TORONTO, ONTARIO--(Marketwire - March 27, 2012) -

(All amounts are expressed in United States dollars, unless otherwise stated)

Alamos Gold Inc. (News - Market indicators) ("Alamos" or the "Company") reports positive drill results from the El Victor North exploration program, continuing to expand the El Victor deposit. In addition, the Company is reporting mineral reserves and resources for the Mulatos Mine in Mexico and mineral resources for the Agi Dagi and Kirazli projects in Turkey as at December 31, 2011.

El Victor North Exploration Update

Recent drill results at El Victor North continue to expand the mineralized zone north and west of the current El Victor pit design outline. The El Victor North area is an exploration target contiguous with and north of the current El Victor portion of the Mulatos pit. Results from the El Victor North drill program have been encouraging to-date and continue to demonstrate the potential of this zone. Previously unreleased results from recent drilling are highlighted below:

These most recent intercepts lie outside of the current pit design, and are expected to add significantly to the El Victor resource. The El Victor North area has over 300 m of strike length, is up to 100 m wide, remains open to the north, and has the potential to expand reserves along the northern boundary of the Escondida to El Victor trend. The top of the zone is located approximately 36 m to 56 m below surface. High-grade assay drill results indicate the potential for a sub-parallel mineralized trend of the Escondida high grade zone.

Please refer to Figure 1 at the end of this press release for all drill hole locations from recent drilling. Relevant assay results from the recent reverse circulation ("RC") drilling and core drilling at El Victor are presented in tables 1 and 2, respectively, at the end of this press release.

2011 Global Mineral Reserve and Resource Statement

Key highlights from the 2011 global mineral reserve and resource update include:

• Proven and probable mineral reserves of 2.39 million ounces of gold at Mulatos, replacing mineral reserves mined out in 2011.
• Increased measured and indicated mineral resources by 6% to 4.98 million ounces of gold, including a 35% year over year increase in measured and indicated resources at the Agi Dagi and Kirazli projects in Turkey.
• Reported inferred mineral resources of 0.96 million ounces of gold.

The mineral resource estimate for the Company's Turkish projects excludes results for Camyurt. The Company plans to release an initial mineral resource update for Camyurt separately within the next month in order to incorporate all existing drill results.

Mineral Reserves

In 2011, the Company successfully replaced mined-out mineral reserves at Mulatos with total proven and probable reserves of 2.39 million ounces of gold at year-end. The replacement of reserve ounces is attributable to the addition of new ounces at El Victor, conversion of pit- contained mineral resources to mineral reserves, as well as the use of a $1,150 per ounce gold price assumption compared to $875 in 2010. A detailed summary of proven and probable mineral reserves for the Mulatos Mine as at December 31, 2011 is presented in Table 3 at the end of this press release.

Based on the 2012 budgeted average throughput rate at the Mulatos Mine of 17,000 tonnes per day ("tpd") and a projected 500 tpd rate for the high grade mill, the overall expected life of the Mulatos Mine remains at approximately 9 years as at December 31, 2011. The life-of-mine waste-to-ore ratios as of December 31, 2011 for the Mulatos Mine and nearby satellite deposits are summarized in Table 4 at the end of this press release.

Mineral Resources

Globally, the Company's measured and indicated mineral resources, which are reported exclusive of mineral reserves, increased 6% to 4.98 million ounces as of December 31, 2011 compared to the December 31, 2010 mineral resource statement. Over the same period, the Company's inferred mineral resources decreased slightly to 0.96 million ounces, from 0.97 million ounces.

Mulatos Mine (Mexico)

Measured and indicated mineral resources at Mulatos, which are reported at a 0.5 g/t Au cut- off, increased slightly to 2.77 million ounces and inferred resources decreased slightly to 0.51 million ounces at December 31, 2011 compared to the prior year. The slight increase in measured and indicated mineral resources and the slight decrease of inferred mineral resources is primarily attributable to the conversion of inferred mineral resources into the measured and indicated categories. The reported mineral resources also benefitted from the delineation of new resources through infill drilling and extension drilling.

A detailed summary of measured and indicated mineral resources and inferred mineral resources for Mulatos are presented in tables 5 and 6 at the end of this release, respectively.

A map detailing the planned Mulatos Pit area is presented in Figure 2 at the end of this press release. The locations of the Cerro Pelon and La Yaqui mineral reserve areas, as well as other regional targets within the Mulatos District, are shown in Figure 3 at the end of this press release.

Agi Dagi and Kirazli (Turkey)

Measured and indicated mineral resources at Agi Dagi and Kirazli, which are reported at a 0.2 g/t Au cut-off, increased 35% to 2.22 million ounces of gold compared to the mineral resources reported in December 2010 and increased 13% from the mineral resources reported in September 2011. In addition, measured and indicated resources of silver increased 9% to 16.87 million ounces compared to the resource update in September 2011. The increase in measured and indicated mineral resources is a result of the extensive drill program undertaken in 2011 resulting in the conversion of inferred mineral resources into the indicated category.

Inferred mineral resources at Agi Dagi and Kirazli increased 8% to 0.45 million ounces. The inferred mineral ounces reported are exclusive of ounces attributable to the Camyurt project, which will be reported separately once the estimation is complete. The Company expects to release the initial resource estimate for Camyurt within the next month.

Detailed summaries of the measured and indicated mineral resources for Agi Dagi and Kirazli are presented in tables 7 and 8 at the end of this release, respectively. Inferred mineral resources for Agi Dagi and Kirazli are presented in tables 9 and 10 at the end of this release, respectively. Figures 4 and 5 provide the location of mineral resource areas for Agi Dagi and Kirazli projects in Turkey, respectively.

Additionally, the Company is currently completing a preliminary feasibility study for the Agi Dagi and Kirazli projects that will include updated mineral resource estimates for both projects to account for additional drilling carried out in late 2011 and early 2012.

Qualified Persons

The independent Qualified Person for the National Instrument 43-101 compliant mineral reserve estimate is Herb Welhener, Vice President of Independent Mining Consultants Inc. of Tucson, Arizona, working in conjunction with the Company's exploration and operations staff. Marc Jutras, P. Eng., M.A.Sc., Director of Mineral Resources for Alamos, prepared or supervised the mineral resource estimation for the Mulatos Mine, the Agi Dagi and Kirazli projects. Tom Stubens, Senior Geologist at Micon International Ltd., prepared the mineral resource estimation for the Baba and Fire Tower areas of the Agi Dagi project. Mark Odell, Principal, Practical Mining LLC, was responsible for the presentation of the underground minable reserves in the Escondida and Gap area. Messieurs Welhener, Jutras, Stubens and Odell are recognized as Qualified Persons according to the requirements of National Instrument 43-101 of the Canadian Securities Administrators, and consent to the presentation of this press release.

Exploration programs at Mulatos are directed by Ken Balleweg, P.Geo., B.Sc. Geological Engineering, M.Sc. Geology, Alamos' Exploration Manager - Mexico, a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.

Exploration programs at Agi Dagi and Kirazli are directed by Charles Tarnocai, PhD. in Geology, Alamos' Vice President of Exploration and Corporate Development, a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.

Drilling, sampling, QA/QC protocols and analytical methods for individual resource areas are as outlined in the respective news releases for these areas, in the 2004 Mulatos Feasibility Study, and in the Agi Dagi and Kirazli 2010 Preliminary Economic Assessment, which are available at www.sedar.com.

About Alamos

Alamos is an established Canadian-based gold producer that owns and operates the Mulatos Mine in Mexico, and has exploration and development activities in Mexico and Turkey. The Company employs nearly 500 people in Mexico and Turkey and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighbouring communities. Alamos has over $250 million cash and short-term investments, is debt-free, and unhedged to the price of gold. As of March 26, 2012, Alamos had 119,314,006 common shares outstanding (124,745,506 shares fully diluted), which are traded on the Toronto Stock Exchange under the symbol "AGI".

Cautionary Note

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including without limitation statements regarding forecast gold production, gold grades, recoveries, waste-to-ore ratios, total cash costs, potential mineralization and reserves, exploration results, and future plans and objectives of Alamos, are forward-looking statements that involve various risks and uncertainties. These forward-looking statements include, but are not limited to, statements with respect to mining and processing of mined ore, achieving projected recovery rates, anticipated production rates and mine life, operating efficiencies, costs and expenditures, changes in mineral resources and conversion of mineral resources to proven and probable reserves, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management.

Exploration results that include geophysics, sampling, and drill results on wide spacings may not be indicative of the occurrence of a mineral deposit. Such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics and economic potential to be classed as a category of mineral resource. A mineral resource which is classified as "inferred" or "indicated" has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an "indicated mineral resource" or "inferred mineral resource" will ever be upgraded to a higher category of resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into proven and probable reserves.

Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements.

There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Alamos' expectations include, among others, risks related to international operations, the actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of gold and silver, as well as those factors discussed in the section entitled "Risk Factors" in Alamos' Annual Information Form. Although Alamos has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Cautionary Note to US Investors Concerning Estimates of Measured, Indicated and Inferred Resources:

This press release uses the terms "Measured", "Indicated", and "Inferred" resources. Investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies. Investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. Investors are also cautioned not to assume that all or any part of a Mineral Resource is economically or legally mineable.

To view Table 3: Proven and Probable Mineral Reserves at Mulatos Project Area as of December 31, 2011, please visit the following link: http://media3.marketwire.com/docs/AlamosTable3.pdf

To view Table 5: Measured and Indicated Mineral Resources as of December 31, 2011 - Mulatos Project Area, please visit the following link: http://media3.marketwire.com/docs/AlamosTable5.pdf

To view Table 7: Measured and Indicated Mineral Resources as of December 31, 2011 - Agi Dagi Project and Table 8: Measured and Indicated Mineral Resources as of December 31, 2011 - Kirazli Project, please visit the following link: http://media3.marketwire.com/docs/AlamosTable7and8.pdf

To view Table 9: Measured and Indicated, and Inferred Mineral Resources as of December 31, 2011 - Agi Dagi Project and Table 10: Measured and Indicated, and Inferred Mineral Resources as of December 31, 2011 - Kirazli Project, please visit the following link: http://media3.marketwire.com/docs/AlamosTable9and10.pdf

To view Figure 1: Previously unreleased El Victor North drill hole locations, please visit the following link: http://media3.marketwire.com/docs/AlFigure1.pdf

To view Figure 2: Mulatos Pit Area, please visit the following link: http://media3.marketwire.com/docs/AlFigure2.pdf 

To view Figure 3: Mulatos District Property Alteration and Known Gold Occurrences, please visit the following link: http://media3.marketwire.com/docs/AlFigure3.pdf

To view Figure 4: Agi Dagi and Camyurt Project Alterations and Known Gold Occurrences, please visit the following link: http://media3.marketwire.com/docs/AlFigure4.pdf

To view Figure 5: Kirazli Project Alteration and Known Gold Occurrences, please visit the following link: http://media3.marketwire.com/docs/AlFigure5.pdf