Mr. John McCluskey reports

ALAMOS GOLD REPORTS THIRD QUARTER 2011 OPERATING RESULTS AND NOTICE OF THIRD QUARTER 2011 CONFERENCE CALL

Alamos Gold Inc. produced 17,300 ounces of gold in September from its Mulatos mine, boosting production for the third quarter to 33,000 ounces. All amounts are in United States dollars, unless stated otherwise.

The company's primary cyanide supplier resumed normal shipments in August, resulting in a substantial improvement in month-over-month production. Although regular shipments are being received, an additional shipment of cyanide from an alternative supplier is in transit. This shipment will increase cyanide concentration levels in the leach pad, which is required to extract the ounces of gold deferred from prior months. The company remains on track to meet its annual production guidance of 145,000 to 160,000 ounces.

Third quarter 2011 operating results

Gold production in the third quarter of 2011 was 33,000 ounces at a cash operating cost per ounce (exclusive of the 5-per-cent royalty) that is expected to be within the company's guidance of $365 to $390 per ounce. Third quarter gold production was 9 per cent higher than the 30,200 ounces of gold produced in the third quarter of 2010. On a year-to-date basis, the Mulatos mine has produced 106,500 ounces of gold and is on track to achieve its annual production guidance of between 145,000 and 160,000 ounces. The company also reports that it sold 28,790 ounces in the third quarter of 2011 for revenues of $47.2-million, a 38-per-cent increase over revenues of $34.3-million in the same period of 2010.

During the third quarter of 2011, crusher throughput averaged approximately 13,500 tonnes of ore stacked per day (tpd). Average crusher throughput is seasonally lower during the third quarter rainy reason. Crusher throughput increased sharply in the last half of September, averaging 16,000 tonnes per day.

The average grade mined was 1.35 grams per tonne of gold (g/t Au) during the quarter, which is 6 per cent higher compared with the second quarter of 2011 and above the company's budget of 1.24 g/t Au. The recovery ratio (1) in the third quarter of 2011 of 61 per cent was slightly lower than the recovery ratio of 64 per cent in the second quarter of 2011 and below the annual budget of 70 per cent. The recovery ratio for the third quarter was attributable to low concentrations of cyanide in solution, resulting in the deferral of production from the third to the fourth quarter. On a year-to-date basis, the recovery ratio of 70 per cent remains in line with the company's full-year budgeted recovery ratio.

Key operational metrics and production statistics for the third quarter of 2011 compared with the third quarter of 2010 are presented in the associated table.

Note

(1) Recovery ratio is defined as the ratio of gold ounces produced divided by the number of contained ounces stacked over a specific period.

Notice of third quarter 2011 financial results conference call

The company's senior management will host a conference call on Thursday, Nov. 3, 2011, at 12:30 p.m. Eastern Standard Time to discuss the 2011 third quarter financial results and to provide an update of the company's operating, exploration and development activities.

Participants may join the conference call by dialling 1-866-225-0198 or 1-416-340-8061 for outside Canada and the United States.

A recorded playback of the conference call can be accessed after the event until Nov. 17, 2011, by dialling 1-800-408-3053 or 1-905-694-9451 for calls outside Canada and the United States. The pass code for the conference call playback is 4835742, followed by the number key. A live and archived audio webcast will also be available on the company's website.

              PRODUCTION SUMMARY AND STATISTICS (1)(2)                            

                                                 Q3 2011         Q3 2010

Ounces of gold produced (3)                       33,000          30,200
Ore mined (tonnes, thousands)                      1,360           1,120
Waste mined (tonnes, thousands)                    1,385           1,090
Total material (tonnes, thousands)                 2,745           2,210
Waste-to-ore ratio (x)                              1.02            0.97
Ore crushed (tonnes, thousands)                    1,238           1,112
Grade (g/t Au)                                      1.35            1.63
Contained ounces stacked                          53,800          58,330
Ratio of gold production to contained
ounces stacked                                       61%             52%

Notes                             
(1) All amounts for third quarter 2011 are preliminary and based 
on initial end-of-period estimates. Final adjustments may be 
required.                 
(2) Certain numbers may not compute due to the effects of rounding 
and truncation.                                                          
(3) Before final refinery settlements, which may result in 
increases or decreases to reported gold production.   
                            

We seek Safe Harbor.