Mr. Chris Frostad reports

MINERA ALAMOS INC. CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT AND MOVES TO COMPLETE ACQUISITION OF LA FORTUNA GOLD PROJECT

Minera Alamos Inc. has received subscriptions for $2.02-million of the previously announced financing required to complete its acquisition of the La Fortuna gold project (see the company's press release dated Jan. 18, 2016).

"The closing of this first tranche of the financing allows for the company to complete the La Fortuna acquisition and immediately proceed with the final stages of project development," said Chris Frostad, chief executive officer of Minera Alamos. "Due to the project's advanced stage, we can now rapidly complete the feasibility study that will form the basis of a construction decision."

Minera Alamos has closed the first tranche of its previously announced private placement for aggregate proceeds of $1.52-million and issued 15.2 million common share units at a price of 10 cents per unit with each unit consisting of one common share in the capital of the company and one-half of a common share purchase warrant. Each whole warrant entitles its holder to purchase one common share in the capital of the company at an exercise price of 15 cents per share for a period of 36 months from the date of issuance. The closing is subject to final acceptance by the TSX Venture Exchange of the private placement.

Concurrent with the first tranche closing of the private placement, the company has received subscriptions from Norvista Capital Corp. and Norvista Capital I LT of, in aggregate, five million units for $500,000. The Norvista subscription proceeds are held in escrow pending satisfaction of certain escrow release conditions, including, among other things, the closing of the La Fortuna acquisition.

Darren Koningen, a director and president of the company, participated in the first tranche of the private placement as a an investor and subscribed 1.5 million units for $150,000, increasing his direct and indirect shareholding to 7.42 per cent of the total issued and outstanding voting securities of the company. By virtue of such participation by the insider, the private placement constitutes a related party transaction under applicable securities laws. Neither independent valuation nor minority shareholder approval was required to complete the related party transaction because the company relied on exemptions from both requirements under applicable securities laws.

In connection with the first tranche closing of the private placement, the company paid IBK Capital Corp., the agent of the company in connection with the private placement, and its subagents, agent's fees consisting of $89,600 (plus applicable taxes and disbursements) in cash and issued 896,000 non-transferable agent's compensation warrants. Each compensation warrant entitles its holder to purchase one unit of the company at an exercise price of 10 cents per unit for a period of 36 months after the date of issuance.

All securities issued in connection with the first tranche closing of the private placement are subject to a four-month hold period pursuant to the applicable securities laws with an expiry date of Aug. 19, 2016.

The proceeds of the private placement will be used by the company to finance a portion of the purchase price for its proposed acquisition of the La Fortuna project, the development of its Mexican projects and for working capital purposes.

We seek Safe Harbor.