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Alamos Gold Inc. Announces $26.1 Million Offering of Units

3/31/2004

TORONTO (Business Wire) -- Alamos Gold Inc. (TSX VENTURE:AGI) ("Alamos") wishes to announce a brokered private placement of 8.7 million units to be completed on a best efforts basis at a price of $3.00 per unit. Each unit will consist of one common share in the capital of Alamos Gold and one-half of one share purchase warrant. Each full warrant will entitle the holder thereof to purchase one additional share of Alamos Gold at a price of $3.50 for a two-year period following closing. The common shares and the warrants comprising the units will be separable immediately upon closing.

In addition, Alamos Gold has granted an option (the "Agents' Option") to the agents to offer up to an additional 1.3 million units on the same terms described above. The Agents' Option may be exercised at any time prior to 5:00 p.m. on April 1, 2004.

Gross proceeds from the private placement totalling $26.1 million ($30.0 million if the Agents' Option is exercised in full) will be used by Alamos Gold to fund development projects and for general corporate purposes. A 6% commission on the gross proceeds from the financing will be paid to the agents. This transaction is subject to regulatory acceptance.

Alamos Gold's common shares are traded on the TSX Venture Exchange under the symbol "AGI".

The securities offered have not been and will not be registered under the Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities law. Certain of the information contained in this news release constitute "forward-looking statements". Such forward-looking statements include the company's expectations related to the closing of the private placement and the use of proceeds. Forward looking statements are not statements of historical fact and factors may cause the actual results, performance or achievements of the Company to be materially different from those set forth in such statements.

John A. McCluskey
President and Chief Executive Officer
Tel: 416-368-9932 x203
Fax: 416-368-2934
Email: jmccluskey@alamosgold.com

Victoria Vargas de Szarzynski
Investor Relations
Tel: 416-368-9932 x201
Fax: 416-368-2934
Email: vvargas@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.