Alamos Gold Reports Mineral Reserves and Resources for the Year-Ended 2016 Mineral Reserves Increase 31% Driven by Significant Growth at La Yaqui and Initial Reserves Declared at Kirazlı and Ağı Dağı
ALAMOS GOLD INC.
Brookfield Place, 181 Bay Street, Suite 3910, P.O. Box #823
Toronto, Ontario, Canada M5J 2T3
Telephone: (416) 368-9932 or 1 (866) 788-8801
All amounts are in United States dollars, unless otherwise stated.
F O R I M M E D I A T E R E L E A S E
W E B S I T E : w w w . a l a m o s g o l d . c o m T R A D I N G S Y M B O L : T S X : A G I N Y S E : A G I
Alamos Gold Reports Mineral Reserves and Resources for the Year-Ended 2016
Mineral Reserves Increase 31% Driven by Significant Growth at La Yaqui and
Initial Reserves Declared at Kirazlı and Ağı Dağı
Toronto, Ontario (February 23, 2017) – Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos”
or the “Company”) today reported its updated mineral reserves and resources as of December
31, 2016. For a detailed summary of mineral reserves and resources by project, refer to the
tables below.
Highlights
Global Proven and Probable mineral reserves increased 31%, or 1.8 million
ounces, to total 7.7 million ounces of gold1, reflecting a significant increase in
mineral reserves at La Yaqui and the declaration of initial mineral reserves at Kirazlı
and Ağı Dağı
Increased combined Proven and Probable mineral reserves at La Yaqui to
608,000 ounces of gold2, a 519,000 ounce increase. Combined mineral reserves and
resources at La Yaqui increased 113% to 684,000 ounces3 through a very successful
2016 exploration program
Initial Proven and Probable mineral reserve of 1.8 million ounces of gold4
declared at Kirazlı and Ağı Dağı with the release of positive feasibility studies
demonstrating attractive economics for both projects
Measured and Indicated mineral resources decreased 14% to 9.3 million ounces
of gold5. This reflects the conversion of mineral resources to mineral reserves at
Kirazlı and Ağı Dağı, partially offset by mineral resource additions at Young-Davidson
and La Yaqui Grande
Significant exploration budget for the Mulatos district of $17 million in 2017
focused on outlining additional mineral reserves and resources at La Yaqui and
other targets in the district including Cerro Pelon, Los Bajios and El Refugio
1 Global Proven and Probable mineral reserves total 7.7 million ounces of gold (184.5 million tonnes, grading 1.30 g/t Au)
2 La Yaqui Proven and Probable mineral reserves total 608,000 ounces of gold (13.5 million tonnes, grading 1.40 g/t Au)
3 La Yaqui includes Proven and Probable mineral reserves of 608,000 ounces of gold (13.5 million tonnes, grading 1.40 g/t Au); Measured and
Indicated mineral resources of 68,000 ounces of gold (1.1 million tonnes, grading 1.91 g/t Au) and Inferred mineral resources of 8,000 ounces (0.2
million tonnes, grading 1.39 g/t Au)
4 Kirazlı & Ağı Dağı Proven and Probable mineral reserves total 1.8 m illion ounces of gold (80.5 million tonnes, grading 0.71 g/t Au)
5 Global Measured and Indicated mineral resources total 9.3 million ounces of gold (238.4 million tonnes, grading 1.21 g/t Au)
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Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces
(000's) (g/t Au) (000's) (000's) (g/t Au) (000's)
Young-Davidson - Surface 1,165 0.91 34 1,396 0.82 37 -17% 10% -8%
Young-Davidson - Underground 42,054 2.70 3,653 44,290 2.69 3,837 -5% 0% -5%
Total Young-Davidson 43,220 2.65 3,687 45,686 2.64 3,874 -5% 1% -5%
Mulatos Mine 26,020 0.90 750 32,902 0.87 921 -21% 3% -19%
Stockpiles 7,129 1.38 317 6,485 1.45 302 10% -5% 5%
La Yaqui 1,939 1.40 87 1,912 1.45 89 1% -3% -2%
La Yaqui Grande 11,548 1.40 521 - - - - - -
Cerro Pelon 3,253 1.63 170 3,253 1.63 170 - - -
Open Pit, Heap Leach 49,889 1.15 1,845 44,552 1.03 1,482 12% 11% 24%
SC Underground 106 11.65 40 161 11.73 61 -34% -1% -34%
Total Mulatos 49,995 1.17 1,885 44,713 1.07 1,543 12% 9% 22%
El Chanate - Open Pit 10,812 0.56 193 19,317 0.59 365 -44% -5% -47%
El Chanate - Leach Pad Inv. - - 100 - - 98 - - 2%
Total El Chanate 10,812 0.84 293 19,317 0.75 463 -44% 13% -37%
Agi Dagi 54,361 0.67 1,166 - - - - - -
Kirazli 26,104 0.79 665 - - - - - -
Total Turkey 80,465 0.71 1,831 - - - - - -
Alamos - Total 184,492 1.30 7,696 109,716 1.67 5,880 68% -22% 31%
Young-Davidson - Surface 1,739 1.24 69 1,739 1.24 69 - - -
Young-Davidson - Underground 10,792 3.39 1,177 7,955 3.45 883 36% -2% 33%
Total Young-Davidson 12,531 3.09 1,246 9,694 3.05 952 29% 1% 31%
Mulatos Mine 72,491 1.10 2,554 74,546 1.10 2,630 -3% 0% -3%
San Carlos Underground 558 5.20 93 603 5.66 110 -7% -8% -15%
La Yaqui Grande 1,108 1.91 68 0 0.00 0 - - -
Cerro Pelon 572 2.56 47 572 2.57 47 - - -
Carricito 1,355 0.83 36 1,355 0.82 36 - 1% 1%
Total Mulatos 76,084 1.14 2,798 77,076 1.14 2,823 -1% 0% -1%
El Chanate 4,415 0.66 93 2,327 0.86 64 90% -23% 46%
Lynn Lake 40,303 2.03 2,629 40,303 2.03 2,629 - - -
Esperanza 34,352 0.98 1,083 34,352 0.98 1,083 - - -
Turkey 58,574 0.59 1,108 140,507 0.66 2,961 -58% -10% -63%
Quartz Mountain 12,156 0.87 339 12,156 0.87 339 - - -
Alamos - Total 238,415 1.21 9,298 316,415 1.07 10,852 -25% 14% -14%
Young-Davidson - Surface 31 0.99 1 31 0.99 1 - - -
Young-Davidson - Underground 3,524 2.76 313 3,523 2.76 312 - - -
Total Young-Davidson 3,555 2.75 314 3,554 2.74 313 - - -
Mulatos Mine 8,935 0.92 265 7,078 0.90 205 26% 2% 29%
Underground 162 4.93 26 162 4.93 26 - - -
La Yaqui Grande 174 1.39 8 5,087 1.42 232 -97% -2% -97%
Cerro Pelon 109 1.23 4 109 1.23 4 - - -
Carricito 900 0.74 22 900 0.74 22 - - -
Total Mulatos 10,280 0.98 325 13,336 1.14 489 -23% -14% -34%
El Chanate 112 0.71 3 101 0.36 1 11% 97% 119%
Lynn Lake 50,704 1.28 2,089 50,704 1.28 2,089 - - -
Esperanza 718 0.80 18 718 0.80 18 - - -
Turkey 25,240 0.54 438 25,240 0.54 438 - - -
Quartz Mountain 39,205 0.91 1,147 39,205 0.91 1,147 - - -
Alamos - Total 129,815 1.04 4,334 132,858 1.05 4,496 -2% -1% -4%
Measured and Indicated Gold Mineral Resources (exclusive of Mineral Reserves)
TOTAL MINERAL RESERVES AND RESOURCES
Proven and Probable Gold Mineral Reserves
2016 2015 % Change
2016 2015 % Change
2016 2015 % Change
Inferred Gold Mineral Resources
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Mineral Reserves
Total Proven and Probable mineral reserves increased by 31% to 7.7 million ounces of gold at
December 31, 2016, reflecting the significant increase in mineral reserves at La Yaqui and the
declaration of initial mineral reserves at Kirazlı and Ağı Dağı. This increase was partially
offset by mining depletion at Young-Davidson, Mulatos and El Chanate.
At La Yaqui Grande, 521,000 ounces were added to mineral reserves increasing the
combined mineral reserve at La Yaqui nearly 600% to 608,000 ounces from the end of 2015.
This was achieved as part of a successful 2016 exploration program which saw significant
mineral resource additions at La Yaqui Grande through drilling the first eight months of the
year, and the successful conversion of these mineral resources to mineral reserves through
infill drilling undertaken from September through November. With a significant portion of La
Yaqui Grande still to be explored, infill and exploration drilling across this large area of
alteration remains a focus in 2017.
At Kirazlı and Ağı Dağı, a significant portion of the Measured and Indicated mineral resources
were successfully converted to an initial Proven and Probable mineral reserve totalling 1.8
million ounces of gold across both projects as detailed in the summary results from the two
positive feasibility studies released earlier this month.
No exploration drilling was conducted at Young-Davidson or El Chanate in 2016. Exploration
activities at Young-Davidson are expected to increase once the lower mine is developed. At
Mulatos, limited exploration drilling targeting mineral reserves within the main Mulatos open pit
was completed with the focus being on other higher priority targets including La Yaqui. The
mineral reserve additions at La Yaqui more than offset depletion from the main Mulatos pit
with the combined net mineral reserves at Mulatos increasing 22% to 1.9 million ounces. The
Company spent $17 million on exploration at Mulatos in 2016 with a further $17 million
budgeted for 2017. A $1,250 per ounce gold price assumption was used in estimating the
2016 mineral reserves, unchanged from 2015. A detailed summary of Proven and Probable
mineral reserves as of December 31, 2016 is presented in Table 1 at the end of this press
release.
Mineral Resources
Alamos’ Measured and Indicated mineral resources (exclusive of mineral reserves) totaled 9.3
million ounces as of December 31, 2016. This represents a 14% decrease in ounces and 14%
increase in grade from December 31, 2015. The decrease in ounces reflects the conversion
of mineral resources at Kirazlı and Ağı Dağı to mineral reserves, partially offset by additions at
Young-Davidson and La Yaqui. The additions of higher grade ounces at Young-Davidson and
La Yaqui also contributed to the increase in grade, along with the conversion of mineral
resources at the Turkish projects.
Alamos’ total Inferred mineral resources of 4.3 million ounces as of December 31, 2016 were
down slightly from 2015 reflecting the successful conversion of mineral resources at La Yaqui
Grande to mineral reserves and higher mineral resource classifications.
The Company’s $1,400 per ounce gold price assumption for estimating mineral resources is
unchanged from 2015. Detailed summaries of the Company’s Measured and Indicated, and
Inferred mineral resources as of December 31, 2016 are presented in Tables 3 and 4
respectively, at the end of this press release.
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Young-Davidson
Mineral reserves at Young-Davidson decreased 0.2 million ounces, to 3.7 million ounces of
gold reflecting mining depletion. However, the Company added 0.3 million ounces of
Measured and Indicated mineral resources through infill drilling.
Young-Davidson has excellent exploration potential with the deposit open at depth; however,
with a large mineral reserve base and it being cost prohibitive to drill from surface, exploration
is not a near term focus. As such, no exploration drilling was undertaken in 2016. The
Company will resume exploration activities once the lower mine has been developed allowing
for exploration drilling platforms at depth.
In addition to the underground mineral reserves, the Company has 1.2 million tonnes of
surface stockpiles grading 0.91 grams per tonne of gold (“g/t Au”) which will be used to
supplement higher grade underground ore until underground mining rates ramp up to the mill
capacity. Based on expected underground mining rates, the remaining mineral reserve life of
the Young-Davidson mine is approximately 15 years as of December 31, 2016.
As noted above, underground Measured and Indicated mineral resources at Young-Davidson
increased 33%, or 0.3 million ounces to 1.2 million ounces. These additions came through
infill drilling in the upper portion of the lower mine. The Company expects a strong conversion
rate to mineral reserves through additional stope definition and infill drilling and further
potential to add to the mineral resource base. Inferred mineral resources were largely
unchanged at 0.3 million ounces.
Mulatos
Mulatos open pit, heap leach mineral reserves (including the Mulatos Mine, stockpiles, La
Yaqui and Cerro Pelon) increased 24%, or 0.36 million ounces, to 1.8 million ounces. This
reflects the 0.52 million ounce increase in mineral reserves at La Yaqui Grande, partially offset
by mining depletion in the Mulatos Mine. The mineral reserve grade also increased 11% to
1.15 g/t Au with the addition of the higher grade La Yaqui Grande ounces. This is
approximately 38% above the 2017 budgeted grade for open pit, heap leach production
(based on the mid-point of guidance).
The mineral reserve grade of the Mulatos Mine, the current source of open pit, heap leach
production, increased slightly to 0.90 g/t Au, reflecting lower grade ounces mined in 2016.
Based on the 2017 budgeted throughput rates, the remaining mineral reserve life of the
Mulatos Mine (including stockpiles) is approximately five years as of December 31, 2016,
exclusive of La Yaqui and other surrounding deposits.
Underground mineral reserves at Mulatos decreased 21,000 ounces reflecting mining
depletion at San Carlos. The depletion of 55,000 tonnes was well below the 134,000 tonnes
milled with the Company encountering and mining ore outside of the existing mineral
reserves. Based on current mineral reserves and stockpiles, the Company has sufficient ore
to continue high grade mill production to the fourth quarter of 2017, though this could be
extended if mining continues outside of existing reserves.
Measured and Indicated mineral resources at Mulatos of 2.8 million ounces are largely
unchanged. Inferred mineral resources at Mulatos decreased 0.16 million ounces reflecting
the conversion of the Inferred mineral resource at La Yaqui Grande to mineral reserves.
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La Yaqui
The initial mineral reserve at La Yaqui Grande of 521,000 ounces brings the combined
mineral reserves at La Yaqui to 608,000 ounces. The significant increase in mineral reserves
at La Yaqui (from 89,000 ounces a year ago) was the result of a very successful exploration
program in 2016 which included 46,809 metres of drilling that was designed to both upgrade
and expand the 232,000 ounces of inferred mineral resource discovered in Zones 1 and 2 of
La Yaqui Grande.
The Company was successful on both fronts with drilling through the first eight months of the
year incorporated into the interim mineral resource update in September 2016. This included
the conversion of 149,000 ounces (4.1 million tonnes grading 1.14 g/t Au) to an indicated
mineral resource and expanding the higher grade inferred mineral resource to 298,000
ounces (5.5 million tonnes grading 1.68 g/t Au) for a total of 447,000 ounces of combined
mineral resources as of September 2016.
The primary focus for the remainder of 2016 (September to the end of November) was infill
drilling the larger mineral resource base contained within Zones 1 and 2, some extension
drilling between the zones and scout drilling of a third zone to the north. The program was
again successful in adding further mineral resource growth within La Yaqui Grande and
upgrading most of the mineral resources to an initial mineral reserve of 521,000 ounces.
In addition to the mineral reserve growth, La Yaqui Grande contains a Measured and
Indicated mineral resource of 68,000 ounces and Inferred mineral resource of 8,000 ounces.
The overall size and confidence of the mineral reserve and resource base has increased
substantially from a year ago, with combined mineral reserves and resources at La Yaqui
increasing 113% to now total 684,000 ounces, the majority of which are mineral reserves.
The Company has another aggressive exploration program planned for La Yaqui Grande in
2017 with the aim of further growing the mineral reserve and resource base. The focus will be
infill drilling within Zone 3, drilling the gaps between all three zones and down-dip (to the
northeast) of Zones 2 and 3. Exploration drilling will also be conducted over the eastern part of
Zone 1, along the Yaqui Norte – Halcon corridor and on the narrow, steeply dipping rib of
silica alteration to the southeast of Zone 1. Approximately $6 million has been budgeted for
exploration at La Yaqui Grande in 2017.
Other Mulatos District Exploration Plans for 2017
Cerro Pelon - The exploration focus at Cerro Pelon changed mid -2016 to include a much
larger area. Scout drilling on the western zone intersected vuggy silica, advanced argillic
alteration and sulphide mineralization. Grades improved from anomalous to ore -grade
and these will be followed up in 2017. Additional exploration over the northern silica cap
and the eastern rib will also be undertaken. The focus of the 2017 exploration program is
to continue to systematically explore the larger Cerro Pelon area, with particular focus on
the western zone. The 2017 exploration budget at Cerro Pelon is $4 million.
Los Bajios – The Los Bajios target is in close proximity to the main Mulatos mine. Wide
intercepts of oxide mineralization and a large alteration anomaly were outlined from
exploration programs prior to 2007. Mapping, sampling and Induced Polarization Surveys
were carried out over Los Bajios in the fourth quarter of 2016. This work alo ng with the
historical work will form the basis of phased exploration drill programs through 2017 which
will commence in the first half of the year. Approximately $2 million has been budgeted for
exploration at Los Bajios in 2017.
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El Refugio, El Carricito and El Halcon – El Refugio is located immediately along strike from
the Puerto del Aire Deposit which is directly adjacent to the Mulatos open pit mine.
Preliminary mapping conducted here in 2016 indicates the presence of out -cropping high
grade gold mine ralization associated with pyrite -barite veins, similar to that seen in San
Carlos. Mapping, sampling and geophysics will be conducted on El Refugio with the aim to
be ready for scout drilling in the second half of 2017. M apping, sampling and geophysics
will also be conducted on the El Carricito and El Halcon prospects, with the aim of working
those up to drill -ready status in 2018. Approximately $5 million has been budgeted for
these prospects in 2017.
Kirazlı, Ağı Dağı and Çamyurt
An initial mineral reserve totaling 1.8 million ounces was declared on the Kirazlı and Ağı Dağı
projects with the successful conversion of a large portion of each projects’ Measured and
Indicated mineral resources. This was outlined in two separate feasibility studies completed
on the projects, both outlining very attractive economics.
An initial Proven and Probable mineral reserve was declared on Kirazlı totaling 0.67 million
ounces of gold and 10.1 million ounces of silver. The project also hosts a Measured and
Indicated mineral resource of 0.08 million ounces of gold and 0.4 million ounces of silver. This
is down from a year ago reflecting its conversion to mineral reserves. Kirazlı’s Inferred mineral
resource of 0.11 million ounces of gold and 1.6 million ounces of silver is contained within the
mineral reserve pit and is treated as waste in the feasibility mine plan. This represents an
opportunity to add to the total mineable ounces through additional drilling.
Based on the feasibility mine plan, Kirazlı has an expected mineral reserve life of 5 years. The
project hosts good exploration potential with favourable alteration extending up to 400 metres
west of the pit with previous drilling in this area intersecting mineralization. In addition, further
exploration potential exists on the Catalkaya and Kale prospects that sit to the south of the
Kirazlı Main Zone.
Ağı Dağı contains Proven and Probable mineral reserves totaling 1.2 million ounces of gold
and 9.5 million ounces of silver. The project also hosts Measured and Indicated mineral
resources of 0.52 million ounces of gold and 2.5 million ounces of silver. As with Kirazlı, this is
down from a year ago reflecting its conversion to mineral reserves. A further 0.25 million
ounces of gold and 1.5 million ounces of silver are contained in the Inferred mineral resource
category. Of the Inferred mineral resource, 74,000 ounces of gold is contained within the
mineral reserve pit and treated as waste in the feasibility mine plan. This represents an
opportunity to add to the total mineable ounces through additional drilling.
Based on the feasibility mine plan, Ağı Dağı has an expected mineral reserve life of 6 years.
As detailed in the preliminary economic assessment for Çamyurt, trucking its mineralized
material over to Ağı Dağı could extend the mine life to nearly 10 years.
Both Ağı Dağı and Çamyurt have excellent exploration potential. At Ağı Dağı, an extension
and exploration drill program has been designed to test along strike between the pits and
follow up on other prospects on the project (Fire Tower, Ilhamur, and Ayi Tepe). At Çamyurt
an infill and exploration drilling program has been designed to both upgrade and grow the
existing mineral resource base.
El Chanate
El Chanate’s mineral reserves decreased to 293,000 ounces reflecting mining depletion. El
Chanate is a mature operation with two years of mining remaining. The operation will then
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transition to residual leaching and will continue to produce gold for up to another four years at
substantially lower costs providing for significant free cash flow.
Lynn Lake
Limited exploration drilling was conducted at Lynn Lake in 2016 with the focus on
environmental baseline studies and geotechnical drilling in support of the project description
and feasibility study, the latter of which is expected in the third quarter of 2017.
Exploration activities are expected to increase at Lynn Lake in 2017 with a total of $4 million
budgeted. The focus will primarily be drilling adjacent to known mineral resources at Gordon
and MacLellan and on grassroots exploration over the larger greenstone belt.
Exploration on these zones commenced in the third quarter of 2016 with 11,733 metres drilled
down dip and along strike of the MacLellan deposit. Results are pending but the geology
intersected is similar to that in the ore body and therefore very encouraging.
Çamyurt, Esperanza and Quartz Mountain
Measured and Indicated and Inferred mineral resources for the Esperanza, Quartz Mountain
and Çamyurt projects were unchanged from a year ago.
Qualified Persons
Chris Bostwick, FAusIMM, Alamos Gold’s Vice President, Technical Services, has reviewed
and approved the scientific and technical information contained in this news release. Chris
Bostwick is a Qualified Person within the meaning of Canadian Securities Administrator’s
National Instrument 43-101 (“NI 43-101”). The Qualified Persons for the National Instrument
43-101 compliant mineral reserve and resource estimates are detailed in the following table.
Mineral Resources
Jeffrey Volk, CPG, FAusIMM Director - Reserves and Resource,
Alamos Gold Inc.
Young-Davidson, El Chanate, San
Carlos U/G, Lynn Lake
Marc Jutras, P.Eng Principal, Ginto Consulting Inc. Mulatos Pits, Cerro Pelon, La
Yaqui, Carricito, Esperanza, Ağı
Dağı, Kirazlı, Çamyurt, Quartz
Mountain
Mineral Reserves
Chris Bostwick, FAusIMM VP Technical Services, Alamos
Gold Inc.
Young-Davidson, El Chanate,
San Carlos Underground
Herb Welhener, SME-QP VP, Independent Mining
Consultants Inc.
Mulatos Pits, Cerro Pelon, La
Yaqui, Ağı Dağı, Kirazlı
With the exception of Mr. Volk and Mr. Bostwick, each of the foregoing individuals are
independent of Alamos Gold.
Exploration programs for the Company are directed by Aoife McGrath, M.Sc., M.AIG, Alamos'
Vice President of Exploration and a Qualified Person under the requirements of National
Instrument 43-101.
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About Alamos
Alamos is a Canadian-based intermediate gold producer with diversified production from three
operating mines in North America. This includes the Young-Davidson mine in northern
Ontario, Canada and the Mulatos and El Chanate mines in Sonora State, Mexico. Additionally,
the Company has a significant portfolio of development stage projects in Canada, Mexico,
Turkey, and the United States. Alamos employs more than 1,300 people and is committed to
the highest standards of sustainable development. The Company’s shares are traded on the
TSX and NYSE under the symbol “AGI”.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Scott K. Parsons
Vice President, Investor Relations
(416) 368-9932 x 5439
The TSX and NYSE have not reviewed and do not accept responsibility for the adequacy or accuracy of this
release.
Cautionary Note
This News Release includes certain "forward-looking statements". All statements other than statements of historical
fact included in this release are forward-looking statements that involve various risks and uncertainties. These
forward-looking statements include, but are not limited to, statements with respect to planned exploration
programs, 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.
These forward-looking statements include, but are not limited to, statements with respect to future exploration
potential, project economics, timing and scope of future exploration, anticipated 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.
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 that could cause actual events or results to differ from
those reflected in the forward-looking statements.
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 that 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.
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, risks related to obtaining the permits required to carry out planned exploration or development work,
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