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Alamos Gold Inc. announced Thursday that the company has decided to increase its semi-annual dividend 40 per cent to seven cents from five cents per common share.

The new dividend will be payable Oct. 28 to shareholders of record at the close of business Oct. 14.

"This represents the third consecutive dividend increase since we announced our initial dividend of three cents per share in March of 2010," chief financial officer Jamie Porter said in a release.

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"Our balance sheet strength, higher gold prices and ability to generate continued strong cash flows from operations have enabled us to more than double our dividend payout within an 18-month period."

Alamos is a Canadian-based gold producer that owns and operates the Mulatos mine in Mexico and has exploration and development activities in Mexico and Turkey.

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