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Alamos Gold targets full-year exploration, development budgeted of US$44.4M

By The Canadian Press  | January 09, 2012

TORONTO - Alamos Gold Inc. (TSX:AGI) is budgeting a total US$44.4 million this year for exploration and development at its properties in Mexico and Turkey.

More than half of the 2012 capital and development budget will be allocated to its flagship Mulatos mine in Mexico, which produced 153,000 ounces of gold last year.

Alamos is forecasting higher production this year at Mulatos, in a range between 200,000 and 220,000 ounces of gold.

Alamos has budgeted a total of $26 million for operations and development plus $8.6 million for exploration at the Mexican operation.

The company has also allocated $10.7 million for development spending at its Turkish projects, including $6.1 million for pre-feasibility and environmental impact studies.

Mulatos produced 46,500 ounces of gold in the fourth quarter and sold 45,224 ounces for record revenues of $76.3 million, a 24 per cent increase over the same period of 2010.

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