F O R I M M E D I A T E R E L E A S E

Alamos Achieves Record Fourth Quarter Gold Production of 67,800 Ounces, Reaches 2012 Guidance of 200,000 Ounces and Outlines 2013 Plans

Toronto, Ontario - (January 8, 2013) Alamos Gold Inc. (TSX: AGI) ("Alamos" or the "Company") today reported record fourth quarter and annual gold production, achieving its production guidance for the year of 200,000 ounces of gold. The Company also provided guidance on 2013 production and operating, development and exploration budgets.
Fourth Quarter and Full Year 2012 Operating Results
Gold Production
"We posted strong production growth in 2012 with the start-up of our gravity mill to process high-grade ore and achieved our production guidance of 200,000 ounces of gold for the year. In the fourth quarter alone, we produced a record 67,800 ounces. Just as important, we maintained outstanding margins through our continuing success as a leading low-cost producer, with cash operating costs for the year, exclusive of the 5% royalty, expected to be below $360 per ounce. This has enabled us to continue to generate tremendous cash flows, which has set us up to self-finance development of our Turkish projects," said John A. McCluskey, President and Chief Executive Officer.
In the fourth quarter of 2012, the Mulatos Mine ("Mulatos") produced a record 67,800 ounces of gold, 41% higher than the previous quarterly production record of 48,200 ounces. Cash operating costs (exclusive of the 5% royalty) have not been finalized, but are expected to be at or below $360 per ounce for the year. Gold production in the fourth quarter benefited from
higher than budgeted throughput and grade from the gravity mill, which is processing ore from the Escondida high grade zone. In addition, quarterly crusher throughput achieved record levels averaging 17,900 tonnes of ore per day ("tpd").
Mill production from the Escondida high grade zone continued to improve in the fourth quarter of 2012, with throughput of 630 tonnes per day exceeding budgeted levels. Ore mined and milled from the Escondida high-grade zone during the quarter averaged 14.1 grams per tonne of gold ("g/t Au"), surpassing the budgeted annual mill grade of 13.4 g/t Au.
Total crusher throughput in the fourth quarter of 2012 averaged a record 17,900 tpd; above the annual budgeted rate of 17,500 tpd and 12% higher than 16,000 tpd in the same period last year. Higher crusher throughput was achieved through a reduction in downtime resulting from improved maintenance practices. For 2012, crusher throughput averaged 16,000 tpd.
The grade of the crushed ore stacked on the leach pad (excluding mill tails) in the fourth quarter was 1.20 g/t Au; significantly higher than the full year budgeted grade of 1.00 g/t Au, as a result of continued positive grade reconciliations relative to the block model on which the budget is based.

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The ratio of ounces produced to contained ounces stacked or milled ("recovery ratio") was
72% in the fourth quarter of 2012. The recovery ratio in the fourth quarter benefitted from gold production deferred from the third quarter as a result of dilution on the heap leach pad during the rainy season.
Key operational metrics and production statistics for the fourth quarter and full year 2012 compared to the same periods of 2011 are presented in Table 1 at the end of this press release.
Gold Sales
Alamos sold 62,516 ounces of gold in the fourth quarter of 2012 for record quarterly revenues of $106.9 million, a 50% increase from revenues of $71.1 million in the same period of 2011. For 2012, the Company sold 197,516 ounces of gold for record annual revenues of $329.4 million, 45% higher than revenues of $227.4 million in 2011.
2013 Guidance
The Company anticipates producing between 180,000 and 200,000 ounces of gold in 2013 at a cash operating cost of $415 to $435 per ounce of gold sold, excluding a 5% royalty. If the
5% royalty is included, and assuming a $1,700 gold price, total cash costs are expected to be between $500 and $520 per ounce of gold sold.
The following parameters underlie the 2013 production forecast and operating cost estimate:
- Combined gold recovery of 75% (heap leach ore, 70% recovery; mill ore, 90% ultimate recovery)
- Throughput: 17,500 tpd (includes 500 tpd from the gravity mill)
- Average grade: heap leach ore 0.98 g/t Au; mill ore 11.0 g/t Au
- Waste-to-ore ratio of 0.64:1
- Mexican peso:United States dollar foreign exchange rate of 13:1
The Company expects these parameters to fluctuate during 2013; accordingly, they should be treated as full-year averages that do not necessarily reflect quarterly operating results.
The higher cash operating cost guidance for 2013 compared to 2012 results mainly from inflationary pressures on key input costs, including labour, diesel, and cyanide. In addition, the budgeted grade of mill ore of 11.0 g/t Au in 2013 is lower than the budgeted grade of 13.4 g/t in 2012.
"We remain dedicated to maximizing efficiency in every aspect of our operations, and uncompromising in our commitment to health and safety," said Manley Guarducci, Vice President and Chief Operating Officer. "In particular, in 2013 we will concentrate on improving crusher throughput, where we made important strides during the course of 2012."

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2013 Mexico Operating and Development Budget
The 2013 Mulatos capital and development budget is $40.7 million and includes the following key items:

Mexico 2013 Budget (millions)

San Carlos and Escondida underground development $10.7
San Carlos and El Victor earthworks $8.6
Total Development $19.3
Mobile equipment $8.2
Leach pad expansion $2.2
Crusher/gravity mill $2.8
Other sustaining capital $8.2
Total Operating $21.4

Total Operating and Development Capital $40.7

Development spending in 2013 will be focused on underground development of the San Carlos and Escondida North areas, in order to access high grade ore to provide gravity mill feed. In addition, approximately $8.6 million will be invested in the construction of an access ramp from the Estrella portion of the Mulatos Pit to the El Victor and San Carlos deposit areas and the pre-stripping of approximately three million tonnes of waste rock.
Operating capital in 2013 includes $8.2 million for component changes and mobile equipment purchases. Leach pad expansion costs include approximately $1.2 million for a pumping station to accommodate the expanded leach pad design as well as $1.0 million for inter-lift liners. Capital spending on the crushing circuit and gravity mill is expected to be $2.8 million, and other sustaining capital is budgeted to be $8.2 million.
2013 Mexico Exploration Budget
Exploration spending in Mexico in 2013 is expected to be $10.6 million, of which approximately 65% will be expensed.
The locations of the Company's regional exploration targets within the Mulatos District are presented in Figure 1 at the end of this press release.
A minimum of 72,000 metres ("m") of reverse-circulation ("RC"), directional drilling and core drilling is planned at Mulatos in 2013, focusing on the following targets:
• San Carlos Northeast - 7,000 m
• East Estrella - 2,000 m
• El Realito - 3,500 m
• Compadres - 2,800 m
• Mulatos Mine area (Escondida, El Victor North, and El Victor South) - 22,800 m

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In addition to the drill programs outlined, the Company has a large reconnaissance-level exploration program planned for 2013 to assess several regional grassroots targets, including parts of Puerto del Aire, La Dura, Compadres East, El Halcon, Ostimuri and other generative targets.
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