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Alamos Gold Announces More High Grade Oxides Over+ 100 m Intervals from Estrella Zone

12/12/2003

Vancouver, B.C., Alamos Gold Inc. is pleased to announce assay results from five additional holes of the recently concluded fifteen-hole underground core-drilling program within the Cerro Estrella portion of the Mulatos deposit in Sonora, Mexico. A total of 1821.5m of core were drilled in the Phase I program, with five areas of higher-grade structurally controlled mineralization tested.

Drill hole results are consistent with the first four holes, and continue to demonstrate significant intercepts of gold mineralization higher than the average grade of the deposit. Drill hole composite intervals are presented in the following table:
                NOPAL/CANTIL UNDERGROUND CORE HOLES
                         COMPOSITE RESULTS

  DRILL
  HOLE
(Azimuth/   TOTAL   FROM    TO   INTERVAL  GOLD  LITHOLOGY/ALTERATION/
Inclination)DEPTH                   (m)     g/t       OXIDATION
-----------------------------------------------------------------------
NP03-01     129.3    0    114.74  114.74   3.05   0-79.85m Rhyodacite
(240/+25)                                         porphyry, strong 
Includes:           3.05   29.06   26.01   6.47   advanced argillic 
                                          (uncut) alteration, un-
                                            5.20  oxidized. 79.85-110m
                                          (cut to Rhyodacite porphyry,
                                          34 g/t) strong vuggy silica
                                                  alteration, strongly
                                                  oxidized. 110-129.3
                                                  volcaniclastic con-
                                                  glomerate, strongly
                                                  argillized.
-----------------------------------------------------------------------
NP03-05     100.05   0     47.13   47.13   2.68   0-100.5m Rhyodacite
(240/0)            53.21   86.65   33.44   1.97   porphyry, strong  
                                                  advanced argillic
                                                  alteration with local
                                                  silicified zones,
                                                  unoxidized.
-----------------------------------------------------------------------
NP03-06     106.1    0    102.5   102.5    5.45   0-12.8m Rhyodacite 
(240/-20)                                         porphyry, moderate to 
Includes:          32.12   40.97    8.85  11.76   strong silica
                   70.37   76.49    6.94  29.25   alteration, moder-
                                         (uncut)  ately to strongly
                                          22.96   oxidized.12.8-102.5m
                                         (cut to  Rhyodacite porphyry,
                                          34g/t)  strong-intense vuggy
                                                  silica alteration,
                                                  strongly oxidized.
-----------------------------------------------------------------------
NP03-07     101.4    0    101.4   101.4    2.14   0-29.85m Rhyodacite 
(050/0)                                           porphyry, strong
                                                  silicic alteration,
                                                  strongly oxidized.
                                                  29.85-101.4m Rhyoda-
                                                  cite porphyry, strong
                                                  vuggy silica alter-
                                                  ation, strongly oxi-
                                                  dized.
-----------------------------------------------------------------------
CT03-03     141.4    0     79.36   79.36   3.01   0-134.47m Volcaniclas- 
(230/0)            82.45  134.47   52.02   1.98   tic conglomerate, 
                                                  coarse-grained facies,
                                                  strongly silicified
                                                  with zones advanced
                                                  argillic alteration,
                                                  strong fracture-
                                                  controlled oxidiza-
                                                  tion in silicified
                                                  intervals.
-----------------------------------------------------------------------

Drill holes NP03-01, NP03-05, NP03-06, NP03-07 were drilled in the main Cerro Estrella structural zone and substantiate the concept of higher-grade gold concentrations within broad structural zones. NP03-06, NP03-03, and NP03-04 (previous release) and NP03-01 and NP03-05 are fan holes that demonstrate mineralization continuity a minimum of 75m vertically within the zones. Forthcoming holes will provide intercepts at higher elevations. Highest-grade intercepts in NP03-06 include 3.1m at 48.25 g/t (uncut) and 1.5m @ 34.9 g/t.

Drill hole CT03-03 is significant in that it was drilled in the northern portion of the Cerro Estrella area and tests a separate structural zone. CT03-03 assay results indicate a width of +3 g/t gold mineralization approximately twice that predicted by the previous model. Intercept widths are believed to be roughly reflective of true zone widths at the Nopal level elevation. A 0.5g/t cut-off grade was used for calculation of composite intervals, with only a single 1.5m interval of sub-0.5 g/t material allowed within a composite interval. A map of drill hole locations can be accessed at the following website: http://www.alamosgold.com/i/maps/agi-dec022003-map.gif.

The Mulatos underground drilling program is being carried out under the direction of Ken Balleweg, BSc. Geological Engineering, MSc. Geology. Mr. Balleweg is Alamos' Exploration Manager and the Qualified Person as that term is defined in National Instrument 43-101 of the Canadian Securities Administrators. Strict sampling and QA/QC protocol are followed, including use of the same sampling procedures and standards used in previous Placer Dome drilling programs. Sample intervals are 1.5 m, except to accommodate geologic contacts. The NQ2 core is cut on site, and half sent to BSI Inspectorate Laboratories in Reno, Nevada for analysis. Analytical method is fire assay with atomic adsorption finish and gravimetric finish for individual samples with a gold concentration greater than 3.0 g/t. All remaining holes have been processed and shipped for analysis. Assay results from the remaining holes are anticipated by month-end.

For further information, please contact:

John A. McCluskey
President and Chief Executive Officer
Tel: 416-925-4880
Fax: 416-925-2264
Email: john.mccluskey@sympatico.ca
Website: www.alamosgold.com


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Safe Harbor Statement under the United States Private Securities Litigation Act of 1995: Statement in this release that are forward-looking, including statements relating to the future recovery of the Mulatos Project, are subject to various risks and uncertainties concerning the specific factors identified about in the Company's periodic filings with the Ontario Securities Commission and the U. S. Securities Exchange Commission. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not intend to update this information and disclaims any legal liability to the contrary.