Mr. John McCluskey reports

ALAMOS GOLD REPORTS RECORD FIRST QUARTER 2012 EARNINGS AND CASH FLOWS

Alamos Gold Inc. has released its operating and financial results for the first quarter of 2012 and has provided a review of its operations, exploration and development activities. All amounts are expressed in United States dollars, unless stated otherwise.

This press release should be read in conjunction with the company's interim consolidated financial statements for the three-month periods ended March 31, 2012, and March 31, 2011, and associated management's discussion and analysis (MD&A), which are available from the company's website in the investor centre tab in the reports and financial statements section, and on SEDAR.

First quarter 2012 highlights

• The company completed construction and commissioning of the gravity mill to process high-grade ore from the Escondida zone in March, which will add significantly to production throughout the remainder of the year.
• The company produced 40,500 ounces of gold, including 17,000 ounces in March, at a cash operating cost of $360 per ounce of gold sold (total cash costs inclusive of royalties were $442 per ounce of gold sold).
• The company generated record cash from operating activities before changes in non-cash working capital of $44.9-million (38 cents per basic share). After changes in non-cash working capital, the company generated quarterly cash from operating activities of $36.1-million (30 cents per basic share).
• The company recognized record quarterly earnings of $29.5-million (25 cents per basic share).
• The company sold 41,745 ounces of gold for revenues of $70.3-million.
• The company reported encouraging drill results at El Victor North with the potential to expand reserves along the northern boundary of the Gap to El Victor trend.
• The company increased its semi-annual dividend 43 per cent from seven cents per share to 10 cents per share, representing a 233-per-cent increase since the first semi-annual dividend was declared in the first quarter of 2010.
• The company reported updated mineral reserves and resources for its Mexican and Turkish projects, maintaining a nine-year mineral reserve life at the Mulatos mine and increasing measured and indicated mineral resources in Turkey (excluding Camyurt) to over 2.2 million ounces.

Subsequent to quarter-end:

• The company achieved average crusher throughput of 18,000 tonnes per day (tpd) to date in the second quarter.

First quarter 2012 financial results

The company generated record cash from operating activities in the first quarter of 2012 as a result of higher realized gold prices and continued low cash costs. Cash from operating activities before changes in non-cash working capital in the first quarter of $44.9-million (38 cents per basic share) was 66 per cent higher than $27.0-million (23 cents per basic share) generated in the first quarter of 2011. Cash from operating activities after changes in non-cash working capital in the first quarter of 2012 of $36.1-million (30 cents per basic share) increased 23 per cent relative to the same period of 2011.

Earnings before income taxes in the first quarter of 2012 were $39.5-million or 33 cents per basic share, compared with $25.4-million or 22 cents per basic share in the first quarter of 2011. On an aftertax basis earnings in the first quarter of 2012 of $29.5-million or 25 cents per basic share increased 65 per cent over the comparable period of 2011. Earnings in the first quarter were positively impacted by a favourable effective tax rate, resulting from a $1.9-million net foreign exchange gain on revaluation of the company's peso-denominated deferred tax liability.

Capital expenditures in the first quarter of 2012 totalled $16.2-million. Investments in operating capital and development activities for the company's Mexican operations were $5.7-million and $7.5-million, respectively. In addition, the company capitalized $3.0-million in exploration and development activities for its Turkish projects.

Key financial highlights for the first quarter of 2012 compared with the first quarter of 2011 are presented in the associated table. The unaudited interim consolidated statements of financial position, comprehensive income and cash flows as at and for the three months ended March 31, 2012, and 2011 are shown on the company's website.

First quarter 2012 operating results

Gold production in the first quarter of 2012 of 40,500 ounces was 8 per cent higher than production of 37,500 ounces in the first quarter of 2011. The increase in the first quarter of 2012 from the same period last year was attributable to a 17-per-cent increase in crusher throughput and the start-up of the high-grade mill in March of 2012, offset by a decrease in the recovery ratio and lower grades mined.

Construction of the gravity mill to process high-grade ore from Escondida was completed in early 2012 and commissioning and training were continuing throughout the first quarter. The mill was started in late January and operated at budgeted throughput levels of 500 tpd throughout the month of March.

While completing development of the Escondida zone, the company encountered mineralization in the halo area surrounding the high-grade deposit that had been modelled as waste. This material was economic to process and therefore was classified as ore and either stacked directly on the leach pad (low in grade, generally three grams of gold per tonne of ore (g/t Au) or lower) or processed through the mill (higher grade) during the commissioning period of the gravity mill. As a result of processing the halo area material in the first quarter, the grade of ore processed through the mill of 10.17 g/t Au was lower than budget, and is not indicative of the grade of the actual Escondida high-grade mineral reserve. The company expects to be able to provide a reconciliation of the actual realized grade at Escondida to the block model at the end of the second quarter of 2012. The company expects to benefit from a full quarter of high-grade mill production in the second quarter.

Cash operating costs of $360 per ounce of gold sold in the first quarter of 2012 were below the low end of the company's guidance of $365 to $390 per ounce, but were 3 per cent higher than $349 per ounce in the same period in 2011. The year-over-year increase is primarily attributable to increases in input costs, including labour, cyanide and diesel. Including the 5-per-cent royalty, total cash costs were $442 per ounce of gold sold in the first quarter.

The recovery ratio in the first quarter of 2012 was 77 per cent, consistent with the company's budgeted annual recovery ratio of 77 per cent.

Crusher throughput in the first quarter of 2012 averaged 13,900 tpd, 17 per cent higher than 11,900 tpd in the same period of last year but below the annual average budgeted rate of 17,500 tpd. During the months of January and February, the company completed an overhaul of its crushing circuit, replacing the primary, rebuilding the secondary and reconfiguring the tertiary crushing circuit. This work required approximately eight days of scheduled downtime. Crusher throughput increased sharply in the latter half of the first quarter, averaging 17,000 tpd in the month of March, and subsequently achieving new record levels, averaging 18,000 tpd in the month of April. Higher crusher throughput has been achieved without sacrificing size quality. The size of crushed ore stacked on the leach pad was consistent with budgeted levels, with 91 per cent passing three-eighths of an inch in the first quarter of 2012.

Key operational metrics and production statistics for the first quarter 2012 compared with the same period of 2011 are presented on the company's website.

First quarter 2012 exploration update

Mexico

The company completed 16,800 metres of drilling in 95 holes to date in 2012, with exploration activities focused on El Victor North and East Estrella.

El Victor North

The El Victor North area contains silica alteration identical to the El Victor deposit and is a northwestern extension of El Victor mineral reserve. El Victor North has the potential to expand mineral reserves along the northern boundary of the Gap to El Victor trend. All holes drilled to date have encountered significant intervals of favourable silicic or advanced argillic alteration and are expected to extend the El Victor pit north and west of the current pit design outline.

Total exploration spending at El Victor North in the first quarter of 2012 was $1.1-million with a total of 11,600 metres in 72 holes drilled, bringing the cumulative total to over 200 holes for the current drill program. Ore-grade mineralization has been extended up to 250 metres to the north over a strike length of 500 metres directly adjacent to the El Victor mineral reserve. Wide intervals of low-grade mineralization with local high-grade intercepts have also been encountered. The majority of thick low-grade intercepts are hosted by advanced argillic alteration, with high grade in vuggy silica zones. Infill drilling is in progress to bring mineralization to the measured and indicated category. New intercepts from drilling include:

• 1.54 g/t Au over 79.3 metres (12EV227);
• 1.20 g/t Au over 51.8 metres (12EV227).

Relevant assay results from the recent reverse circulation (RC) drilling at El Victor are presented on the company's website.

East Estrella

Exploration drilling directly east of the Mulatos pit's southeast wall began in late March after a detailed evaluation of previous drill hole data. Condemnation for a waste dump site east of the Estrella pit by Placer Dome in 1996 encountered a number of near-surface intercepts (for example, 21.3 metres of 4.4 g/t Au) in the area. The company followed up on the intercepts in 2004 with a limited drilling program consisting of northeast-oriented angle holes, assuming a northwest-trending, southwest-dipping structural control. Results were mixed and ambiguous, indicating discontinuous mineralization. The program was discontinued due to higher priorities at other projects.

Review of drill data on newly generated sections and a review of the pit walls suggest that the mineralization may be controlled by primarily north-south structures. Resource expansion potential exists in the area, therefore a 21-hole drill program has been designed to drill test the area on roughly 50-metre centres, which will be completed in 2012.

Relevant assay results from the recent RC drilling at East Estrella are presented on the company's website.

Exploration -- Turkey

Exploration expenditures in Turkey in the first quarter of 2012 totalled $1.5-million. A total of four drill rigs were active throughout the quarter drilling a total of 33 holes (3,300 metres). Since the company acquired its Turkish projects in early 2010, a total of 54,500 metres of drilling has been completed. In March, 2012, the company acquired additional mineral concessions adjacent to Agi Dagi and Kirazli, doubling its existing land package.

Drilling in the first quarter of 2012 focused on geotechnical and hydrological drilling to support the prefeasibility study, as well as extension drilling of known zones of mineralization at Agi Dagi and Kirazli. The company provided an updated mineral resource estimate for the Agi Dagi and Kirazli deposits in March of 2012, and expects to release an initial mineral resource for the Camyurt project shortly. As of Dec. 31, 2011, approximately 2.2 million ounces of gold and 16.9 million ounces of silver had been defined as measured and indicated resources at the Agi Dagi and Kirazli deposits.

Firetower

The Firetower project is located adjacent to the Baba deposit, and gold mineralization extends more than 880 metres to the northeast, toward the Deli deposit, and is part of the Agi Dagi resource area. Two drill rigs have operated on the project in 2012, drilling 1,600 metres in six drill holes. A portion of the Firetower mineral resource area was included in the company's year-end 2011 mineral reserve and resource statement.

Outlook

The company delivered excellent financial results in the first quarter of 2012, generating record earnings and cash flows. Strong cash flows from operations enabled the company to increase its semi-annual dividend to 10 cents per share in the first quarter.

Mine operations are currently benefiting from the capital projects that were initiated in 2011 and completed in the first quarter of this year. The crushing circuit overhaul, completed in January and early February, has enabled crusher throughput to reach record levels, averaging 18,000 tpd to date in the second quarter. In addition, the gravity mill to process high-grade ore from Escondida is currently operating at 500 tonnes per day and is expected to contribute 67,000 ounces of production in 2012 at a budgeted grade of 13.4 g/t Au. Based on bulk sample testing conducted in 2007, the company believes that there is the potential for higher production from the Escondida zone through the realization of positive grade reconciliation relative to the drill-indicated reserve grade. Given that the gravity mill only began processing high-grade ore from the Escondida zone late in the first quarter, the company expects that it will be able to provide an indication of the grades mined at Escondida at the end of the second quarter of 2012.

Production from the gravity mill is expected to enable the company to achieve its full-year 2012 production guidance of between 200,000 and 220,000 ounces of gold at a cash operating cost of $365 to $390 per ounce of gold sold, exclusive of the 5-per-cent royalty.

The Mulatos mine is expected produce its one millionth ounce of gold in 2012. The company's mineral reserve and resource update released in the first quarter confirmed that the life of the Mulatos mine remains unchanged at nine years. Exploration success at Mulatos has resulted in replacing mined mineral reserves at Mulatos each year since the start of production in 2005.

The mineral reserve and resource update released in the first quarter demonstrated the level of exploration success the company has achieved at its Agi Dagi and Kirazli projects in northwestern Turkey. Measured and indicated mineral resources have more than doubled since the company acquired the projects in early 2010. In addition, the discovery of the Camyurt zone is expected to further increase resources and to materially contribute to the company's production profile in Turkey. An initial mineral resource estimate for Camyurt is expected to be released shortly.

Throughout 2012, activities in Turkey will be focused on completing the preliminary feasibility study in the second quarter, securing EIA approvals in the third quarter and the commencement of construction activities in the fourth quarter of 2012. The preliminary feasibility study will incorporate the additional resources and accommodate the increased scope of the projects since the acquisition. The company believes that the revised combined production profile of Agi Dagi and Kirazli could result in annual production rates in Turkey that are substantially higher than initially reported in the March, 2010, scoping study.

Exploration activities in 2012 are expected to continue to expand resources in both Mexico and Turkey. In Mexico, the focus will be on step-out drilling at San Carlos and expansion of the mineralized zone at El Victor North, in addition to the initiation of underground development for exploration drilling. In addition to the drill programs outlined above, the company also has a large reconnaissance-level exploration program planned for 2012 to assess several of its regional grassroots targets. In Turkey, drilling activities in the second quarter of 2012 will focus on engineering activities to support the project development plan. Infill and expansion drilling at Camyurt will continue in addition to drill programs at the highly prospective Rockpile target.

The company continues to strengthen its financial position: free of debt with over $260-million in cash and short-term investments at April 26, 2012, and continued strong cash flows from operations. This financial strength will continue to allow the company to finance its immediate capital, development and exploration plans, as well as provide significant financing for development of additional projects through internal growth or acquisitions.

Reminder of first quarter 2012 results conference call

The company's senior management will host a conference call on Tuesday, May 1, 2012, at 12 p.m. Eastern Time to discuss the first quarter 2012 results, and to provide an update of the company's operating, exploration and development activities.

Participants may join the conference call by dialling 1-866-226-1792 or 1-416-340-2216 for calls outside Canada and the United States or via webcast on the company's website.

A recorded playback of the conference call can be accessed after the event until May 15, 2012, 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 5252443. The archived audio webcast will also be available on the company's website.

QA/QC (quality assurance/quality control) programs

Agi Dagi, Kirazli and Camyurt exploration programs were conducted under the supervision of Dr. Charles Tarnocai, PhD, geology, Alamos's vice-president of exploration and corporate development, a qualified person as defined by National Instrument 43-101 of the Canadian securities administrators. Strict sampling and QA/QC protocols are followed, including the insertion of standards, blanks and duplicates on a regular basis. Sample intervals are usually one to 1.5 metres. Agi Dagi, Kirazli and Camyurt samples are sent to Acme Analytical Laboratories in Ankara, Turkey, for sample preparation and then to Vancouver, B.C., 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 three g/t Au.

Mulatos exploration programs are conducted under the supervision of Ken Balleweg, BSc (geological engineering), MSc (geology), registered professional geologist, Alamos's Mexico exploration manager. Mr. Balleweg is a qualified person as defined by National Instrument 43-101 of the Canadian securities administrators. Strict sampling and QA/QC protocols are followed, including the insertion of standards, blanks and duplicates on a regular basis. Sample intervals are usually 0.5 to 1.5 metres. Mulatos samples are sent to ALS Chemex Inc. in Hermosillo, Mexico, for sample preparation and then to Vancouver, B.C., Canada, for analysis. Analytical method is fire assay with atomic adsorption finish and gravimetric finish for individual samples with a gold concentration greater than five g/t Au.

           UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME                                                       
               (In thousands of dollars, except per share amounts)    

                                                       For the three months ended                              
                                                       March 31,        March 31,
                                                            2012             2011

Operating revenues                                       $70,256          $54,376
Mine operating costs
Mining and processing                                     15,019           13,658
Royalties                                                  3,431            2,601
Amortization                                               7,778            5,725
                                                          26,228           21,984
Earnings from mine operations                             44,028           32,392
Expenses
Exploration                                                1,483            2,012
Corporate and administrative                               2,931            2,435
Share-based compensation                                   2,567            2,700
                                                           6,981            7,147
Earnings from operations                                  37,047           25,245
Other income (expenses)
Finance income                                               848              405
Financing (expense)                                         (133)            (148)
Foreign exchange gain                                      1,199            1,058
Other income (loss)                                          501           (1,118)
Earnings before income taxes                              39,462           25,442
Income taxes
Current tax (expense)                                     (3,306)          (7,250)
Deferred tax (expense)                                    (6,686)            (335)
Earnings for the period                                   29,470           17,857
Other comprehensive income
Unrealized (loss) on securities                              (79)          (2,100)
Reclassification of realized gains on
available-for-sale securities included in
earnings (loss)                                              (93)               -
Comprehensive income                                      29,298           15,757
Earnings per share
Basic                                                       0.25             0.15
Diluted                                                     0.24             0.15

We seek Safe Harbor.