Alamos Gold has reported a positive prefeasibility study for its 100%-owned Aği Daği and Kirazli gold projects on the Biga Peninsula in northwest Turkey. The projects are located about 19 km apart and would be developed as separate open-pit, heap leach operations; however, the prefeasibility study treats them as a single development project. The study assumes that a contract miner will be hired.

                The mine plans calls for the delivery of 30,000 mt/d of ore to the crusher at Aği Daği and 15,000 mt/d to the crusher at Kirazli. Mining activity after the pre-production periods will be for approximately seven years at Aği Daği and five years at Kirazli. First gold production from Kirazli is planned for 2014, followed by gold production from Aği Daği in 2016.

                Annual combined gold production from the two mines is expected to peak in 2017 at 237,000 oz and will average 166,000 oz/y over the nine-year combined mine life. Total life-of-mine production is estimated at 1.5 million oz of gold and 4.9 million oz of silver.

                Processing includes heap leaching of crushed ore with dilute cyanide solutions and precious metals production in carbon adsorption-desorption-recovery (ADR) plants to produce gold/silver doré bars.

                Wherever practical, identical equipment will be used at the two operations to minimize spare parts handling and inventories.

                Pre-production capital expenditures are estimated at $424.4 million. Average life-of-mine cash operating costs are estimated at $544/oz sold, and total cash costs are estimated at $579/oz sold.

                In addition to the Aği Daği-Kirazli prefeasibility study, Alamos has reported an inferred mineral resource estimate of 640,000 oz for the Çamyurt deposit, located 3 km southeast of Aği Daği. Drilling has defined a mineralized zone that is continuous for at least 1,200 m along strike, with additional potential to extend mineralization to the northeast and at depth. Grades at the deposit are substantially higher than those at Aği Daği and Kirazli.

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