TORONTO, ONTARIO--(CCNMatthews - Jan. 12, 2005) - Alamos Gold Inc. ("Alamos Gold")(TSX:AGI) has announced today that it has entered into an agreement to sell to a syndicate of underwriters led by BMO Nesbitt Burns Inc. on an bought deal basis $45 million aggregate principal amount of 5.50% convertible senior debentures due February 15, 2010 (the "Debentures"). The Debentures will bear interest at a rate of 5.50% per annum, and will be convertible at the option of the holder into common shares of Alamos Gold at a conversion rate of 188.6792 common shares per $1,000 principal amount of Debentures, which is equal to a conversion price of approximately $ 5.30 per common share. The offering is expected to close on or about February 2, 2005.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

John A. McCluskey
President and Chief Executive Officer
Tel: 416-368-9932 x203

Victoria Vargas de Szarzynski
Investor Relations Officer
Tel: 416-368-9932 x201
Email: vvargas@alamosgold.com