Alamos boosts mineral resource at Agi Dagi/Kirazli projects, drills up to 3.17 g/t gold at Camyurt


Alamos Gold (TSE:AGI) announced Friday it increased the measured and indicated mineral resources at its Agi Dagi and Kirazli projects, located in Çanakkale Province on the Biga Peninsula of northwestern Turkey, and announced drill results from its ongoing program at the Camyurt gold occurrence at Agi Dagi.

Updated to account for the conversion of inferred resources into the measured and indicated category, additional resources through infill and expansion drilling, and a rise in gold prices to $1,150, from $1,025 at the time of the last resource estimate.

Alamos published a scoping study in March 2010, shortly after it acquired the Agi Dagi and Kirazli projects, which outlined indicated resources of 0.91 million ounces of gold, and 0.44 million ounces of inferred resources.

Alamos now places 1.96 million ounces of gold in the measured and indicated category. This represents a 19% increase from the 1.65 million ounces in the category as of the end of the 2011 calendar year, and a 115% increase over the results of the March 2010 scoping study.

In the inferred category, Alamos placed 0.46 million ounces of the yellow metal, up 10% from the 0.42 million ounces it had in the 2010 estimate. The new resource report does not include the Camyurt property.

The company said it will calculate the proven and probable reserves for the two properties as part of its ongoing preliminary feasibility study, which is expected for completion later this year.

Meanwhile, at its Camyurt property, located three kilometres southeast of the Agi Dagi project, about 7,250 metres have been completed of the 10,000-metre drill project.

Notable results from the program include 1.25 grams per tonne (g/t) gold over 59.0 metres and 2.29 g/t gold over 61.5 metres in hole 11-CYD-14A.

Hole 11-CYD-22 returned 46.7 metres at 2.66 g/t gold, while hole 11-CYD-24 found 38.1 metres at 0.93 g/t gold and 37.5 metres at 1.38 g/t gold. Assays from hole 11-CYD-28 returned 36.5 metres grading 3.17 g/t gold, while hole 11-CYD-30 found 36.4 metres at 1.41 g/t gold. Hole 11-CYD-32 found 140.5 metres at 1.25 g/t gold, hole 11-CYD-34 found 81.2 metres at 1.25 g/t gold, and hole 11-CYD-35 found 89.6 metres at 1.76 g/t gold.

Alamos said these results, as well as other assays from the remainder of the drill program, will be incorporated in both the initial resource estimate for the Camyurt property, and the year-end 2011 global mineral reserve and resource statement, which Alamos said it will publish in the first quarter of 2012.

The definition drill program at Camyurt continues with three rigs currently active on the property.

Based in Toronto, Alamos' stock rose 1.07% to $17.96 per share as of 10:19 am EDT.


Price: 13.3 CAD

Market: TSX
Market Cap: $5.32 billion

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