--Analyst Actions: Alamos Gold at the Denver Gold Forum

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Alamos Gold Inc. (AGI.TO) presented at the Denver Gold Forum: On September 19, 2011, John McCluskey, CEO of AGI provided an update at the Denver Gold Forum.

Strategy for growth - target of 350kozs for 2013: "AGI reiterated y-o-y flat production in 2011 at 145-160kozs at increased cash costs of $440-465/oz, but will increase production by 50% in 2012 via the high grade Escondida option at Mulatos and then further growth through two Turkish deposits, Agi Dagi and Kirazli, coming on stream in 2013."

The 239% share price appreciation since 2008 vs. a 123% increase in gold price has been driven by exploration, production and margin growth.

Addressed the issue of cyanide: "AGI is looking forward to full production rates once cyanide is received in late Q3/Q4. Currently the gold is being held back in inventory."

Mulatos high grade mill operational by Q1/12: "The development of a gravity mill to process high grade Escondida ore will commence in Q1/12. AGI noted that there is an opportunity to expand to 1,000tpd from 500tpd."

In Turkey, last week AGI provided a mineral resource update to 1.96Mozs and expects to triple the original 1.14Mozs resource by 2012YE. "A response from the government on the EIA is expected in Q1/12. A feasibility study is expected by year end 2011. Management is forecasting combined mine production of 135kozspa for the first 8 years at $302/oz. AGI expects to better the capex estimate of $235M by $60M. The Camyurt project has been drilled out 1,100m at an average grade of 1.2g/t."

The company's strategy remains: 1) increasing production ( Escondida in 2012 and Turkey in 2013); 2) Increasing gold reserves (satellite projects in Mexico and Turkey); 3) Growth through acquisitions and exploration; 4) Continue to be a low cost producer; 5) Maintain solid financial profile (no debt, strong cash balance).

Valuation: "Our $20.00 Target price is based on a target P/NAV multiple of 1.10 times our cash adjusted NAV/DCF of $16.31 per share with net cash of $1.81 per share added at par."

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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