Mr. John McCluskey reports
ALAMOS GOLD REPORTS A 19% INCREASE IN MEASURED AND INDICATED RESOURCES AT AGI
DAGI AND KIRAZLI AND PROVIDES AN EXPLORATION UPDATE ON CAMYURT
Alamos Gold Inc. has provided an updated resource estimate for the Agi Dagi and Kirazli projects (ADK) in Turkey, as part of the continuing preliminary feasibility study, and provides an exploration update at Camyurt. (All amounts are expressed in United States dollars, unless otherwise stated.)
ADK 2011 prefeasibility mineral resource update
The company has increased mineral resources in Turkey as compared with the year-end 2010 resource estimate. Specifically:
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Measured and indicated mineral resources increased 19 per cent to 1.96 million
ounces of gold from 1.65 million ounces at Dec. 31, 2010.
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Inferred mineral resources increased 10 per cent to 460,000 ounces of gold
from 420,000 ounces at Dec. 31, 2010.
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The updated measured and indicated mineral resource estimate represents
a 115-per-cent increase when compared with the March, 2010, scoping study.
The updated mineral resource estimate was prepared as part of the continuing preliminary feasibility study and is based on a 0.2-gram-per-tonne gold (g/t Au) cut-off. This resource update incorporates additional drilling conducted between Sept. 30, 2010, and March 31, 2011. Drilling subsequent to March 31, 2011, will be included in the 2011 year-end global mineral reserve and resource statement. The updated resource estimate does not include the Camyurt project.
Measured and indicated resources at Agi Dagi and Kirazli increased 19 per cent to 1.96 million ounces of gold, reflecting a 19-per-cent increase in tonnes and no change in the average gold grade compared with the 2010 year-end estimate. This increase is largely due to the conversion of inferred resources into the measured and indicated categories, the addition of new resources through infill and expansion drilling, and an increase in the gold price assumption used for resource pit optimization from $1,025 (U.S.) to $1,150 (U.S.) per ounce. Measured and indicated mineral resources for Agi Dagi and Kirazli are presented in the tables at the end of this press release.
Inferred resources increased 10 per cent to 460,000 ounces of gold compared with the year-end 2010 disclosure of 420,000 ounces. The updated resource estimate represents a 14-per-cent increase in tonnage and a 4-per-cent decrease in the average gold grade compared with the 2010 year-end estimates. Inferred mineral resources for Agi Dagi and Kirazli are presented in the tables at the end of this press release.
The company acquired the Agi Dagi and Kirazli projects in early 2010 and published a scoping study in March, 2010, which outlined indicated oxide resources of 910,000 ounces and 440,000 inferred ounces of gold. The updated resource estimate represents a 115-per-cent increase in measured and indicated resources as compared with the indicated oxide resource estimate published in the scoping study.
The mineral resource update excludes all sulphide ounces, as most sulphide ounces are not optimized into the pits due to lower gold extraction rates and higher operating costs.
The proven and probable reserves for both Agi Dagi and Kirazli will be calculated as part of the continuing preliminary feasibility study due for completion in late 2011. An updated mineral resource estimate will also be prepared for the year-end 2011 global mineral reserve and resource statement, incorporating all new drilling data generated between March 31, 2011, and Sept. 30, 2011.
Camyurt update
The Camyurt project is located approximately three kilometres (km) southeast of the company's development-stage Agi Dagi project. To date in 2011, the company has completed approximately 7,250 metres (m) of a planned 10,000 m drill program at Camyurt. The company believes that Camyurt has demonstrated the potential to develop into a stand-alone project.
Notable assay results from recent drilling include:
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11-CYD-14A -- 59.0 m at 1.25 g/t Au,
61.5 m at 2.29 g/t Au;
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11-CYD-22 -- 46.7 m at 2.60 g/t Au;
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11-CYD-24 -- 38.1 m at 0.93 g/t Au,
37.5 m at 1.38 g/t Au;
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11-CYD-28 -- 36.5 m at 3.17 g/t Au;
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11-CYD-30 -- 36.4 m at 1.41 g/t Au;
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11-CYD-32 -- 140.5 m at 1.25 g/t Au;
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11-CYD-34 -- 81.5 m at 1.25 g/t Au;
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11-CYD-35 -- 89.6 m at 1.76 g/t Au.
Relevant assay results are presented at the end of this press release.
During the last quarter, the company focused on systematic drilling at 50- to 100-metre line spacing. The Camyurt mineralized envelope is defined for over 1,100 metres along strike, with additional potential to extend mineralization to the northeast. The steeply dipping oxidized body starts at surface, has been vertically delineated to a minimum of 150 metres, remaining open at depth and can reach up to 150 metres in thickness.
The company currently has three core drill rigs operating on the Camyurt target continuing the resource definition program. An initial resource estimate at Camyurt is planned to be included as part of the company's year-end 2011 global mineral reserve and resource statement to be published in the first quarter of 2012.
Qualified person(s)
The qualified person for the National Instrument 43-101-compliant mineral resource for the Agi Dagi and Kirazli projects was Marc Jutras, PEng, MASc, director of mineral resources for Alamos. Resource pit optimization was completed by Herb Welhener, vice-president of Independent Mining Consultants of Tucson, Ariz., working in conjunction with the company's exploration and operations' staff. Mr. Jutras and Mr. Welhener are recognized as qualified persons according to the requirements of National Instrument 43-101 of the Canadian Securities Administrators.
Exploration programs at Agi Dagi and Kirazli are directed by Dominique Fournier, MSc, PhD in geology, Alamos's exploration manager and a qualified person as defined by National Instrument 43-101 of the Canadian Securities Administrators. Drilling, sampling, quality assurance/quality control (QA/QC) protocols and analytical methods for individual resource areas are as outlined in the in the Agi Dagi and Kirazli preliminary economic assessment which are all available at SEDAR.
MEASURED AND INDICATED MINERAL RESOURCES -- AGI DAGI PROJECT
Measured and indicated mineral resources(1)
Cut-off grade Tonnes Grade Grade Contained Contained
(g/t Au) (000s) (g/t Au) (g/t Ag) ounces Au ounce Ag
1.00 6,782 2.28 13.18 496,618 2,874,934
0.80 10,309 1.81 10.09 599,032 3,345,046
0.60 17,227 1.36 7.28 750,507 4,031,520
0.40 32,610 0.94 5.15 987,133 5,394,921
0.20 66,323 0.61 3.59 1,299,266 7,648,072
0.10 94,522 0.47 2.95 1,423,551 8,976,235
(1) Measured and indicated resources for the Agi Dagi project, which include
the Baba, Deli and Fire Tower zones, are pit constrained with cut-off
determined as a net of process value of 10 cents per tonne, for each model
block. The determination was based on a $1,150-(U.S.)-per-ounce gold price
and a $22.50-(U.S.)-per-ounce silver price, a June, 2011, resource model,
average pit slope angle of 38 degrees, and estimated costs and
recoveries based on the continuing prefeasibility study specifications.
The resources were then tabulated by gold cut-off grade.
MEASURED AND INDICATED MINERAL RESOURCES -- KIRAZLI PROJECT
Measured and indicated mineral resources(1)
Cut-off grade Tonnes Grade Grade Contained Contained
(g/t Au) (000s) (g/t Au) (g/t Ag) ounces Au ounces Ag
1.00 4,323 2.49 21.28 346,396 2,957,664
0.80 5,049 2.26 19.67 366,699 3,192,563
0.60 7,943 1.69 16.21 431,698 4,140,674
0.40 15,358 1.10 11.43 545,315 5,643,233
0.20 27,060 0.76 8.92 660,528 7,762,855
0.10 33,132 0.65 8.49 692,113 9,049,019
(1) Measured and indicated resources for the Kirazli project are pit
constrained with cut-off determined as a net of process value of 10
cents per tonne, for each model block. The determination was based on a
$1,150-(U.S.)-per-ounce gold price and a $22.50-(U.S.)-per-ounce silver
price, a July, 2011, resource model, average pit slope angle of 38
degrees, and estimated costs and recoveries based on the continuing
prefeasibility study specifications. The resources were then tabulated
by gold cut-off grade.
INFERRED MINERAL RESOURCES -- AGI DAGI PROJECT
Inferred mineral resources(1)
Cut-off grade Tonnes Grade Grade Contained Contained
(g/t Au) (000s) (g/t Au) (g/t Ag) ounces Au ounces Ag
1.00 1,298 2.69 22.16 112,293 924,772
0.80 2,473 1.82 12.10 144,758 962,140
0.60 4,752 1.28 7.32 195,678 1,118,494
0.40 9,720 0.87 4.43 271,523 1,383,429
0.20 22,341 0.53 2.71 383,383 1,945,179
0.10 33,448 0.40 2.10 432,314 2,259,464
(1) Inferred resources for the Agi Dagi project, which include the Baba,
Deli and Fire Tower zones, are pit constrained with cut-off determined
as a net of process value of 10 cents per tonne, for each model block.
The determination was based on a $1,150-(U.S.)-per ounce gold price and
a $22.50-(U.S.)-per-ounce silver price, a June, 2011, resource model,
average pit slope angle of 38 degrees, and estimated costs and recoveries
based on the continuing prefeasibility study specifications. Resources
were then tabulated by gold cut-off grade.
INFERRED MINERAL RESOURCES -- KIRAZLI PROJECT
Inferred mineral resources(1)
Cut-off grade Tonnes Grade Grade Contained Contained
(g/t Au) (000s) (g/t Au) (g/t Ag) ounces Au ounces Ag
1.00 386 1.71 28.38 21,222 352,207
0.80 528 1.49 23.42 25,294 397,575
0.60 1,058 1.09 17.40 37,035 592,044
0.40 2,326 0.76 14.15 56,807 1,058,394
0.20 4,108 0.56 11.21 73,612 1,480,766
0.10 5,260 0.47 10.51 79,396 1,777,809
(1) Inferred resources for the Kirazli project are pit constrained with cut-
off determined as a net of process value of 10 cents per tonne, for each
model block. The determination was based on a $1,150-(U.S.)-per-ounce
gold price and a $22.50-(U.S.)-per-ounce silver price, a June, 2011,
resource model, average pit slope angle of 38 degrees, and estimated
costs and recoveries based on the continuing prefeasibility study
specifications. Resources were then tabulated by gold cut-off grade.
CAMYURT -- SELECTED COMPOSITE INTERVALS(1)
Include intervals at greater than 0.2 g/t Au over a three-metre minimum width,
no assay cut (unless indicated)
Total Assay
Drill depth From To Int. Au
hole No. (m) (m) (m) (m) (g/t)
11-CYD-14A 124.60 to 130.10 189.10 59.00 1.25
311.00 202.00 208.00 6.00 0.52
219.70 281.20 61.50 2.29
11-CYD-21 250.90 No composite
11-CYD-22 242.50 15.80 19.90 4.10 0.65
29.50 67.00 37.50 0.62
71.30 118.00 46.70 2.66
153.30 165.50 12.20 0.35
215.50 218.60 3.10 0.36
230.60 236.70 6.10 6.31
11-CYD-23 178.00 0.00 11.50 11.50 0.80
66.50 69.50 3.00 0.25
11-CYD-24 304.60 0.00 38.10 38.10 0.93
51.60 63.60 12.00 0.24
69.20 110.40 41.20 0.81
114.90 152.40 37.50 1.38
11-CYD-25 179.60 0.00 12.00 12.00 0.35
16.50 25.80 9.30 0.25
46.20 49.20 3.00 0.45
61.50 70.50 9.00 0.47
76.50 79.50 3.00 0.46
108.00 121.80 13.80 1.15
171.50 179.60 8.10 0.36
11-CYD-26 299.60 244.60 259.60 15.00 0.36
11-CYD-27 209.80 0.00 3.10 3.10 0.55
11-CYD-28 236.70 32.90 58.60 25.70 0.44
124.00 160.50 36.50 3.17
11-CYD-29 236.50 0.00 6.60 6.60 0.82
17.60 49.00 31.40 0.53
94.70 97.70 3.00 1.12
166.60 194.40 28.30 0.59
199.40 236.50 37.10 0.75
11-CYD-30 270.60 110.50 115.00 4.50 0.91
131.40 167.80 36.40 1.41
11-CYD-31 231.90 1.00 24.10 23.10 0.44
59.50 66.00 6.50 0.68
11-CYD-32 212.20 12.60 17.70 5.10 0.41
31.10 45.50 14.40 0.20
53.20 57.70 4.50 0.36
71.70 212.20 140.50 1.25
11-CYD-33 197.20 100.00 105.50 5.50 1.37
113.00 116.20 3.20 0.38
120.80 134.00 13.20 1.34
11-CYD-34 150.80 0.00 12.00 12.00 0.36
20.10 101.30 81.20 1.25
11-CYD-35 231.40 29.50 34.00 4.50 0.60
44.50 52.00 7.50 0.51
62.50 152.10 89.60 1.76
162.60 213.60 51.00 0.87
11-CYD-36 149.00 No composite
(1) Due 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.
We seek Safe Harbor.
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