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Alamos Gold Updates on Exploration at Agi Dagi and Kirazli Development Stage Projects

Alamos Gold Inc. (TSX:AGI) provides an exploration update for its Agi Dagi and Kirazli development stage projects in northwestern Turkey.

In 2010, Alamos drilled over 22,600 metres ("m") in 148 holes at the Agi Dagi and Kirazli projects. The exploration program focused primarily on the collection of engineering data and in-fill drilling designed to upgrade existing in-pit inferred mineral resources to the measured and indicated categories.

The Company plans to issue an updated mineral resource estimate for the Agi Dagi and Kirazli projects as part of its 2010 global mineral reserve and resource statement to be released in March 2011.

The Company expects to complete a preliminary feasibility study for the Agi Dagi and Kirazli projects at the end of the second quarter of 2011. As part of this study, the Company will update the mineral resource estimate to incorporate additional drill data. The Company also anticipates that it will report mineral reserves at Agi Dagi and Kirazli for the first time as part of the preliminary feasibility study.

Agi Dagi Project

Baba and Deli Zones

In 2010, the Company drilled over 17,200 m in 113 holes in the Baba and Deli deposits, which are identified in Figure 1. The 2010 drilling program initially focussed on collecting representative samples for metallurgical and geotechnical testing. During the third quarter of 2010, exploration activities shifted to in-fill drilling and drill-testing for extensions to known areas of mineralization.

In-fill drilling at Baba and Deli continues to confirm expected grades and thicknesses of mineralized zones, as predicted by the block model, while results from some holes significantly exceed predicted values. In addition, assay results from twins of holes drilled by previous operators continue to exceed historical results. The Company attributes these variations to improved core recovery compared to the results of previous operators. Alamos' average core recovery in Turkey consistently exceeds 85%, while the average core recovery by previous operators was 71%. The Company expects the improved results to have a positive effect on the mineral resource estimate for the Baba and Deli zones.

Notable recent assay results include:

  •   10-AD-421      23.6 m at 0.89 grams of gold per tonne ("g/t Au")
  •   10-AD-431      80.6 m at 0.78 g/t Au
  •   10-AD-433      25.0 m at 1.11 g/t Au
  •   10-AD-440      57.9 m at 0.51 g/t Au
  •   10-AD-441      58.5 m at 0.73 g/t Au

Recent drilling adjacent and in close proximity to the northern boundary of the main Baba pit presented in the March 2010 preliminary economic assessment ("PEA") has further delineated and expanded the zones of known mineralization. These zones of mineralization may convert to mineral resources once additional drilling is completed.

In 2011, the Company plans to drill a minimum of 9,500 m of extension and in-fill drilling at the Deli, Baba, Fire Tower, and Ilhamur zones with the intent of increasing mineral resources at Agi Dagi.

Çamyurt Zone

The Çamyurt target is identified and is located 3.5 kilometres southeast of the Baba – Deli mineralized trend. The Company considers Çamyurt to be a separate and standalone zone of economic interest at Agi Dagi.

In late 2007, previous operators drilled five wide-spaced core holes at Çamyurt over a strike length of approximately 700 m. Although all holes had poor core recovery, and one was abandoned during drilling, a significant new discovery had been made. At the time, the Çamyurt zone was open to the southwest, and there appeared to be at least an additional 800 m of untested strike length in favourable rock types for hosting gold mineralization that outcrop at surface.

In the fourth quarter of 2010, Alamos drilled over 1,100 m in six core drill holes at Çamyurt that were intended to confirm the mineralized intercepts encountered by previous operators, demonstrate continuity among existing holes, and to test for mineralized extensions to the zone.

Notable recent assay results include:

  •    10-CYD-09   58.9 m at 1.33 g/t Au
  •    10-CYD-11   158.3 m at 0.75 g/t Au

Holes 10-CYD-09 and 10-CYD-11 were twins of historic holes CYD-01 and CYD-05 drilled by previous operators, respectively. Historic hole CYD-01 was reported as 73.3 m grading 0.65 g/t Au with an average core recovery of 43%, while the new twin hole 10-CYD-09 intersected 58.9 m grading 1.33 g/t Au with a core recovery of 82%. Similarly, historic hole CYD-05 had encountered two shorter and lower grade composites of 4.7 m grading 0.43 g/t Au and 11.3 m grading 0.23 g/t Au with core recoveries of 56% and 68%, respectively. The new twin hole, 10- CYD-11, intersected 158.3 m grading 0.75 g/t Au and had a core recovery of 87%. The Company is very encouraged by the improved results at Çamyurt.

Drill holes 10-CYD-08 and 10-CYD-10 were located in between and in close proximity to historic holes. Drilling results confirmed expected grades and thicknesses of mineralization based upon the work done by prior operators.

Drill holes 10-CYD-06 and 10-CYD-07, which were designed to test for possible southern extensions of the known mineralization at Çamyurt, intersected gold-bearing alteration. Based upon surface mapping and other geologic evidence, the Company believes that the targeted zone was undershot by these drill holes. Additional extension and in-fill drilling will be undertaken to adequately delineate this zone.

Overall, the Company is highly encouraged by the results of the 2010 Çamyurt drill program. The Company intends to drill an additional 10,500 m at Çamyurt in 2011, starting in March provided all required permits are received. The 2011 drill program is intended to demonstrate continuity and extend the strike of the known body of gold mineralization. The Company is targeting to include Çamyurt in its 2011 year-end mineral resource estimate.

Kirazli Project

Kirazli Main Zone

In 2010, the Company completed over 4,400 m of drilling in 29 holes at the Kirazli Main Zone. Similar to the Agi Dagi program, drilling initially focused on collecting representative samples for metallurgical and geotechnical data before commencing in-fill drilling.

Similar to the Baba and Deli deposits, in-fill drilling at the Kirazli Main Zone continues to confirm expected grades and thicknesses, as predicted by the block model, while results from some holes significantly exceed predicted values. Additionally, assay results from twins of holes drilled by previous operators continue to generally exceed historical results at the Kirazli Main Zone.

Notable assay results include:

  •    10-KD-120   101.9 m at 1.81 g/t Au
  •    10-KD-121   26.8 m at 3.99 g/t Au
  •    10-KD-121A   32.7 m at 2.37 g/t Au
  •    10-KD-122   110.0 m at 1.55 g/t Au
  •    10-KD-123   17.8 m at 1.30 g/t Au
  •    10-KD-126   82.8 m at 1.36 g/t Au
  •    10-KD-132   46.2 m at 1.74 g/t Au
  •    10-KD-133   135.9 m at 0.67 g/t Au
  •    10-KD-135   144.4 m at 0.88 g/t Au
  •    10-KD-136   44.2 m at 1.32 g/t Au
  •    10-KD-139   92.5 m at 2.74 g/t Au
  •    10-KD-140   33.0 m at 1.31 g/t Au
  •    10-KD-141   138.3 m at 1.20 g/t Au
  •    10-KD-143   50.3 m at 4.42 g/t Au
  •    10-KD-144   73.5 m at 0.87 g/t Au

Of particular interest is 10-KD-120, a twin hole of KD-63 drilled by a previous operator. Historic hole KD-63 was reported as 82.2 m grading 1.19 g/t Au with a core recovery of 68%, whereas the twin hole, 10-KD-120, intersected 101.9 m grading 1.81 g/t Au with a core recovery of 85%. The Company expects the improvement in core recovery to have a positive effect on mineral resource estimate updates for the Kirazli Main Zone.

The zones of mineralization may be convertible to mineral resources and subsequently to mineral reserves with additional drilling.

Rock Pile Target

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, 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.

Alamos recently completed a detailed geological mapping program at Rock Pile resulting in the identification of several targets that are to be drill-tested for the first time in the second quarter of 2011.

QA/QC Programs

Agi Dagi and Kirazli exploration programs are conducted under the supervision of Dominique Fournier, B.Sc. Geology, PhD. Geology, Registered Professional Geologist, Alamos' Turkey Exploration Manager. 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 3.0 g/t Au.

Source: Alamos Gold Inc.

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