Mr. Scott Parsons reports

ALAMOS REPORTS MINERAL RESERVES AND RESOURCES FOR THE YEAR ENDED 2014 AND ANNOUNCES SALE OF EL REALITO CONCESSIONS

Alamos Gold Inc. has released its updated mineral reserves and resources as of Dec. 31, 2014. For a detailed summary of mineral reserves and resources by project, refer to the attached table. All amounts are in U.S. dollars, unless otherwise stated.

Highlights:

• Proven and probable mineral reserves at Mulatos of 1.73 million ounces of gold, which, at current throughput rates, implies a remaining reserve life of approximately seven years;
• Total Mulatos open-pit, heap-leach mineral reserve grade (including satellite deposits) increase of 3 per cent to 1.07 grams per tonne of gold, 34 per cent above the 2015 budgeted open-pit, heap-leach grade;
• Total Mulatos open-pit, heap-leach mineral reserves decrease of 12 per cent in terms of ounces, primarily reflecting depletion; limited exploration targeting open-pit mineral reserves was conducted in 2014; this will be a renewed exploration focus in 2015;
• Increased measured and indicated mineral resources by 3 per cent to 6.85 million ounces of gold at various cut-off grades, driven by a 13-per-cent or 320,000-ounce increase at the Mulatos open pit;
• Sold the El Realito concessions, a non-core portion of the large exploration package at Mulatos, for proceeds of $7-million (U.S.) cash and a 2-per-cent net smelter returns royalty;
• Commenced exploration activities at the Cerro Pelon satellite deposit.

                    TOTAL MINERAL RESERVES AND RESOURCES

                                    2014                     2013
Project                 Tonnes    Grade Contained   Tonnes    Grade Contained
                          (000) (g/t Au)   ounces     (000) (g/t Au)   ounces
Proven and probable
mineral reserves
Mulatos mine            36,025     0.94 1,087,978   45,053     0.93 1,345,222
Existing stockpiles      5,720     1.51   277,166    4,508     1.68   243,640
La Yaqui                 1,574     1.58    79,826    1,574     1.58    79,826
Cerro Pelon              2,617     1.67   140,525    2,673     1.64   140,525
Open pit, heap leach    45,936     1.07 1,585,495   53,808     1.05 1,809,213
Underground reserve        679     6.72   146,426      961     7.10   219,285
Underground reserve        679     6.71   146,426      961     7.10   219,285
Total -- Mulatos        46,615     1.16 1,731,921   54,769     1.15 2,028,498
Measured and
indicated mineral
resources
(exclusive of
mineral reserves)
Mulatos -- open pit     79,786     1.06 2,714,026   73,136     1.02 2,391,384
Mulatos --
underground                505     5.64    91,513      625     6.16   123,808
Turkey                 140,507     0.66 2,961,254  139,851     0.65 2,920,258
Esperanza               34,352     0.98 1,083,366   46,677     0.82 1,237,000
Total                  255,150     0.84 6,850,159  260,289     0.80 6,672,450
Inferred mineral
resources
Mulatos -- open pit      7,620     0.95   232,243   10,681     0.93   319,470
Mulatos --
underground                403     4.53    58,743        8     5.79     1,488
Turkey                  25,240     0.54   437,831   23,867     0.52   398,053
Esperanza                  718     0.80    18,375    3,974     0.85   109,000
Quartz Mountain        110,448     0.80 2,848,000  110,448     0.80 2,848,000
Total                  144,429     0.77 3,595,192  148,978     0.77 3,676,011

Mineral reserves

Proven and probable mineral reserves at Mulatos decreased 15 per cent to 1.73 million ounces at Dec. 31, 2014, primarily reflecting mining depletion. The focus of the 2014 exploration program was on production drilling at San Carlos underground to further define the 2015 production model. Limited drilling was conducted targeting open-pit mineral reserves and resources within the Mulatos open pit in 2014. However, the company has budgeted $17-million in exploration spending at Mulatos in 2015 focusing on San Carlos and a renewed emphasis on delineating additional open-pit mineral reserves within the Mulatos open pit and higher-grade Cerro Pelon and La Yaqui satellite deposits. A $1,250-per-ounce gold price assumption was used in estimating the 2014 mineral reserves, unchanged from 2013.

Open-pit mineral reserves

Mulatos open-pit, heap-leach mineral reserves (including the Mulatos mine, stockpiles, Cerro Pelon and La Yaqui) decreased 12 per cent from 2013 reflecting mining depletion. The mineral reserve grade increased slightly to 1.07 grams per tonne gold, 34 per cent above the 2015 budgeted grade for open-pit, heap-leach production. The mineral reserve grade of the Mulatos mine, the primary source of open-pit, heap-leach production, increased slightly to 0.94 g/t gold, 18 per cent above the 2015 budgeted grade. Open-pit, heap-leach grades are expected to rebound to approximately 0.9 g/t Au in 2016, driving costs lower.

The mineral reserve estimates for the Cerro Pelon and La Yaqui satellite deposits were largely unchanged with the mineral reserve grade at Cerro Pelon, increasing 2 per cent to 1.67 g/t Au. With the average grade of the two satellite deposits of 1.64 g/t Au being more than double the 2015 budgeted heap-leach grade, these deposits are expected to add low-cost production growth at Mulatos starting from La Yaqui late in 2016. Both deposits and their surrounding land packages possess significant exploration potential and will be a focus of the 2015 exploration program, having last been drilled in 2009. At La Yaqui, condemnation drilling is currently under way after encountering surface mineralization on the northern edge of the planned leach pad location. Having closed the agreement to acquire the surface rights at Cerro Pelon earlier this month, the company is currently mobilizing rigs to test the extent of the mineralization with further potential recently identified to the southeast, the north and east of known mineral reserves. Drilling will first target a possible 200-metre strike extension to the deposit in a southeasterly direction and another 100 m of (previously untested) strike extension between two of the four distinct breccia zones identified to date.

Underground mineral reserves

Mulatos underground mineral reserves decreased 33 per cent to 146,400 ounces, reflecting mining depletion at Escondida Deep and San Carlos, a decrease in the mill recovery assumption to 75 per cent (consistent with the 2015 budget), and the reclassification of mineral reserves to mineral resources. Approximately 36,100 ounces previously classified as mineral reserves were reclassified to the measured and indicated and inferred mineral resource categories. This is largely a classification issue with the majority of these reclassified ounces located in the central part of the deposit, which was not a focus of the 2014 exploration program.

The 2014 exploration program at San Carlos was focused on infill and production drilling of the western portion of the deposit, which is to be mined in 2015. The program was successful in developing a better understanding of the orebody and further defining the 2015 mine plan; however, this also highlighted the need for a similar level of definition drilling across the rest of the deposit. As a result, the company has adopted a more conservative approach to estimating the mineral reserves at San Carlos and shifted some mineral reserves into mineral resources. With further drilling in these zones, the company is confident a large portion of the reclassified ounces can be converted back to mineral reserves and will be a focus of the 2015 exploration program.

The company believes there is potential to significantly extend the underground mine life at San Carlos and has budgeted $5.7-million for exploration in 2015 with the focus on adding to the mineral resource base and converting existing mineral resources to mineral reserves. Approximately 12,000 ounces of inferred mineral resources are located in very close proximity to the current mine plan and will be targeted as part of the 2015 exploration program. The company expects to mine a number of these ounces in conjunction with the 2015 and 2016 mine plan. East of the immediate production area, the orebody has been shown to extend for at least another 650 metres along strike through the Central and Eastern zones. Drilling in 2014 encountered very promising high-grade intercepts in these zones, and further drilling is required to fully quantify the potential of this area. Additional strike length may exist even farther east across a postmineral fault.

Recent highlight intercepts from the 2014 exploration program at San Carlos are as follows:

Western production area:

• An intercept of 87.57 grams per tonne gold over 4.6 metres, including 259.00 g/t over 1.5 m (14SC254);
• An intercept of 35.32 g/t Au over 12.2 m (14SC270);
• An intercept of 43.70 g/t Au over 19.8 m (14SC275);
• An intercept of 55.67 g/t Au over 9.2 m and 48.94 g/t over 9.1 m (14SC298);
• An intercept of 50.34 g/t Au over 29.0 m (14SC339);
• An intercept of 347.65 g/t Au over 2.0 m (14SC358);
• An intercept of 68.18 g/t Au over 12.20 m (14SC362).

Central and Eastern exploration area:

• An intercept of 9.18 g/t Au over 7.6 m (14SC313);
• An intercept of 29.58 g/t Au over 3.1 m (14SC330);
• An intercept of 10.36 g/t Au over 6.0 m and 15.82 g/t over 3.0 m (14SC363);
• An intercept of 19.54 g/t Au over 4.0 m (14SC364);
• An intercept of 56.60 g/t Au over 1.5 m (14SC369);
• An intercept of 26.99 g/t Au over 3.0 m (14SC370).

Based on the 2015 budgeted average throughput rate at the Mulatos mine of 17,300 tonnes per day and a projected 550 tpd rate for the high-grade mill, the remaining mineral reserve life of the Mulatos mine is approximately seven years as of Dec. 31, 2014.

Mineral resources

Globally, the company's measured and indicated mineral resources, which are reported exclusive of mineral reserves, are 6.85 million ounces at various cut-off grades, as of Dec. 31, 2014. This represents a 3-per-cent increase in ounces and a 4-per-cent increase in grade from 2013.

Inferred mineral resources as of Dec. 31, 2014, of 3.60 million ounces decreased 2 per cent relative to 2013 with the grade unchanged. In 2014, the company applied a $1,400-per-ounce gold price assumption for estimating mineral resources, which were unchanged from 2013 for Mulatos and the company's Turkish projects, and down from $1,600 per ounce for the Esperanza gold project.

Mulatos mine (Mexico)

Open-pit measured and indicated mineral resources at the Mulatos mine and its satellite deposits increased 13 per cent, or 320,000 ounces to 2.71 million ounces with the grade also increasing 4 per cent to 1.06 g/t Au. Open-pit inferred mineral resources decreased 87,200 ounces to 232,200 ounces, as of Dec. 31, 2014, reflecting the conversion of inferred mineral resources to measured and indicated mineral resources.

Underground measured and indicated mineral resources at San Carlos decreased 32,300 ounces to 91,500 ounces. This decrease was more than offset by a 57,300-ounce increase in inferred mineral resources at San Carlos.

The mineral resources are reported at a 0.5-gram-per-tonne-gold cut-off at Mulatos and at a 2.5-gram-per-tonne-gold cut-off for underground resources.

Agi Dagi, Kirazli and Camyurt (Turkey)

Measured and indicated mineral resources at Agi Dagi, Kirazli and Camyurt, which are reported at a 0.2 g/t Au cut-off, increased 1 per cent or 41,000 ounces to 2.96 million ounces of gold and 24.5 million ounces of silver, as compared with Dec. 31, 2013. This reflected changes to the pit design, including the use of slightly steeper slopes.

Inferred mineral resources at Agi Dagi, Kirazli and Camyurt also increased 39,800 ounces to 437,800 ounces at year-end 2014.

Esperanza gold project (Mexico)

Measured and indicated mineral resources at the Esperanza gold project, which are reported at a 0.4 g/t Au cut-off grade, decreased 12 per cent to 1.08 million ounces of gold and 8.9 million ounces of silver as at year-end 2014. This reflects a lower gold price assumption of $1,400 per ounce, from $1,600 per ounce, resulting in a smaller but much-higher-quality mineral resource with the grade increasing 20 per cent to 0.98 g/t Au.

Quartz Mountain property (United States of America)

Inferred mineral resources at the Quartz Mountain property, which are reported at a 0.21 g/t Au cut-off for oxide and 0.58 g/t Au for sulphide, contained 2.85 million ounces at year-end 2014, unchanged from 2013. This includes oxide mineral resources of 1.30 million ounces and sulphide mineral resources of 1.55 million ounces. The company is currently conducting an 8,000-metre drill program with the dual objective of validating the existing resource and testing the new geological model. The program is expected to continue to midyear 2015.

Sale of El Realito concessions

Earlier this month, the company sold the El Realito exploration concessions, a small portion of its large exploration package at Mulatos, to Agnico Eagle Mines Ltd. for proceeds of $7-million (U.S.) cash and a 2-per-cent net smelter returns royalty. The El Realito exploration concessions total approximately 6 per cent of the company's large exploration package of 30,325 hectares. The concessions are located in the northwest corner of the Mulatos district, approximately 14 kilometres from the existing Mulatos mine and processing facilities and adjacent to Agnico's La India mine. As part of the agreement, Agnico has the option of reducing the 2-per-cent NSR royalty to 1 per cent through an additional payment of $4-million.

Qualified persons

The independent qualified person for the National Instrument 43-101-compliant mineral reserve estimate is Herb Welhener, SME-QP, vice-president of Independent Mining Consultants Inc. of Tucson, Ariz., working in conjunction with the company's exploration and operations staff. Marc Jutras, PEng, MASc, director of mineral resources for Alamos, prepared the mineral resource estimation for the East Estrella and Escondida/Gap/El Victor deposits at the Mulatos mine, the Agi Dagi and Kirazli deposits, and the Esperanza gold deposit. Kristen Simpson, PGeo, chief resource geologist for Alamos, prepared the mineral resource estimation of the Mina Vieja, Puerto del Aire Main and Northeast, and San Carlos deposits at the Mulatos mine, and Camyurt deposit. Mark Odell, PE, principal, Practical Mining LLC, was responsible for the preparation of the underground reserves of the San Carlos deposit. The mineral resource for the Quartz Mountain project was prepared by independent qualified person, Michael Lechner, PGeo, of Resource Modeling Inc. All are recognized as qualified persons according to the requirements of National Instrument 43-101.

Exploration programs for the company are directed by Aoife McGrath, MSc, MAIG, Alamos's director of exploration and corporate development, a qualified person under the requirements of National Instrument 43-101. Field programs in Mexico are supervised by Mehtap Ozcan, Alamos's exploration manager -- Mexico. Field programs in the United States are supervised by Bruno Barde, MSc, PGeo, Alamos's regional chief geologist -- USA. Mr. Barde is recognized as a qualified person according to the requirements of National Instrument 43-101.

Drilling, sampling, quality assurance/quality control protocols and analytical methods for individual resource areas are as outlined in the respective press releases for these areas, in the Mulatos December, 2012, technical report, the July, 2012, Agi Dagi and Kirazli technical report, and the March, 2014, Esperanza technical report, which are available at SEDAR.

We seek Safe Harbor.