190-63496,8174,415,50910-AD-382130-60496,8864,415,62010-AD-383309-62495,0454,413,88810-AD-384130-60497,0154,415,65310-AD-3850-90497,2864,415,59610-AD-3860-90497,0714,415,72710-AD-387235-60495,0454,413,88810-AD-3880-90497,0444,415,75110-AD-389110-55497,3384,415,89010-AD-389A110-55497,3384,415,89010-AD-390130-60495,0454,413,88810-AD-391180-60497,5014,415,73510-AD-392157-61497,3244,415,87910-AD-393315-58495,1504,413,54310-AD-393A310-60495,1504,413,54310-AD-3940-90497,5444,415,65310-AD-395130-75497,5644,415,57010-AD-395A130-70497,5614,415,57010-AD-396314-60497,1214,415,75010-AD-397217-60497,0544,415,75610-AD-3980-90497,3994,415,72110-AD-399270-60495,0804,413,46310-AD-4000-90495,0294,413,52610-AD-40193-60497,3524,415,48810-AD-4020-90495,0154,413,45310-A-403130-60497,4284,415,55310-AD-404130-60497,4404,415,86710-AD-405130-60497,1904,415,51310-AD-40640-60496,9284,415,58910-AD-407217-60497,2094,415,61010-A-408130-60497,3624,415,52610-A-4090-90497,5374,415,66510-A-41045-70497,6014,415,80710-A-4110-60496,6534,415,42810-AD-412310-75495,0704,413,76110-AD-413130-60497,2844,415,35710-AD-4140-60497,0544,415,75910-AD-415310-60497,4384,415,86810-AD-415A130-60497,4374,415,86710-A-4160-90497,2674,415,95010-A-41790-60497,2764,415,95110-AD-418155-70497,2314,415,93510-A-419130-60496,7474,415,67110-A-420180-60496,9594,415,81410-AD-421130-60495,0824,413,66110-A-422110-60496,8824,415,77510-A-423180-60496,9054,415,86010-AD-424130-60494,7104,413,65610-AD-425130-70497,2294,415,93610-AD-42670-60494,9484,413,64610-AD-427130-60495,0354,413,58110-AD-428310-60494,8154,413,765FOR FURTHER INFORMATION PLEASE CONTACT: John A. McCluskeyAlamos Gold Inc.President and Chief Executive Officer(416) 368-9932ORJeremy LinkAlamos Gold Inc.Investor Relations Manager(416) 368-9932The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.