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Alamos Gold Inc. Announces $12,325,000 Private Placement

8/8/2003

Vancouver, B.C., Alamos Gold Inc. has engaged RBC Capital Markets as Lead Agent and Haywood Securities Inc. as Co-Agent (collectively the "Agents") in connection with a best efforts private placement of 8.5 million units at a price of $1.45 per unit. Each unit will consist of one common share in the capital of Alamos Gold and one-half of a share purchase warrant. Each full warrant will entitle the holder thereof to purchase one additional share of Alamos Gold at a price of $1.75 for a one-year period following closing. The common shares and the warrants comprising the units will be separable immediately upon closing.

The Agents will receive a commission equal to 7% of the gross proceeds raised from the sale of the units.

Gross proceeds from the private placement totaling $12,325,000 will be used by Alamos Gold to conduct feasibility work on its Mulatos deposit, to fund further exploration work in the Salamandra District and for general working capital purposes. This transaction is subject to regulatory acceptance.

Alamos Gold is a precious metals exploration and development company with its Salamandra exploration properties and its Mulatos project, an advanced gold deposit currently in the bankable feasibility phase of development.

ON BEHALF OF THE BOARD

/s/ Chester F. Millar

Chester F. Millar
President and Chairman of the Board

For further information, please contact:

John A. McCluskey
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.

The securities described herein and any securities which may be issued thereunder have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

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.