Mr. Chris Frostad reports

MINERA ALAMOS INC. SIGNS BINDING LOI TO ACQUIRE THE LA FORTUNA GOLD PROJECT FROM ARGONAUT GOLD INC.

Minera Alamos Inc. has entered into a binding letter of intent with Argonaut Gold Inc. and its wholly owned subsidiary Durango Fern Mines SA de CV to acquire 100 per cent of the mineral claims known as the La Fortuna gold project located in Durango, Mexico.

"La Fortuna clearly fits our corporate growth objectives to consolidate high-margin, late-development-stage projects with manageable capital requirements," said Chris Frostad, Minera Alamos's chief executive officer. "This project also adds positive new gold exposure in support of our Los Verdes copper project. We look forward to providing further updates regarding our plans in the coming weeks."

"In the past 10 years our current technical team has been responsible for the successful development of three similar gold projects in Mexico and Central America through to commercial production," said Darren Koningen, president at Minera Alamos. "I am confident that we can rapidly accomplish the same at La Fortuna."

Highlights

• Potential for one of highest-grade open-pit gold heap leach projects in the world: the current La Fortuna near-surface resource grade is approximately two grams per tonne gold with additional silver credits, presently excluded from the resource calculations;
• Established resource with additional upside potential: measured plus indicated mineral resource of 4.8 million tonnes grading two g/t gold and containing 308,100 gold ounces; the identified gold-silver mineralization at the La Fortuna deposit remains open at depth and along strike;
• Regional exploration potential: several other mineralized areas have already been identified and demonstrated via surface sampling to be gold-bearing; these provide immediate drill targets for the definition of additional gold resources;
• Accelerated path to production: Minera Alamos will be initiating the permitting process immediately upon closing of the transaction along with the completion of a technical report outlining the path to production; it is expected that a construction decision, if deemed appropriate by management of Minera Alamos, can be made later this year (2016);
• Platform for further consolidation: the La Fortuna gold project represents the first phase of what Minera Alamos intends to be a growing profile of late-stage development opportunities in Mexico and the Americas.

Pursuant to the terms of the binding LOI, the company will pay the vendor $750,000 (U.S.) on closing. An additional $250,000 (U.S.) will be paid nine months after the closing and $1-million (U.S.) will be paid upon the announcement of a construction decision. The vendor is also entitled to a 2.5-per-cent net smelter returns royalty subject to a maximum amount of $4.5-million (U.S.). The closing of the transaction is subject to regulatory approval.

                               LA FORTUNA RESOURCES

                            Measured       Indicated                        
                            category        category     Measured and indicated
Cut-off               Tonnes      Au  Tonnes      Au     Tonnes      Au   Au oz
grade Au g/t           (000)     g/t   (000)     g/t      (000)     g/t   (000)

0.8                    1,322   3.332   2,681   1.731      4,003   2.260   290.8
0.5                    1,538   2.956   3,287   1.533      4,824   1.986   308.1

La Fortuna project

The La Fortuna gold project includes the historic La Fortuna mine together with the surrounding concessions, totalling 994 hectares. The property is located in the northwestern corner of the state of Durango, Mexico, about 70 kilometres northeast of the city of Culiacan, Sinaloa.

Initial development of La Fortuna followed the 1884 discovery of the gold-bearing oxidized outcrop. Between 1886 and 1892 a 200-tonne-per-day gravity mill was built near the site to process the ore which was selectively mined underground. Reportedly, about 200,000 tonnes of material, grading 20 g/t was mined and processed during this period. In 1987 an 80-tonne-per-day flotation mill was installed in order to process the sulphide ore, operating intermittently until 1990. Reportedly, 20,000 tonnes were mined from underground and processed.

Between 1991 and 2008 numerous exploration surveys were performed which included detailed mapping and sampling of the underground workings and the drilling in the immediate La Fortuna mine area. These programs culminated in the development of a resource block model which produced a measured and indicated resource of 4.8 million tonnes at two g/t gold (308,000 contained ounces) at a 0.50 g/t gold cut-off grade as set forth above.

We seek Safe Harbor.