Mr. Chris Frostad reports

MINERA ALAMOS INC. COMPLETES LA FORTUNA GOLD PROJECT ACQUISITION

Minera Alamos Inc. has closed its acquisition of the La Fortuna gold project located in Durango, Mexico, from Argonaut Gold Inc. (see the company's press release dated Jan. 8, 2016).

"This acquisition is consistent with the company's objective of adding late-stage development opportunities to our growing mineral property profile," said Chris Frostad, chief executive officer of Minera Alamos. "In the coming months, we expect to issue a technical report defining the project economics. If deemed appropriate, a construction decision is scheduled to be made by the end of the year."

Highlights:

• The project hosts measured plus indicated mineral resources of 4.8 million tonnes grading two grams per tonne gold and containing 308,100 gold ounces with additional silver credits, presently excluded from the resource calculations. The company intends to release a new resource estimate in the coming months.
• The identified gold-silver mineralization at the La Fortuna deposit remains open at depth and along strike. 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.
• Minera Alamos has initiated the permitting process and expects to see permits issued in early 2017.
• Pursuant to the terms of the agreement, the company paid Argonaut $750,000 (U.S.) upon closing. An additional $250,000 (U.S.) will be paid in nine months and $1-million (U.S.) will be paid upon the announcement of a construction decision. If such announcement does not occur within 24 months from the closing date, the company will make a delayed payment of $200,000 every six months beginning on the last business day of the 24th month following the closing date to be applied against the final payment.
• Argonaut is also entitled to a 2.5-per-cent net smelter return royalty to a maximum of $4.5-million (U.S.).

Darren Koningen, PEng, Minera Alamos's president, is the qualified person responsible for technical content of this release under National Instrument 43-101. Mr. Koningen has supervised the preparation of, and approved the scientific and technical disclosures utilized in this news release.

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