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Thursday, November 6th,  2008

 

Alamos Gold Inc. Reports Record Quarterly Earnings of $0.09 per Share

 

Toronto, Ontario ? Alamos Gold Inc. (TSX: AGI) (?Alamos? or the ?Company?) announces the release of financial results for the third quarter of 2008. A link to the Company?s interim consolidated financial statements for the three and nine-month periods ended September 30, 2008 and 2007 and related Management?s Discussion and Analysis is provided at the end of this release.

 

All amounts are unaudited and in United States dollars, unless otherwise stated. Refer to the Cautionary Non-GAAP Statements section at the end of this release for a discussion of the non-GAAP measures used by the Company. Except for historical information contained in this discussion and analysis, disclosure statements contained herein are forward?looking, as defined in the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those in such forward?looking statements.

 

Third Quarter 2008 Highlights

 

During the three-month period ended September 30, 2008, the Company reported its fourth consecutive quarter of record quarterly gold production, revenues, cash flows from operations and earnings. Specifically, the Company:

 

   Recognized record quarterly earnings of $8.3 million ($0.09 per share), a substantial increase over earnings of $0.1 million ($0.00 per share) in the third quarter of 2007.

   Reported a 139% increase in revenues from $15.6 million in the third quarter of 2007 to a record $37.2 million in the third quarter of 2008.

   Generated record cash flows from operating activities of $19.3 million or $0.20 per share compared to $4.0 million or $0.04 per share in the third quarter of 2007.

   Sold a record 41,293 ounces of gold, representing an increase of 78% over gold sales in the third quarter of 2007 of 23,170 ounces.

   Produced a record 39,900 ounces at a cash operating cost of $363 per ounce of gold sold (total cash cost inclusive of royalties of $405 per ounce of gold sold).

   Increased cash balances by $16.1 million in the quarter to $34.5 million at September 30, 2008.

   Reports an initial resource estimate at Puerto del Aire of 311,000 ounces of measured and indicated resources, and 197,000 ounces of inferred resources.

   Announced the delineation of a new gold zone at the Cerro Pelon regional exploration target, located 2.5 kilometers southwest of the Company?s existing Mulatos mine leach pad facilities.

 

Year-to-Date 2008 Highlights

 

In the nine-month period ended September 30, 2008, the Company:

 

   Recognized earnings of $20.2 million ($0.21 per share) compared to $3.2 million or $0.03 per share in the same period of 2007.

   Reported strong revenue growth, increasing revenues 89% to $100.6 million.

   Generated cash flow from operations of $49.3 million ($0.51 per share) compared to $11.6 million ($0.12 per share) in the comparable period of 2007.

   Produced 111,653 ounces of gold, an increase of 49% over the 74,810 ounces produced in the nine months ended September 30, 2007.

 

Link to Full News Release:

http://www.marketwire.com/press-release/Alamos-Gold-Inc-TSX-AGI-917898.html

 

Link to Q3 2008 Financial Statements:

http://media3.marketwire.com/docs/agi116fs.pdf

 

 

Link to Q3 2008 Management Discussion & Analysis:

http://media3.marketwire.com/docs/agi116mda.pdf

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Alamos Gold

DEVELOPMENT STAGE
CODE : AGI.TO
ISIN : CA0115271086
CUSIP : 011527108
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