Minera Alamos

Minera Alamos Receives Positive Change of Land Use Notice for its Permit Application at Santana Gold Project

Toronto, Ontario and Vancouver, British Columbia--(Newsfile Corp. - June 27, 2019) - Minera Alamos Inc. (TSXV: MAI) ("Minera" or the "Company") is pleased to announce that it has received notification from the Mexican environmental authorities (Secretaria de Medio Ambiente y Recursos Naturales - "SEMARNAT") regarding the Company's permit application (MIA-ETJ) for the development of the Santana gold project ("Santana"). The notification confirms the successful completion of the technical review phase of the Company's application (Estudio Tecnico Justificativo - "ETJ") for the change of land use to allow the Company to construct mining and processing facilities at the Santana project area. Following the completion of the change of land use payments, SEMARNAT will be in a position to issue the formal approval documentation for the Santana project.

"The receipt of this notification represents another major milestone for the Company. Despite the anticipated delays related to the changes in the Mexican government in 2018, this notice was received approximately one year following our permitting application for commercial production at Santana," stated Darren Koningen, CEO of Minera Alamos. "Our highly experienced Mexican technical team continues to demonstrate the ability to concurrently advance our full portfolio of late-stage gold development projects. Mexico remains one of the world's premier mine development locations with respect to the timeframes required for permitting of new operations. We are excited to advance the Company's Santana gold project which remains our top priority for construction consideration in 2019."

The receipt of a MIA-ETJ permit for Santana will allow the Company to initiate applications for other state/local permits that will be required in advance of any commercial mine production. These lesser permits cover activities such as water use and explosives. In addition, the Company can now proceed with advanced discussions with potential contractors related to mining, crushing, construction, etc. The Santana MIA-ETJ applications were structured to provide the Company with significant flexibility to further optimize the development approach for the project and the ability to expand the project operations organically once resources are increased. While certain state and local permits are required to commence mining operations the successful completion of the MIA-ETJ permit process will allow the Company to commence all necessary earthworks and construction activities in advance of mining operations.

As planning activities ramp up over the summer, the Company will provide regular updates as to the progress on multiple fronts. Additionally, efforts are underway to complete Phase 2 of the exploration and development drilling program at the Santana project. The new program was designed to demonstrate the potential of the project to host multiple "Nicho-style" mineralized systems that could be combined to supply feed material for an expanded regional production facility.

Drilling will follow-up on the step out holes at the main Nicho deposit where Phase 1 drilling returned holes that included: 80.4m of 1.05 g/t Au and 127m of 0.81 g/t Au (see news releases dated October 17, 2018 and November 1st, 2018).

Additionally, the Divisadero discovery hole (95.7m of 1.47 g/t AuEq - see news release dated October 25th, 2018), remains the only hole drilled into a new system that has been traced at surface over an extent of 300-400m before it disappears under surface cover. This area as well as other newly defined Nicho-style pipes like Zata have now been well defined at surface but remained largely undrilled as of the end of the 2018 Phase 1 program.

Mr. Darren Koningen, P. Eng., Minera Alamos' CEO, is the Qualified Person responsible for the technical content of this press release under National Instrument 43-101. Mr. Koningen has supervised the preparation of and has approved the scientific and technical disclosures in this news release.

About Minera Alamos:

Minera Alamos is an advanced-stage exploration and development company with a portfolio of high-quality Mexican development assets, including the La Fortuna open-pit gold project in Durango (positive PEA completed and permits granted) and the Santana open-pit heap-leach development project in Sonora (test mining and processing completed).

The Company's strategy is to develop low capex, high margin assets with expansion opportunities while continuing to pursue complementary strategic acquisitions.

For Further Information Please Contact:

Minera Alamos Inc.
Doug Ramshaw, President
Tel: 604-600-4423
Email: dramshaw@mineraalamos.com
Website: www.mineraalamos.com

Caution Regarding Forward-Looking Statements:

This news release may contain forward-looking information and Minera Alamos cautions readers that forward-looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of Minera Alamos included in this news release. This news release includes certain "forward-looking statements", which often, but not always, can be identified by the use of words such as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". These statements are based on information currently available to Minera Alamos and Minera Alamos provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements with respect to Minera Alamos' future plans with respect to the Projects, objectives or goals, to the effect that Minera Alamos or management expects a stated condition or result to occur and the expected timing for release of a resource and reserve estimate on the Projects. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, the economics of processing methods, project development, reclamation and capital costs of Minera Alamos' mineral properties, the ability to complete a preliminary economic assessment which supports the technical and economic viability of mineral production could differ materially from those currently anticipated in such statements for many reasons. Minera Alamos' financial condition and prospects could differ materially from those currently anticipated in such statements for many reasons such as: an inability to finance and/or complete an updated resource and reserve estimate and a preliminary economic assessment which supports the technical and economic viability of mineral production; changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Minera Alamos' activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Minera Alamos' forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on Minera Alamos' forward-looking statements. Minera Alamos does not undertake to update any forward-looking statement that may be made from time to time by Minera Alamos or on its behalf, except in accordance with applicable securities laws.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45935

Minera Alamos Announces Closing of $4.9 Million Financing and Increase in Institutional Ownership

Toronto, Ontario and Vancouver, British Columbia--(Newsfile Corp. - March 4, 2019) - Minera Alamos Inc. (TSXV: MAI) (OTC Pink: MAIFF) (the "Company" or "Minera Alamos") is pleased to announce, further to its press release dated February 26, 2019, that it has closed the non-brokered private placement offering of 49,347,500 common shares of the Company (the "Common Shares") at a price of $0.10 per Common Share (the "Offering Price") for aggregate gross proceeds of $4,934,750 (the "Offering").

The Offering included participation of existing institutional investors. As a result, the Donald Smith Value Fund increased its ownership in the Company to ~9.8% and the Aegis Value Fund increased its ownership to ~4.9%.

"Minera appreciates the ongoing support of both Donald Smith and Aegis as well as the other participants in the Offering as we begin a transformational year leading toward construction decisions at our Santana and Fortuna gold projects" stated Doug Ramshaw, President of Minera Alamos.

Minera Alamos intends to use the net proceeds of the Offering for exploration and development of the Company's Santana Project in Sonora, Mexico, and for working capital and general corporate purposes.

In connection with the Offering, the Company paid cash finder's fees of $276,600 and issued 2,862,000 finder's warrants (the "Finder's Warrants"). The Finder's Warrants will each be exercisable for one Share at the Offering Price for a period of two years following the closing of the Offering.

All securities issued under the Offering will be subject to a four month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. The Offering is subject to TSX Venture Exchange acceptance of requisite regulatory filings.

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 news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Minera Alamos

Minera Alamos is an advanced-stage exploration and development company with a growing portfolio of high-quality Mexican assets, including the La Fortuna open-pit gold project in Durango with positive PEA completed, the Santana open-pit heapleach development project in Sonora with test mining and processing completed and the Guadalupe de Los Reyes open-pit gold-silver project in Sinaloa with mine planning in progress. The Company is awaiting the pending approval of permit applications related to the commercial production of gold at both the Santana and Fortuna projects.

The Company's strategy is to develop low capex assets while expanding the project resources and pursue complementary strategic acquisitions.

CONTACT INFORMATION:

Minera Alamos Inc
Doug Ramshaw, President
604-600-4423
dramshaw@mineraalamos.com

www.mineraalamos.com

Caution Regarding Forward-Looking Statements

This news release may contain forward-looking information and Minera Alamos cautions readers that forward-looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of Minera Alamos included in this news release. This news release includes certain "forward-looking statements", which often, but not always, can be identified by the use of words such as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". These statements are based on information currently available to Minera Alamos and Minera Alamos provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements with respect to Minera Alamos' future plans, objectives or goals, to the effect that Minera Alamos or management expects a stated condition or result to occur and the expected timing. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Such statements reflect the Company's current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company's public disclosure documents. Many factors could cause the Company's actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. This list is not exhaustive of the factors that may affect any of Minera Alamos' forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on Minera Alamos' forward-looking statements. Minera Alamos does not undertake to update any forward-looking statement that may be made from time to time by Minera Alamos or on its behalf, except in accordance with applicable securities laws.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Minera Alamos Receives Additional Gold Sale Proceeds and Prepares for Phase 2 Drilling at the Santana Gold Project, Sonora, Mexico

Toronto, Ontario and Vancouver, British Columbia--(Newsfile Corp. - February 19, 2019) - Minera Alamos Inc. (TSXV: MAI) ("Minera Alamos" or the "Company")  is pleased to report a further gold sale from residual leaching of its 50,000 t bulk leach test at the Santana gold project in Sonora, Mexico.

A gold/silver sale for the 162 oz of contained gold and 54 oz of contained silver was made resulting in net proceeds of US$213,000 received by the Company.

Although the majority of the recoverable gold has now been extracted from the bulk test material, limited residual leaching continues. The cumulative gold recovered from the bulk test activities to date is as follows:

Total Gold Recovered - 1,060 oz Au

Calculated Recovered Gold - 0.66 g/t Au (based on total mineralized material loaded to the heap leach test area)

As previously stated by the Company (see news release July 26th, 2018) the results achieved from the bulk sample leaching testwork met or exceeded expectations across the range of crush sizes that were tested. The positive results led to the filing in 2018 of permit amendments to allow for the development of a commercial scale operation at the Santana project site. The Company awaits notice of final approval for these permits.

Phase 2 Exploration Planning Complete

Following the successful Phase 1 results achieved in late 2018, the Company has also completed its exploration plans for a Phase 2 exploration and development drilling program at the Santana project. The program is currently planned to total in excess of 10,000 m and is expected to run throughout the year. Phase 2 work will include expansion drilling at the Nicho and Nicho Norte deposits and exploration drilling at a number of high priority targets:

Nicho/Nicho Norte - 20-30 infill and step out holes (~4,000m) - Drilling will seek to further expand on the step-out drill holes from Phase 1 drilling that included: 127m grading 0.81 g/t Au and 80m grading 1.05 g/t Au (see news releases dated October 11th, 2018, October 17th, 2018 and November 1st, 2018)Divisadero - 20 holes (3,000m) to follow up on a Phase 1 discovery hole containing 95.7m at 0.85 g/t Au and 0.33% Cu (see news release dated October 25th, 2018) and the subsequent mapping of over 400m of the related porphyry style outcrop and float (announced in the news release dated November 15th, 2018).Zata - 5-10 holes (~1,500m) which will be the first holes in this new breccia pipe discovery (see news release dated October 1st, 2018)Benjamin - 5-10 holes (~1,500m) to further understand historical drilling which yielded results including 2.3 g/t Au & 444.0 g/t Ag over 19.8 m and 0.70 g/t Au over 93.0 m yet has remained undrilled since 2011.Ubaldo - 5-10 holes (~1,500m) to follow up on a historic target with utilizing the new geological models for the project area.

All target areas are located within 3km of the currently proposed commercial leach pad area for which the Company awaits notice of approval for permits submitted last year.

For Further Information Please Contact:

Minera Alamos Inc.
Doug Ramshaw, President
Tel: 604-600-4423
Email: dramshaw@mineraalamos.com
Website: www.mineraalamos.com

About Minera Alamos 

Minera Alamos is an advanced-stage exploration and development company with a growing portfolio of high-quality Mexican assets, including the La Fortuna open-pit gold project in Durango with positive PEA completed, the Santana open-pit heap-leach development project in Sonora with test mining and processing completed and the Guadalupe de Los Reyes open-pit gold-silver project in Sinaloa with mine planning in progress. The Company is awaiting the pending approval of permit applications related to the commercial production of gold at both the Santana and Fortuna projects.

The Company's strategy is to develop low capex assets while expanding the project resources and pursue complementary strategic acquisitions.

Mr. Darren Koningen, P. Eng., Minera Alamos' CEO, is the Qualified Person responsible for the technical content of this press release under National Instrument 43-101. Mr. Koningen has supervised the preparation of, and approved the scientific and technical disclosures in this news release.

Caution Regarding Forward-Looking Statements 

This news release may contain forward-looking information and Minera Alamos cautions readers that forward-looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of Minera Alamos included in this news release. This news release includes certain "forward-looking statements", which often, but not always, can be identified by the use of words such as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". These statements are based on information currently available to Minera Alamos and Minera Alamos provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements with respect to Minera Alamos' future plans with respect to the Projects, objectives or goals, to the effect that Minera Alamos or management expects a stated condition or result to occur and the expected timing for release of a resource and reserve estimate on the Projects. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, the economics of processing methods, project development, reclamation and capital costs of Minera Alamos' mineral properties, the ability to complete a preliminary economic assessment which supports the technical and economic viability of mineral production could differ materially from those currently anticipated in such statements for many reasons. Minera Alamos' financial condition and prospects could differ materially from those currently anticipated in such statements for many reasons such as: an inability to finance and/or complete an updated resource and reserve estimate and a preliminary economic assessment which supports the technical and economic viability of mineral production; changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Minera Alamos' activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Minera Alamos' forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on Minera Alamos' forward-looking statements. Minera Alamos does not undertake to update any forward-looking statement that may be made from time to time by Minera Alamos or on its behalf, except in accordance with applicable securities laws. 

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/42908

Minera Alamos Provides Year-End Development Update for Santana Gold Project, Sonora, Mexico

Toronto, Ontario and Vancouver, British Columbia--(Newsfile Corp. - December 4, 2018) - Minera Alamos Inc. (TSXV: MAI) ("Minera Alamos" or the "Company") is pleased to provide an update of its 2018 development activities at the Santana gold project located in Sonora, Mexico. Since the project was acquired as part of the merger completed in April this year with Corex Gold, the Company has aggressively advanced the Santana project.

"As the year draws to a close the Minera Alamos team has made excellent progress at Santana in anticipation of what we expect to be our first commercial mine in 2019. The consistent recovered grade from the bulk test work at Nicho Norte coupled with low cyanide consumption suggests the potential for a robust open-pit, heap-leach operation. As a result, discussions with mining contractors have been initiated in anticipation of approval of our commercial permit applications and making a final construction decision," stated Minera Alamos President Doug Ramshaw. "The recent approvals of the Company's permit applications at the La Fortuna gold project exemplify a core competency of our team and its experience of working within the permitting environment in Mexico. We expect that these efforts will be equally successful at the Company's Santana project and look forward to providing our shareholders with the news of those permits in near future."

Test Mining and Mine Development Activities
Over 50,000 t of mineralized material was mined from Nicho Norte and heap leach tested to evaluate grades, recoveries, reagent consumptions and the impact of crush size.

Cumulative overall gold production from the test mining now totals 1,040 oz and represents a recoverable gold grade approaching 0.65 g/t Au.

Crush sizes for the various leach test phases varied from coarse crushing (<3") to fine crushing (<1.2-5/8') and agglomeration. Ultimate gold recoveries from all tests were excellent and consistent with the overall cumulative average. Crush size will ultimately be fine tuned to maximize future profitability at a proposed commercial scale.

While the use of fine crushing/agglomeration appears to improve the gold leach kinetics, ultimate recoveries remained similar to those achieved leaching coarse material.

Cumulative reagent consumptions for the bulk test are low amounting to <0.20 kg/t for both cyanide and lime.

The application for commercial-scale operating permits was submitted (see news release dated July 26th 2018), and the Company anticipates positive notification in the near future.

Leaching from the test pad is winding down; however, the Company is still recovering residual gold and has recently shipped additional gold in concentrate totaling approximately 150 oz. One final shipment is anticipated as this residual leaching draws to a close.

Exploration Successes
A successful Phase 1 drill program yielded positive results from the Nicho Main area including 127.0 m of 0.81 g/t Au, 80.4 m of 1.05 g/t Au and 93.5 m of 0.65 g/t Au with mineralization extending from/near surface (see news releases dated October 11th 2018, October 17th 2018 and October 25th 2018).

The Phase 1 drill program resulted in the discovery of the Divisadero porphyry target located approximately 200 m north of the Nicho Norte zone, returning 95.7 m of 0.85 g/t Au, 9.8 g/t Ag and 0.33% Cu. Mapping and sampling has outlined a

mineralized surface expression in excess of 200m x 300m (see news releases dated October 25th 2018 and November 15th 2018).

The Phase 2 drilling program will commence shortly to follow up on new discoveries made at Santana.

Ongoing Activities
As the Company awaits notification of its commercial-scale operation permit it has been active in developing strategy for a rapid shift to development and construction of a new mine including:

  • Contract negotiations with mining contractors

  • Water well drilling planning

  • Updating of the geological models based on results from Phase 1 drilling

  • Phase 2 drill program to follow up on recent discoveries

  • All these activities will contribute to a formal construction decision
    the Company anticipates making in the first quarter of 2019.

Figure 1 - Santana proposed gold heap leach operations site arrangement


To view an enhanced version of Figure 1, please visit: https://orders.newsfilecorp.com/files/4183/41438_86a843ece4fc7926_002full.jpg

Note: The Company is not basing any production decision on a feasibility study of mineral reserves demonstrating economic and technical viability. Minera Alamos acknowledges and advises there is increased uncertainty and that there are specific economic and technical risks of failure associated with any production decision. The Company believes the historic experience and track record of senior management with gold heap leaching and by advancing in careful prudent steps helps ameliorate possible technical risks.

Minera Alamos Receives Positive Notice Regarding Permit Applications for La Fortuna Gold Project in Durango, Mexico

Toronto, Ontario and Vancouver, British Columbia — (Newsfile Corp. - November 21, 2018) - Minera Alamos Inc. (TSXV: MAI) ("Minera" or the "Company") is pleased to announce that it has received a positive notification from the Mexican environmental authorities (Secretaria de Medio Ambiente y Recursos Naturales - "SEMARNAT") regarding the Company's permit application (MIA/ETJ) for the development of the La Fortuna Gold Project ("Fortuna"). The notification confirms the successful completion of the technical review phase of the Company's application (Estudio Tecnico Justificativo - "ETJ") for the change of land use to construct mining and processing facilities at the Fortuna project area. Following the completion of the change of land use payments, SEMARNAT will be in a position to issue the formal approval documentation for the project.

"The receipt of this notification represents a major milestone for the Company. Despite some procedural changes in the MIA/ETJ application process that caused early delays, the notice was received a little over a year following the completion of our strategic partnership with Osisko Gold Royalties and starts the transformation of the Company from a junior explorer to a growing gold producer," stated Darren Koningen, CEO of Minera Alamos. "Our highly experienced Mexican technical team continues to demonstrate the ability to advance concurrently our full portfolio of late-stage gold development projects. Mexico remains one of the world's premier mine development locations with respect to the timeframes required for permitting of new operations. We now eagerly await similar notifications regarding the Company's Santana gold project which remains our first priority for construction consideration in 2019 according to the Company's current development schedule."

The receipt of a MIA-ETJ permits for the Fortuna project will allow the Company to initiate applications for other state/local permits that will be required in advance of any commercial mine production. These cover activities such as water use and explosives. In addition, the Company can advance discussions with potential contractors related to mining, crushing, construction, etc. The Fortuna MIA-ETJ applications were structured to provide the Company with significant flexibility to further optimize the development approach for the project and the ability to expand the project operations organically once resources are increased.

In advance of a final construction decision, the Company has also initiated discussions with a number of project finance groups that can provide debt facilities complementary to the Fortuna royalty structure arranged with strategic partner Osisko Gold Royalties. The recently completed PEA (see news release dated August 16th 2018) for the project demonstrated an after-tax internal rate-of-return in excess of 90%, a rapid payback of capital of approximately one year and low production costs for an initial 50,000 oz (AuEq) per annum operation (see La Fortuna Gold Project below).

As planning activities are refined in the coming year (2019) the Company will provide regular updates regarding ongoing advancements at the Fortuna project. The PEA identified several opportunities to further enhance the overall project economics and these are currently under review. Included in this list are the following:

Additional metallurgical studies to further optimize the gold extraction process and improve overall metal recoveries.
A staged plant construction plan (possibly involving earlier use of ore sorting technology) to reduce the initial start-up CAPEX and then expand the facilities once production is underway.
Mine planning studies to evaluate opportunities to delay portions of early waste removal until later in the mine life Consideration of more aggressive use of ore sorting to offer additional economic benefits for the project (i.e. plant CAPEX reductions, increased mineable gold ounces, etc.)

Trade-off studies aimed at optimizing cut-off grades (with or without ore sorting) and the incorporation of additional milling capacity - the project is permitted for a 2,000 tpd operation with the PEA based on a starting rate of 1,100 tpd.

In addition to the engineering activities, the Company is also preparing for some new exploration at the Fortuna project. The footprint of the currently drilled deposit is small compared to the overall land position (6,200 Ha) and a number of other areas of historical mining activity have been identified with most having never been evaluated using modern exploration methods.

La Fortuna Gold Project

Details of potential development plans for the Fortuna Gold project were prepared in an independent Preliminary Economic Assessment ("PEA") completed by CSA Global Geosciences Canada Ltd (CSA Global) of Toronto, Canada. For a detailed

summary of the PEA contents refer to a previous news release issued by the Company dated August 16th 2018. (Note to reader: Unless stated all currency references are in US dollars).

  1. GEO-GoldEquivalentOunces

  2. "AISC per ounce" is a nonAAP financial performance measures with no standardized definition under IFRS; additional reference info at bottom of release

  3. Base case prices for gold, silver and copper were assessed at values approximately 2%-7% below the three-year trailing average prices for each of the metals and below the majority of the publicly available. Forward-looking estimates available as of July 2018

PEA Cautionary Note:

Readers are cautioned that the PEA is preliminary in nature and there is no certainty that the PEA results will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Additional work is needed to upgrade these mineral resources to mineral reserves.

Mr. Darren Koningen, P. Eng., Minera Alamos' CEO, is the Qualified Person responsible for the technical content of this press release under National Instrument 43-101. Mr. Koningen has supervised the preparation of, and has approved the scientific and technical disclosures in this news release.

About Minera Alamos:

Minera Alamos is an advanced-stage exploration and development company with a growing portfolio of high-quality Mexican assets, including the La Fortuna open-pit gold project in Durango with positive PEA completed, the Santana open-pit heap- leach development project in Sonora with test mining and processing completed and the Guadalupe de Los Reyes open-pit gold-silver project in Sinaloa with mine planning in progress. The Company is awaiting the pending approval of permit applications related to the commercial production of gold at both the Santana and Fortuna projects.

The Company's strategy is to develop low capex assets while expanding the project resources and pursue complementary strategic acquisitions.

Minera Alamos Defines Significant Surface Exposure Surrounding New Divisadero Porphyry Discovery Hole -- 95.7 Metres of 1.47 G/T Gold Equivalent -- at the Santana Project, Sonora, Mexico

Toronto, Ontario and Vancouver, British Columbia--(Newsfile Corp. - November 15, 2018) - Minera Alamos Inc. (TSXV:
MAI) (the "Company" or "Minera Alamos") is pleased to report that additional mapping and surface sampling of the new Divisadero porphyry discovery has successfully delineated a significant surface exposure of the target which remains open in all directions. To date, a combination of outcrop and limited outcrop/float samples have confirmed the expression of the known porphyry system for over 300 m before it disappears under soil cover (see figure 1).

This work was conducted following the recent success of Phase 1 drill hole S18-121 that intersected a broad zone of a porphyry hosting significant gold, silver and copper mineralization approximately 200 m north of the Nicho Norte breccia pipe. The hole was the first drilled into this new style of polymetallic mineralization that is associated with an andesite porphyry unit related to disseminated pyrite and intrusive breccias.

Divisadero Zone Highlights:

Hole S18-121 - 95.7 m of 0.85 g/t Au, 9.8 g/t Ag and 0.33% Cu - (1.47 g/t AuEQ) from 32 m

Including 70.0 m of 1.1 g/t Au, 11.8 g/t Ag and 0.56% Cu - (1.88 g/t AuEQ) beginning at 55 m down hole (see press release 2018-10-25);
Sixty-six (66) rock samples assayed with over 50% exhibiting grades in excess of 0.10 g/t gold - assays ranging up to 2.2 g/t gold;

Mineralized surface exposure surrounding drill hole S18-121 in excess of 200m x 300m;
Mineralization appears to remain open to the north and south under thin soil cover;
Extent of the gold mineralized systems surrounding the Company's flagship Nicho (Main/Norte) deposits now extends along NW-SE trend for at least 1.2-1.3 km (see figure 2).

"Following the initial drill hole discovery of the new Divisadero porphyry system, our exploration team began the process of mapping and sampling the available surface exposure around this exciting new target. With over half the surface rock samples returning greater than 0.1 g/t gold, we have confirmed the potential of the new system and have successfully followed the known extents of the Divisadero mineralization for a distance of at least 300 m before it recedes under overburden. With this new information we look forward to further defining the target in our upcoming Phase 2 drill program. As a result of this year's exploration, there are now five known areas of "Nicho-style" intrusion related gold mineralization identified at the Santana project site including the newly identified Zata and Divisadero zones. We are confident that as we expand our geological efforts more discoveries will be made." stated Darren Koningen, CEO of Minera Alamos.

Figure 1 - Divisadero Porphyry Mapping and Sampling

To view an enhanced version of Figure 1, please visit:

https://orders.newsfilecorp.com/files/4183/41084_210e7b4074c1f922_002full.jpg

Figure 2 - Divisadero Porphyry Location

To view an enhanced version of Figure 2, please visit:

https://orders.newsfilecorp.com/files/4183/41084_210e7b4074c1f922_003full.jpg

As a result of extensive weathering of the porphyry system surface exposures; copper values though elevated are lower in the surface sampling than those exhibited throughout hole S18-121 which averaged over 0.3% copper over its entire 95m length.

Exploration Plans - Phase 2 Drilling

Evaluation of the new project discoveries is ongoing and will include additional drilling as part of the Company's Phase 2 drill program that is planned to commence shortly and continue into Q1 of 2019. The work will further the understanding of the scale of the porphyry mineralization and its relationship to the mineralized breccia systems that form the predominantly gold-rich mineralization at Nicho Norte and Nicho Main to the southwest.

Mr. Darren Koningen, P. Eng., Minera Alamos' CEO, is the Qualified Person responsible for the technical content of this press release under National Instrument 43-101. Mr. Koningen has supervised the preparation of, and has approved the scientific and technical disclosures in this news release.

All rock samples were collected by Minera Alamos personnel including the Company's exploration geologists. Samples were bagged for analysis and sent for sample preparation at the ALS-Chemex facility in Hermosillo, Mexico. Blanks, duplicates, and standards were randomly inserted with the samples sent for analysis as part of the normal QA/QC procedures. All samples were prepared and analyzed for gold using fire assaying with AA/gravimetric finish in addition to a standard 35-element ICP suite.

Minera Alamos Intersects 127m of 0.81 g/t Gold Ending in Mineralization from Phase 1 Drilling at Santana Project, Sonora, Mexico

Toronto, Ontario and Vancouver, British Columbia--(Newsfile Corp. - November 1, 2018) - Minera Alamos Inc. (TSXV: MAI) (the "Company" or "Minera Alamos") is pleased to report additional results from its Phase 1 drill program at the Santana gold project, Sonora, Mexico.

Phase 1 Exploration Highlights:

Latest Hole S18-123 - 127 m of 0.81 g/t Au - Along with S18-123/124, holes S18-116/117/118/119 (previously reported) delineated broad zones of near surface mineralized extensions of the Nicho Main deposit trending southwest of previous historical drilling. Other highlights included 93.5 m of 0.63 g/t Au (S18-116) and 80.4 m of 1.05 g/t Au (S18-117).

Holes S18-123/124 which tested the SW limits of the Nicho Main zone both ended within the mineralized horizon (approximately 150m down hole at 45-degree dip) and indicate potential for deep mineralization extensions that were not considered in previous exploration programs.

New Discovery Hole S18-121 - 96 m of 1.47 g/t AuEq - First hole drilled into a new zone of gold/silver/copper mineralization (Divisadero Zone) located approximately 200m north of the previously known limits at the Nicho Main/Norte Zones. Subsequent surface mapping has confirmed that the new area appears to be open for expansion in all directions.

Discovery of New Nicho-Style Gold Structure (Zata Zone) - Over a surface area of approximately 400m x 400m, sixty- six (66) rock samples were assayed with 50% exhibiting grades suitable for heap leaching (>0.10 g/t Au).

"The Phase 1 program at the Santana gold project has been an overwhelming success," states Darren Koningen, CEO of Minera Alamos. "With the first significant exploration activity on the project since 2011 we have been able to demonstrate that the Nicho Main zone remains open for further expansion. In addition, our ongoing efforts to better understand the geological controls on gold mineralization that occur throughout the property have already been validated by the discovery of the new Divisadero and Zata zones. It is becoming increasingly evident that the mineralizing events that occurred in the Nicho area are present at shallow depths elsewhere on our extensive property holdings. Once we complete the final compilation of the current data we look forward to the initiation of a Phase 2 drilling program."

Table 1 -Nicho Zone Drilling Results Summary Table

Mineralized Interval 1,2

Composite Interval 3

Drill Hole

From (m)

To (m)

Width (m)

Gold (g/t)

Width (m)

Gold (g/t)

Area

S18-114

14.0

29.5

15.5

0.27

Nicho Satellite

And

66.2

81.1

14.9

1.40

And

107.2

117.0

9.8

0.65

And

145.5

172.0

26.5

0.21

S18-115

8.2

26.0

17.8

0.73

Nicho Satellite

And

61.0

73.8

12.8

0.17

And

123.9

129.5

5.6

0.24

S18-116

2.0

95.5

93.5

0.65

60.0

0.97

Nicho

S18-117

19.3

99.7

80.4

1.05

42.0

1.96

Nicho

S18-118

2.5

10.5

8.0

1.0

Nicho

And

48.5

73.0

24.5

0.81

And

90.0

103.6

13.6

0.29

S18-119

1.3

10.7

9.4

0.14

Nicho

And

20.5

34.9

14.4

0.33

And

77.9

82.5

4.6

0.25

S18-120

Hole abandoned due to faulting

Nicho Norte

S18-1225

No significant mineralization

Nicho Norte

S18-1234

23.2

150.5

127.3

0.81

63.7

1.55

Nicho

S18-1244

8.5

38.5

30.0

0.23

Nicho

And

85.5

160.0

74.5

0.32

Notes:

  1. Grades/widths of mineralized intervals represent complete "from" "to" drill depths as shown.

  2. Allholes(withtheexceptionofS18-122whichwasdrilledvertically)weredrilledat45-70degreeinclinationsdesignedto

    be roughly perpendicular to the understood dip of mineralized structures based on the current understanding of the

    geological structures. The true widths of the mineralized zones in these areas are currently unknown.

  3. Grade/widthofcompositeintervalsisatotalofallmineralizedintervalsthathavegoldgradesequaltoorinexcessof

    "typical" open-pit mining heap leach cut-off grades of 0.15 g/t gold.

  4. Holeendedinmineralization

  5. HoleS18-122wasredrilledverticallyinthesamelocationasS18-120whichwasabandoned.

Table 2 - Divisadero Porphyry Discovery Hole

Notes:

  1. Grades/widths of mineralized intervals represent complete "from" "to" drill depths as shown.

  2. Theholewasdrilledata70-degreeinclination.Thetruewidthofthemineralizedzoneinthisnewareaiscurrently

    unknown.

  3. GoldEquivalentcalculatedusingthefollowingmetalprices-$1250/ozgold,$16/ozsilverand$2.85/lbcopper.

    Figure 1 - Drill Hole Location Map

    To view an enhanced version of Figure 1, please visit:

    https://orders.newsfilecorp.com/files/4183/40786_b409c011d46eaa84_002full.jpg

All diamond drill samples were collected by Minera Alamos personnel including the Company's exploration geologists. Drill core samples were cut in half and divided into 1-2 m intervals. One half of the sample was bagged for analysis and the remaining half was logged by Minera Alamos personnel and stored for future reference. Blanks, duplicates, and standards were randomly inserted with the samples sent for analysis as part of the normal QA/QC procedures.

All samples were prepared and analyzed for gold using fire assaying with AA/gravimetric finish. All samples were sent for sample preparation at the ALS-Chemex facility in Hermosillo, Mexico.

Figure 2 - Santana Overview Map

Mineralized Interval 1,2

Drill Hole

From (m)

To (m)

Width (m)

Gold (g/t)

Silver (g/t)

Copper (%)

Gold Eq3 (g/t)

Area

S18- 121

32.0

127.7

95.7

0.85

9.8

0.33

1.47

Divisadero

incl

55.0

125.0

70.0

1.10

11.8

0.56

1.88

To view an enhanced version of this graphic, please visit:

https://orders.newsfilecorp.com/files/4183/40786_b409c011d46eaa84_003full.jpg

Mr. Darren Koningen, P. Eng., Minera Alamos' CEO, is the Qualified Person responsible for the technical content of this press release under National Instrument 43-101. Mr. Koningen has supervised the preparation of, and has approved the scientific and technical disclosures in this news release.

New Discovery Hole - 95.7 metres of 1.47 g/t gold equivalent at the Santana Project, Sonora, Mexico

TORONTO and VANCOUVER, Oct. 25, 2018 /CNW/ - Minera Alamos Inc. (the "Company" or "Minera Alamos") (TSX VENTURE:MAI) is pleased to report the discovery of a new broad zone of gold/silver mineralization in its Phase 1 drill program at the Santana gold project, Sonora, Mexico. The discovery drill hole into the new Divisadero zone, was drilled approximately 200m north of the known mineralization limits at the Nicho Main and Nicho Norte zones and returned a wide intercept of disseminated gold, silver and copper mineralization in a previously underexplored part of the Santana Property. The hole is the first drilled deep enough to intersect this new style of polymetallic mineralization that is associated with an andesite porphyry unit related to disseminated pyrite and intrusivebreccias. Basedonsurfaceexposuresandknowngeologythemineralizedsystemappears to be open to expansion in all directions.

Drilling Highlights:

Hole S18-121 – 95.7 m of 0.85 g/t Au, 9.8 g/t Ag and 0.33% Cu – (1.47 g/t AuEQ)
from 32 m
Including 70.0 m of 1.1 g/t Au, 11.8 g/t Ag and 0.56% Cu – (1.88 g/t AuEQ) beginning at 55 m down hole.

"This new discovery hole is an extremely exciting development for the Company" stated Darren Koningen, CEO of Minera Alamos. "One of the driving factors behind the merger between Minera Alamos and Corex earlier this year was the significant untapped potential we believed we could unlock once the two Companies' contiguous land packages were combined. As our knowledge base grows and we continue to better understand the regional geology we should continue to find additional mineralization. The discovery of the Divisadero area provides further evidence that the mineralizing events that occurred in the Nicho area are present at shallow depths elsewhere on our extensive property holdings."

Hole S18-121 (70-degree inclination) was the Company's first effort to assess the potential extensions of known mineralization on Corex's Santana claim group on to the Minera Alamos Los Verdes claim group directly to the north. Rather than exhibiting Nicho style mineralization, S18-121 returned a considerable interval of more porphyry style mineralization with broad, rather evenly distributed gold, silver and copper disseminated throughout much of the hole starting from 32 metres down the hole (see Table 1).

The Company is currently evaluating the significance of this new discovery and its relationship with the mineralized breccia systems that form the predominantly gold rich mineralization at Nicho Norte and Nicho to the southwest. Preliminary surface mapping immediately adjacent to the intercept shows that the mineralized porphyritic unit extends in all directions and appears to be distinct from the Nicho Main and Norte zones to the south. Additional holes are planned to further test the discovery as part of Phase 2 drilling at Santana.

The Phase 1 drilling program has now concluded with the completion of ten holes totalling approximately 1500 m. The remaining holes yet to be reported include further testing of the southwest extensions of the Nicho deposit (see Figure 1). Planning of the Phase 2 drill program will begin once the remaining drilling results have been received and evaluated.

Table 1 – Mineralized intervals from 2018 Santana Project drill program

Mineralized Interval 1,2

Drill Hole

From (m)

To (m)

Width (m)

Gold (g/t)

Silver (g/t)

Copper (%)

Gold Eq 3 (g/t)

S18-121

95.7

0.33

1.47

Assay results are pending from the remaining three holes; the results, as well as additional geological interpretations, will be released as they are received over the coming weeks. All diamond drill samples were collected by Minera Alamos personnel including the Company's exploration geologists. Drill core samples were cut in half and divided into 1-2 m intervals. One half of the sample was bagged for analysis and the remaining half was logged by Minera Alamos personnel and stored for future reference. Blanks, duplicates, and standards were randomly inserted with the samples sent for analysis as part of the normal QA/QC procedures.

All samples were prepared and analyzed for gold using fire assaying with AA/gravimetric finish. All samples were sent for sample preparation at the ALS-Chemex facility in Hermosillo, Mexico.

Figure 1 – Drill Hole Location Plan (CNW Group/Minera Alamos Inc.)

Guadalupe de los Reyes Option Payment Extension

Minera Alamos and Vista Gold Corp. ("Vista") have agreed to extend the due date for the
second US$1.5 million option payment for the Guadalupe de los Reyes gold / silver project in Sinaloa, Mexico ("the GdR Project") by six months to April 23, 2019. The extension will better align development plans for the GdR project with those previously announced for the Company's Santana and Fortuna projects. Minera Alamos continues to advance engineering efforts for the GdR project and community discussions related to the development of a commercial gold mining operation at the site.

As consideration for the deferral, Vista will receive an additional US$150,000 in cash, US$50,000 of which has already been paid and US$100,000 of which will be paid no later than January 23, 2019. In addition, Vista will receive interest at a rate of 1.5% per month on the deferred amount beginning January 24, 2019.

Mr. Darren Koningen, P. Eng., Minera Alamos' CEO, is the Qualified Person responsible for the technical content of this press release under National Instrument 43-101. Mr. Koningen has

Area

32.0

127.7

0.85

9.8

Divisadero

incl

55.0

125.0

70.0

1.10

11.8

0.56

1.88

Notes:

  1. Grades/widths of mineralized intervals represent complete "from" "to" drill depths as shown.

  2. The hole w as drilled at a 70-degree inclination. The true w idth of the mineralized zone in this new area is currently unknow n.

  3. Gold Equivalent calculated using the following metal prices - $1250/oz gold, $16/oz silver and $2.85/lb copper.

supervised the preparation of, and has approved the scientific and technical disclosures in this news release.

Minera Alamos drills 80.4 metres of 1.05 g/t gold from near surface at Santana project, Sonora, Mexico

TORONTO and VANCOUVER, Oct. 17, 2018 /CNW/ - Minera Alamos Inc. (the "Company" or "Minera Alamos") (TSX VENTURE:MAI) is pleased to report the second round of results from its Phase 1 drill program at the Santana gold project, Sonora, Mexico. The 2018 drill program is the first exploration drilling to be conducted at Santana since 2011. The new holes drilled were intended to evaluate the southwest extension of the Nicho main zone which was previously intersected by Hole S118-116 – see news release "Minera Alamos Drills 93.5 Metres of 0.65 g/t Gold from Surface at Santana Project" dated October 10, 2018. All drill holes analyzed to date continue to encounter zones of disseminated gold mineralization.

Drilling Highlights:
Hole S18-117 – 80.4 m of 1.05 g/t Au

Hole S18-118 – 8.0 m of 1.0 g/t Au; and 24.5 m of 0.81 g/t Au

"The recent drill results continue to demonstrate the potential for growth of the mineralization contained within the Nicho deposit and we expect these results to have a positive impact on the ongoing pit design." stated Darren Koningen, CEO of Minera Alamos. "While we continue to expand the footprint of the Nicho zone we also look forward to pending drill results from new areas to the north of the proposed open pit".

Holes S18-117 (60-degree inclination) and S18-118 (45-degree inclination) were step-out holes designed to further assess the southwest extensions of the main Nicho zone (see Figure 1). Hole S18-117 returned 80.4m of 1.05 g/t gold starting approximately 10 m below surface. The application of a typical open pit heap leach cut-off grade of 0.15 g/t results in 42 m of mineralization containing approximately 1.96 g/t gold (see Table 1). Hole S18-118 returned several intervals of disseminated gold mineralization including 8 m of 1.0 g/t gold from surface and a broader 24.5m of 0.81 g/t gold starting 48m down hole. The results from these two holes not only expand the mineralization to the southwest but demonstrate that Nicho remains open for further expansion.

Hole S18-119 was positioned further southwest along the mineralized topographic ridge that hosts the Nicho gold mineralization. The hole passed through a large interval of porphyritic andesite similar to that of the host rock for holes S18 116/117/118 with multiple zones of gold mineralization as listed inTable1. The data confirms that this lithological unit appears to remain open and additional drilling has been targeted in this area.

The Phase 1 drilling program has now concluded with the completion of ten holes totalling approximately 1500 m. The remaining holes yet to be reported include further testing of the southwest extensions of the Nicho deposit (see Figure 1) as well as areas to the north of the Nicho zone. Planning of the Phase 2 drill program will begin once the remaining drilling results have been received and interpreted.

Table 1 – Mineralized intervals from 2018 Santana Project drill program Mineralized Interval 1,2 Composite Interval 3

Assay results are pending from the remaining four holes; the results, as well as additional geological interpretations, will be released as they are received over the coming weeks. All diamond drill samples were collected by Minera Alamos personnel including the Company's exploration geologists. Drill core samples were cut in half and divided into 1-2 m intervals. One half of the sample was bagged for analysis and the remaining half was logged by Minera Alamos personnel and stored for future reference. Blanks, duplicates, and standards were randomly inserted with the samples sent for analysis as part of the normal QA/QC procedures.

All samples were prepared and analyzed for gold using fire assaying with AA/gravimetric finish. All samples were sent for sample preparation at the ALS-Chemex facility in Hermosillo, Mexico.

Mr. Darren Koningen, P. Eng., Minera Alamos' CEO, is the Qualified Person responsible for the technical content of this press release under National Instrument 43-101. Mr. Koningen has supervised the preparation of, and has approved the scientific and technical disclosures in this news release.

Figure 1 - Drill Location Plan (CNW Group/Minera Alamos Inc.)


About Minera Alamos
Minera Alamos is an advanced-stage exploration and development company with a growing portfolio of high-quality Mexican assets, including the La Fortuna open-pit gold project in Durango with positive PEA completed, the Santana open-pit heap-leach development project in Sonora with test mining and processing completed and the Guadalupe de Los Reyes open-pit gold-silver project in Sinaloa with mine planning in progress.

The Company's strategy is to develop low capex assets while expanding the project resources and pursue complementary strategic acquisitions.

Caution Regarding Forward-Looking Statements
This news release may contain forward-looking information and Minera Alamos cautions readers that forward-looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of Minera Alamos included in this news release. This news release includes certain "forward-looking statements", which often, but not always, can be identified by the use of words such as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". These statements are based on information currently available to Minera Alamos and Minera Alamos provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements with respect to Minera Alamos' future plans with respect to the Projects, objectives or goals, to the effect that Minera Alamos or management expects a stated condition or result to occur and the expected timing for release of a resource and reserve estimate on the Projects. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, the economics of processing methods, project development, reclamation and capital costs of Minera Alamos' mineral properties, the ability to complete a preliminary economic assessment which supports the technical and economic viability of mineral production could differ materially from those currently anticipated in such statements for many reasons. Minera Alamos' financial condition and prospects could differ materially from those currently anticipated in such statements for many reasons such as: an inability to finance and/or complete an updated resource and reserve estimate and a preliminary economic assessment which supports the technical and economic viability of mineral production; changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Minera Alamos' activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Minera Alamos' forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on Minera Alamos' forward-looking statements. Minera Alamos does not undertake to update any forward-looking statement that may be made from time to time by Minera Alamos or on its behalf, except in accordance with applicable securities laws.

Minera Alamos Drills 93.5 Metres of 0.65 g/t Gold From Surface at Santana Project

TORONTO and VANCOUVER, Oct. 11, 2018 /CNW/ - Minera Alamos Inc. (the "Company" or "Minera Alamos") (TSX VENTURE:MAI) is pleased to report the initial results from its Phase 1 drill program at the Santana gold project, Sonora, Mexico. The 2018 drill program is the first exploration drilling to be conducted at Santana since 2011. The first three holes were drilled near or within the Nicho deposit and were intended to evaluate mineralized extensions of previous exploration programs. All drill holes encountered zones of disseminated gold mineralization. Initial results support the Company's long held belief that there are numerous exploration targets in the Santana project area that could add significantly to the ongoing development plans of a proposed heap leach operation currently awaiting receipt of commercial-scale permits from the Mexican authorities (see release dated July 26th, 2018).

Drilling Highlights:

Hole S118-116 – 93.5 m of 0.65 g/t Au (from surface)

Hole S118-115 – 17.8 m of 0.73 g/t Au
Hole S118-114 – 15.5 m of 0.27 g/t Au; and 14.9 m of 1.4 g/t Au

"In addition to near-term production potential, a criteria for all of the projects in the Company's developmentportfolioisthattheconcessionareascontainsignificantexplorationupside. Whilewe have been aggressively pursuing production permits our exploration team has been working in parallel to expand geological models and target high priority areas for resource expansion potential." stated Darren Koningen, CEO of Minera Alamos. "These very encouraging drill results at the Santana project are the start of an ongoing exploration program designed to demonstrate the significant untapped value contained in our development assets".

Hole S118-116 was a step-out hole to assess the continuity of the southwest mineralization in the main Nicho zone (see Figure 1). The hole returned 93.5m of 0.65 g/t gold starting from just below the topographic surface. The application of a typical open pit heap leach cut-off grade of 0.15 g/t results in +60 m of mineralization containing approximately 1 g/t gold (see Table 1).

Holes S118-114 and S118-115 were targeted to examine a satellite zone of gold mineralization located immediately to the northeast of the Nicho deposit and its potential continuity with the main gold system. Both holes intersected multiple zones of gold mineralization. The new data is currently being interpreted in the context of the updated geological model for the deposit and the area will be the target of follow-up efforts as part of the Phase 2 drill program.

The Phase 1 drilling program has now concluded with the completion of ten holes totalling approximately 1500m. The remaining holes yet to be reported include further testing of the southwest extensions of the Nicho deposit (see figure 2), in advance of mine planning activities in addition to new zones of mineralization located north of the main Nicho deposit.

Table 1 – Mineralized intervals from 2018 Santana Project drill program.

Mineralized Interval 1,2

Drill Hole From (m) To Width Gold (m) (m) (g/t)

Composite Interval 3
Width Gold Area

(m) (g/t)

14.0 29.5 15.5 0.27

  1. S118-114  And And And

  2. S118-115  And And

S118-116

Notes:

66.2 81.1 14.9

107.2 117.0 9.8

145.5 172.0 26.5

8.2 26.0 17.8

61.0 73.8 12.8

123.9 129.5 5.6 2.0 95.5 93.5

1.40

0.65
0.21
0.73
0.17
0.24 19 0.90

0.65 60 0.97

Nicho Satellite

Nicho Satellite Nicho

  1. Grades/widths of mineralized intervals

  2. Allholesweredrilledat45-60degreeinclinationsdesignedtoberoughlyperpendiculartotheestimateddipofmineralizedstructures. Basedoncurrentunderstanding

    of the geological structures, true w idths of the mineralized zones are expected to be 80-90% or greater of the drill w idths outlined in the table above.

  3. Grade/width of composite intervals is a total of all mineralized intervals that have gold grades equal to or in excess of "typical" open pit mining heap leach cut-off grades

    of 0.15 g/t gold.

Assay results are pending from the remaining seven holes and the results, as well as addition geological interpretations will be released as they are received over the coming weeks. All diamond drill samples were collected by Minera Alamos personnel including the company's exploration geologists. Drill core samples were cut in half and divided into 1-2 m intervals. One half of the sample was bagged for analysis and the remaining half was logged by Minera Alamos personnel and stored for future reference. Blanks, duplicates and standards were randomly inserted with the samples sent for analysis as part of the normal QA/QC procedures.

All samples were prepared and analyzed for gold using fire assaying with AA/gravimetric finish. All samples were sent for sample preparation at the ALS-Chemex facility in Hermosillo, Mexico.

Mr. Darren Koningen, P. Eng., Minera Alamos' CEO, is the Qualified Person responsible for the technical content of this press release under National Instrument 43-101. Mr. Koningen has supervised the preparation of, and approved the scientific and technical disclosures in this news release.

Figure 1 – Drill section (CNW Group/Minera Alamos Inc.)

represent complete "from" "to" drill depths as shown.

Figure 2 – Drill Location Plan (CNW Group/Minera Alamos Inc.)

About Minera Alamos

Minera Alamos is an advanced stage exploration and development company. Its growing portfolio of high-grade Mexican projects includes the La Fortuna open pit gold project in Durango and the Guadalupe de los Reyes gold/silver project in Sinaloa as well as the now combined Santana/Los Verdes gold-copper project in Sonora. The Company is well financed to conduct all of its planned exploration and development activities and continues to pursue additional project acquisitions in Latin America.

Minera Alamos Announces Positive Preliminary Economic Assessment for the La Fortuna Gold Project with After-Tax IRR of 93%

TORONTO and VANCOUVER, Aug. 16, 2018 /CNW/ - Minera Alamos Inc. ("Minera" or the "Company") (TSXV: MAI) is pleased to announce the positive results of an independent Preliminary Economic Assessment ("PEA") for its La Fortuna Project (the "Project") in Durango, Mexico. The PEA was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") by CSA Global Geosciences Canada Ltd (CSA Global) of Toronto, Canada. (Note to reader: Unless stated all currency references are in US dollars).

Table 1 - PEA Summary

US$

CDN$

Pre-Tax NPV (7.5%)

$103,800,000

$134,800,000

Pre-Tax IRR

122%

122%

After-Tax NPV (7.5%)

$69,800,000

$90,600,000

After-Tax IRR

93%

93%

Pre-Tax Payback Period

9 months

After-Tax Payback Period

11 months

Average Annual Production

43,000 oz Gold, 220,000 oz Silver, 1,000 t Copper (50koz GEO1)

Preproduction Capital

$26,900,000

$34,900,000

LOMAverage AISC2

$440/oz

$571/oz

Mine Life

5 years

Mill Throughput (avg. tpd)

1,100

Mill Grade & Recovery

3.68 g/t Au (90% recovery)

Gold Price

$1,250/oz

Silver Price

$16/oz

Copper Price

$5,725/tonne

FX Rate (CDN$/US$)

0.77

Notes:

  1. GEO – Gold Equivalent Ounces

  2. "AISCper ounce" is a non-GAAPfinancial performance measures with no standardized definition under IFRS; additional reference info at bottomof release

  3. Base case prices for gold, silver and copper were assessed at values approximately 2%-7% below the three-year trailing average prices for each of the metals and

    below the majority of the publicly available forward looking estimates available as of July 2018

PEA Cautionary Note:

Readers are cautioned that the PEA is preliminary in nature and there is no certainty that the PEA results will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Additional work is needed to upgrade these mineral resources to mineral reserves.

"With an after-tax Internal Rate of Return in excess of 90%, today's excellent PEA results confirm that the La Fortuna Project provides a robust base for the next phase of gold production in the Company'sgrowthpipeline,"commentedDarrenKoningen,ChiefExecutiveOfficer. "Thesimplified gold recovery process outlined in the study represents a conservative starting point that is well suited to the initial project resource which, to date, has been based exclusively on previously drilled mineralization. As our engineering work progresses we continue to find opportunities to reduce the initial project capital requirements and improve overall project economics. Coupled with our strategic partnership with Osisko Gold Royalties that includes an option to provide a significant portion of the project capital requirements in return for a Project royalty, these additional optimizations will greatly reduce the upfront funding requirements of this already low capital cost operation."

"This PEA represents a key milestone for the Company as we begin to deliver to the market's

attention the underlying project economics of our development pipeline that focuses on cost-efficient and targeted production that can incrementally build a significant production profile over time," commented Doug Ramshaw, President. "With the recently submitted commercial permit applications at the Santana project and ongoing work at the Company's Guadalupe de los Reyes project we are aggressivelyexpandingouractivitiesonmultiplefronts. Wecontinuetoenvisionaplanwhereby targeted production from the development of the Santana project will support the modest capital requirements of the La Fortuna operation."

Production and Economic Highlights

Production highlights
Average annual contained-metal production of approximately 50,000oz Gold Equivalent (43,000oz Gold, 220,000oz Silver, 1,000t Copper).
5-year mine life based on initial resource "starter pit" with 2.0 Mt of mineralization (3.68 g/t Au, 20 g/t Ag, 0.27% Cu) processed at 1,100 tpd average processing rate.
215koz of Gold, 1.1Moz of Silver, and 5kt of Copper produced in concentrates.

Robust economics using metals prices of $1,250/oz Au, $16/oz Ag, and $5,725/t Cu: All-In Sustaining Cost (AISC) of $440/oz [net of by-product credits]
After-Tax NPV at 7.5% of $69.8M and IRR of 93%.
Pre-Tax NPV at 7.5% of $103.8M and IRR of 122%.

Low initial capital costs and rapid payback:
Pre-production capital costs of $26.9M.
Payback period of 3.9 11 months.
2,000 t/d mill already purchased awaiting shipment to site reduces up-front capital.

Significant Upside
Current PEA completed on project "starter pit" resource only, a single zone of drilled mineralization that appears to remain open geologically.
Additional milling capacity – project permitted for a 2,000 tpd operation with the PEA based on a starting rate of 1,100 tpd.
Numerous opportunities for significant economic improvement – improved gold recoveries, reduced initial capital costs, etc.

Table 2 - Overview of PEA Results and Assumptions

Unit

Base Case

Inputs

Gold Price

$/oz

$1,250

Silver Price

$/oz

$16

Copper Price

$/t

$5,725

Exchange Rate

MXP/USD

19

Economics

Net Cash Flow s (Undiscounted)

$

$141,000,000

Pre-Tax

NPV at 7.5%

$

$104,000,000

IRR

%

122%

Payback Period

Months

9

Economics

Net Cash Flow s (Undiscounted)

$

$96,000,000

Post-Tax

NPV at 7.5%

$

$70,000,000

IRR

%

93%

Payback Period

Months

11

NPV Discount Rate Sensitivities

Pre-Tax

Net Cash Flow s (Undiscounted)

$

$141,000,000

NPV at 5%

$

$114,000,000

NPV at 10%

$

$94,000,000

Post-Tax

Net Cash Flow s (Undiscounted)

$

$96,000,000

NPV at 5%

$

$77,000,000

NPV at 10%

$

$63,000,000

Capital & Operating Cost Estimates

Table 3 - Initial and Sustaining Capital Costs (CAPEX)

Area

Initial ($000)

Sustaining ($000)

Total ($000)

Mining (contractor mobilizations)

$1,000

$1,000

Site Development/Infrastructure

$3,500

$3,500

Mineral Processing

$15,000

$7,100

$22,100

Tailings Management

$2,000

$2,000

Closure

$3,000

$3,000

Salvage Value

($3,000)

($3,000)

Contingencies (incl. owner's costs)

$5,400

$5,400

TOTAL PROJECT

$26,900

$7,100

$34,000

*Note: Start-up w orking capital to be provided by concentrate purchasers on credit revolver basis.

Table 4 - Operating Costs (OPEX)

Area

Stockpile/Ore Sorting*1

$/tonne Mineralized Material*2

$15.95

$/unit

Open Pit Mining

$11.80

$2.15

per tonne mined

Processing

$22.89

per tonne milled

$1.73

$4.00

per tonne sorted

G&A

$3.86

$5.54

per tonne milled

All-In OPEX

$33.34

Notes:

  1. "Ore Sorting" as used in the context of Table 4 is a commercial termreferring to sensor-based rock sorting technology and is not related to project resources/reserves. Ore sorting equipment is implemented in Year 3 for upgrading of mid-grade stockpiles

  2. "Mineralized Material" represents mined material in excess of 0.8 g/t Au cut-off (includes direct milling material + stockpiled material to be upgraded via ore sorting prior to milling)

Mineral Resources

This PEA is based on a new mineral resource estimate prepared for the La Fortuna project by Scott Zelligan, P.Geo., as part of the current report. The mineral resource estimate is based on the resultsfrom125coredrillholescompletedtodateontheproject. Wireframeswerepreparedusing the drill hole information combined with geological interpretations of the deposit and validated through observations and sampling of accessible historical underground openings. Further details related to the current mineral resource estimate are presented in a later section. The table below outlines the total base case Mineral Resources, including those that were not included as part of the PEA mine plan.

Table 5 - Mineral Resource Estimates (1.0 g/t Au cutoff grade)

Resource Category

Au (g/t) Cut-off

Tonnes (t)

Au (g/t)

Ag (g/t)

Cu (%)

Au oz

Ag oz

Cu t

Measured

1.0

1,755,400

2.96

17.5

0.23

167,100

987,800

4,000

1.5

1,309,700

3.55

19.5

0.25

2.0

1,012,100

4.09

21.0

0.28

2.5

795,300

4.59

22.4

0.30

3.0

639,400

5.04

23.5

0.32

Indicated

1.0

1,714,300

2.59

15.5

0.21

142,800

854,400

3,600

1.5

1,241,400

3.11

17.5

0.24

2.0

886,400

3.65

19.2

0.27

2.5

626,600

4.24

21.0

0.30

3.0

458,500

4.80

22.2

0.32

Measured + Indicated

1.0

3,469,700

2.78

16.5

0.22

309,800

1,842,200

7,600

1.5

2,551,100

3.34

18.5

0.24

2.0

1,898,500

3.88

20.2

0.27

2.5

1,421,900

4.44

21.8

0.30

3.0

1,097,900

4.94

23.0

0.32

Inferred

1.0

156,300

1.72

8.5

0.09

8,600

42,700

100

1.5

78,612

2.21

9.2

0.10

2.0

38,059

2.73t

11.1

0.12

2.5

18,169

3.28

13.1

0.14

3.0

7,589

4.04

15.6

0.18

Notes:

  1. The effective date for this mineral resource estimate for La Fortuna project is July 13, 2018. All material tonnes and metal values are undiluted.

  2. Mineral Resources are calculated assuming a cut-off grade of 1.0 g/t Au, which is considered reasonable and consistent for this type of deposit with open pit mining

    methods.

  3. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by

    environmental, permitting, legal, title, socio-political, marketing, or other relevant issues.

  4. The mineral resources presented here w ere estimated using a block model w ith a parent block size of 5 m by 5 m by 5 m sub-blocked to a minimum block size of 0.6 m

    by 0.6 mby 0.6 musing ID3 methods for grade estimation as this method best represented the grade distribution in the sample data.

  5. Due to the geometry of the deposit and the nature of the grade distribution, the estimation w as divided betw een the upper and low er portions of the mineralized volume

    with search parameters optimized for each portion.

  6. Individual composite assays were capped at the following values according to histogram/probability and decile analyses – 30 g/t gold, 60 g/t silver, 1% copper

7.

Adensityof2.65t/m3waschosenforthetonnageestimate. Dataavailablefromdrybulkdensitystudiesindicatedanaveragedensityof2.72t/m3formineralized material,whilethequartzmonzonitematerialhadanaveragedensityof2.61t/m3. Thevalueof2.65waschosenbyaveragingthetwothenroundingdowntothe nearest 0.05 interval to be conservative

  1. The mineral resources presented here were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum(CIM), CIMStandards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIMStanding Committee on Reserve Definitions and adopted by CIMCouncil May 10, 2014.

  2. The mineral resource estimate w as prepared by Scott Zelligan, B.Sc., P.Geo., and independent resource geologist of Coldw ater, Ontario.

  3. Gold price is US$1,250/ounce, silver price is US$16/ounce, and copper price is US$5,725/tonne.

  4. The number of metric tonnes is rounded to the nearest hundred. Any discrepancies in the totals are due to rounding effects.

Mining

The mineralization at the Project extends close to surface and is amenable to conventional open pit mining methods utilizing front-end loaders and trucks. Using a preliminary Whittle pit shell for the deposit ($1,250/oz gold, $2.50/t mining, $30.00/t processing, 95% recovery, 45-degree pit slopes) asaguideafullopenpitmineplanwascompleted. LOMmineralizedmaterialwasseparatedin grade baskets (+0.8, 1.2, 1.6, 2.0 g/t Au) so that a more complete engineering cost evaluation could be completed and used as the basis of a final five-year production plan for the project. Mineralized material was grouped as Direct Milling (>1.6 g/t Au) and Mid-Grade (0.8 – 1.6 g/t Au) which is to be stockpiled and upgraded via ore sorting prior to milling (starting Year 3). No inferred resources were utilized in the PEA mine planning and further optimization efforts aimed at cut-off grades and the smoothing of waste mining activities may provide additional economic upside for the project.

Table 6 – Fortuna Processing Plant Mill Feed Schedule (diluted)

Year

Total Mill Feed (tonnes)

Au (g/t)

Ag (g/t)

Cu (%)

Gold (ounces)

Total Mined Material (tonnes)

1

380,000

3.86

21.24

0.29

47,200

2,814,400

2

380,000

3.91

20.27

0.27

47,800

2,848,200

3

410,000

3.39

21.85

0.28

44,700

2,335,700

4

410,000

3.47

19.98

0.29

45,800

4,637,200

5

418,400

3.78

16.79

0.22

50,900

3,095,700

1,998,400

3.68

19.96

0.27

236,600

15,731,200

Notes:

1. 2.

3 .

Mill Feed totals include direct milling material (1,626,000 tonnes) and mid-grade stockpiled material upgraded starting in Year 3 via crushed ore sorting (372,400 tonnes). Mine dilution applied as follows – 10% for direct milling material (dilution grade equivalent to average grade of next lower mine grade basket) and 25% for low-grade material to stockpile (0.5 g/t Au dilution grade
T o t a l mi n e d ma t e r i a l v a l u e s i n c l u d e a l l p r o d u c t i o n f r o m o p e n p i t mi n e ( mi n e r a l i z a t i o n + w a s t e ) f o r n o t e d i n t e r v a l s .

Pit bench heights were selected at 5m intervals in order to provide good ore/waste selectivity although use of larger bench heights in zones of primarily waste should be considered as part of futureoptimizationstudies. Overallaveragepitslopeswiththebenches/rampsinplaceare approximately 43 degrees for three sides and 41 degrees overall for the north wall. Rock competency is reasonable and higher pit slopes may be considered once the appropriate geotechnical information is available. Mineralized and waste materials are hauled using 25t trucks approximately 500m (maximum) to the waste dumps/mineral stockpile locations near the mine. Crushed stockpile material is then transported to the plant processing facilities located at a distance less than 1.5km.

All drilling/mining/crushing operations at the Project will be accomplished via an open pit mining contractor. Mining costs were developed for the project from first principals utilizing recent Mexican costinformation. ContractoravailabilityinnorthernMexicoiscurrentlyhighandratesare competitive. An appropriate profit factor was applied to the calculated owner operator rates and the

values were benchmarked against recent operational experience by Minera Alamos mining personnel. An additional factor was applied to account for the fact that the project is located a few hoursfromamajorpopulationbase. Mineplanningandsupervisionactivitieswillbeperformedby Minera Alamos personnel and these costs are excluded from contractor rates.

Processing

A simplified base case process was utilized for the La Fortuna plant site. Mineralized material from the mine is stockpiled and crushed to a size of <3/4" prior to being transported to the process plant. The overall processing facilities consist of a primary coarse grind to 80% passing 250-300 microns followed by a bulk sulphide concentrate flotation. Bulk concentrate is reground (80 microns) prior to a final flotation producing a copper concentrate. Centrifugal gravity gold recovery circuits are included in both the primary and concentrate reground circuits to extract free gold as a concentrate. Tailings from the flotation circuit are dewatered via filtration and dry-stacked in the tailings containment area adjacent to the processing plant.

Overall gold recovery for the PEA study has been conservatively estimated at 90%. No final gold refining facilities are to be constructed at the Fortuna site although this decision can be revisited in the future should site production rates increase. Approximately half of the gold is extracted as a gravity concentrate which will be cyanide leached at site and loaded onto activated carbon for shipping outside of Mexico for final doré production. The other half of the recovered gold reports to the copper flotation concentrate (along with the majority of the copper and silver) which is filtered and transported to the port facilities at Guaymas (approximately 500 km) for final sale.

The Company has purchased a used 2000 tpd processing facility (grinding/flotation/filtration) that has been used as the basis for the Fortuna project processing facilities. The size of the major equipment items allows for plant throughput to be increased from the currently assumed 1100 tpd rate as the size of the project resource increases.

DEXTR (x-ray) ore sorting has been included in the overall project plans as a method to upgrade mid-grade (0.8-2.0 g/t Au) mineralized material from the mine (and future potential project resources). Testwork has demonstrated that sorting of this material at normal project crush sizes can recover +80% of the contained gold into a sorted concentrate with gold contents similar to the high grade (3.5 – 4.0 g/t Au) direct milling material from the mine. It is conservatively assumed that an ore sorting machine will be purchased and installed in Year 3 of mining operations to upgrade this material. In the current operations plan only 20% of the LOM contained gold ounces sent to the processing plant have been upgraded in this manner.

Table 7 - Summary of La Fortuna Metallurgical Results

Infrastructure

Access

The La Fortuna project is accessible by road from Culiacan (Sinaloa state capital – population approx. 1MM), a driving distance of approximately 85 kilometers. At present the road is paved to within approximately 30 km of the town El Barco which is situated at the river immediately south of the project area. The remaining road is graveled, graded and of reasonable width for much of the

Product

Grade

Metal Recoveries (%)

Au (g/t)

Silver (g/t)

Copper (%)

Au

Silver

Copper

Mill Feed (LOM)

Products

3.68

20

0.27

Gravity Concentrate*1

N/A

45

Copper Flotation Concentrate

120

1250

18

45

85

90

*1Gravityconcentrateisleachedincyanideandadsorbedontoactivatedcarbonforshippingoffsiteforfinalprocessing. ForPEAmodellingpurposesitwasassumedthatgold w as the only material payable metal recovered by gravity

route. It has been anticipated that some relatively minor upgrading of portions of this road (primarily in areas with a sharp turning radius) will be required in order to improve access for larger trucks to reach the Fortuna project area.

Preliminary engineering has been completed to locate new access roads within the project area required for start of the La Fortuna operations. This includes a total of approximately 5 km of gravel surface suitable for the operation of mining trucks.

Road from planned open pit to new processing plant area – 1.5 km Initial mine truck access roads around planned open pit – 2 km Miscellaneous additional access roads around mine/plant -- 1.5 km

Power

The closest small villages to the Project site (El Barco and San Fernando) have less than 100 inhabitants and are currently not serviced via the national power grid. Grid power is being extended along the state highway from Culiacan as it is widened and paved (currently within 30km of the project) but it is unknown when it will ultimately be available and what load capacity would exist.

It is assumed for the foreseeable future that all power required for the Project will be generated at site via diesel generators. The total operating plant power load is estimated at approximately 2MW which will be supplied via multiple generator units (operating + standby) to build in redundancy for maintenance, etc. Primary generators are to be located within close proximity to the processing plant area so site power line requirements will be negligible. Wherever possible, large power consumers not associated with the processing plant (i.e. portable crushers) are self-contained with local diesel hydraulic/electric generation. Small auxiliary generators will be utilized as necessary for minor requirements (i.e. plant camp/offices).

At current fuel prices in Mexico power generation via diesel equipment is equivalent to an electric power cost of $0.25-0.30/kWh which has been used for budgeting. Should grid power eventually arrive at the project area, power costs for the project would be reduced by 50% or more.

Water Management

The Humaya river flows roughly northwest-southeast approximately 500m from the planned La Fortuna processing plant area. This river has a year-round supply of flowing surface water and discussions with the relevant permitting authorities have indicated that the project would be permitted to extract river water directly for process uses. In addition, a seasonal creek bed that runs east- west and connects with the Humaya river is located a few hundred meters south of the plant site. Hydrogeological studies are underway to establish optimal sources of groundwater that would also be suitable for the project's requirements.

Based on local observations, it is expected that river/ground water levels occur at the 250-300m elevation(abovesealevel). Waterwouldbepumpedfromthiselevationtheshortdistancetothe plant site which is located just above 500m (above sea level). Process water removed from the plant filtered tailings will be recycled as much as possible in order to minimize fresh process water make-up requirements.

Permitting Status

The Environmental Impact Assessment (EIA) for mining projects in Mexico starts with an application for the following primary permitting documents:

MIA - Manifestación de Impacto Ambiental (Environmental Impact Statement)
ETJ - Estudio Tecnico Justificativo (Technical Justification Study) that includes the ER - Estudio de Riesgo (Risk Study) and PPA - Programa de Prevención de Accidentes (Accident

Prevention Program)

Following the completion of the EIA process a number of other registrations and local/state permits are required before the start of commercial production. Important among these are water rights through the Comisión de Agua (National Water Commission or CONAGUA), permits for the storage and use of explosives as well as construction permits from the local municipality.

The MIA-ETJ permit applications were submitted by Minera Alamos for the La Fortuna project in 2018andarepending. Thesubmittedpermittingdocumentsincludedanexpandedscopeof processing facilities that included additional stages not required for the current start-up plan (i.e. concentratecyanidationanddetoxification). Thisprovidesthecompanywithaddedflexibilityinthe future to modify the existing operation in order to accommodate new potential regional sources of mineralization.

The Company does not currently own any surface rights in the La Fortuna area. The surface rights over the area are held jointly by the residents of the Tabahueto ejido (a Mexican agricultural cooperative). In2016theCompanystartedthediscussionswiththelocalejidoregardingthe necessary surface rights for the development of the La Fortuna project. On February 16th, 2017 at a general meeting the community voted unanimously to enter into a 25-year agreement to rent 235 Ha of surface area required by the Company (agreement signed formally in June 2017).

Sensitivity Analysis
Table 8 - Sensitivity Analysis (7.5% discount / after-tax)

Chart 1 – Sensitivity Analysis of Project NPV (7.5% discount / after-tax) (CNW Group/Minera Alamos Inc.)

Project Opportunities

The PEA identifies several project opportunities to further enhance project economics. These include:

Footprint of the current known deposit is very small compared to the overall land position. Exploration potential exists over the 6200 Ha land package. A number of other areas of historical mining activities have been identified but most of the area has never been explored using modern exploration methods.

NPV ($million)

Input Factor

Input

-30%

-20%

-10%

Base

+10%

+20%

+30%

Metal Prices/Recovery

25.1

40.0

54.9

69.8

84.7

99.6

114.5

OPEX

84.1

79.3

74.6

69.8

65.0

60.3

55.5

CAPEX

77.3

74.8

72.3

69.8

67.3

64.8

62.3

No Inferred resources have been utilized in the current mining plans. Further step out drilling may be able to define additional extensions of the current resources.
Further metallurgical test work to optimize the gold extraction process and further improve overall metal recoveries.

A staged plant construction plan (possibly involving earlier use of ore sorting) to further reduce the initial start-up CAPEX and then expand the facilities once production is underway. Additional mine planning optimization studies to evaluate opportunities to delay portions of early waste removal until later in the mine life

Further optimization studies are underway to determine if a more aggressive use of ore sorting may offer additional economic benefits for the project (i.e. plant CAPEX reductions, increased mineable gold ounces, etc.)
Trade-off studies aimed at optimizing cut-off grades (w/wo ore sorting) and the incorporation of additional milling capacity – the project is permitted for a 2,000 tpd operation with the PEA based on a starting rate of 1,100 tpd.

Qualified Person Statements

The 2018 PEA was prepared and led by CSA Global Geosciences Canada Ltd., in collaboration with other consultants, all Qualified Persons ("QPs") as defined under Canadian National Instrument 43- 101. The QPs have reviewed and approved the content of this news release. All of the QPs are "independent" of the Company pursuant to National Instrument 43-101. The executive summary of the 2018 PEA, and subsequently a technical report will be posted on the Company's website and filed on SEDAR within 45 days.

The PEA was conducted under the overall review and supervision of CSA Global Geosciences Canada Ltd of Toronto Ontario with the following Qualified Persons contributing to their respective sections. ThelistedQualifiedPersonshavereviewedthedatacontainedinthisnewsreleaseand verified that it is accurately disclosed.

Mr. Darren Koningen, P.Eng, a 'Qualified Person' as defined under Canadian National Instrument
43 101, is responsible for the other technical information (information not directly related to the PEA) in this news release.

Conference Call

The Company plans to host a telephone conference call to discuss the PEA results and general corporateplans. Conferencecallinformationwillbeprovidedpubliclyinthenearfuture.

About Minera Alamos:

Minera Alamos is an advanced stage exploration and development company. Its growing portfolio of high-grade Mexican projects includes the La Fortuna open pit gold project in Durango and the Guadalupe de los Reyes gold/silver project in Sinaloa as well as the now combined Santana/Los Verdes gold-copper project in Sonora. The Company is well financed to conduct all of its planned exploration and development activities and continues to pursue additional project acquisitions in Latin America.

Additional information about Minera Alamos Inc. and its La Fortuna Gold Project, can be found on the Company's website at www.mineraalamos.com and on SEDAR at www.sedar.com .

Felix Lee

P.Geo., Principal Consultant, CSA Global Geosciences Canada

Ian Trinder

P.Geo. Principal Consultant, CSA Global Geosciences Canada

Scott Zelligan

P.Geo., Independent Resource Geologist

Bruce Brady

P.Eng., Senior Associate Mining Engineer, CSA Global Geosciences Canada

Chris Campbell-Hicks

P.Eng., Senior Associate Metallurgist, CSA Global Geosciences Canada

Gordon Watts

P.Eng., Senior Associate Mining Engineer, CSA Global Geosciences Canada

ON BEHALF OF MINERA ALAMOS INC.

"Darren Koningen" CEO & Director

NON-GAAP Financial Performance Measures

The Company has included certain non-GAAP performance measures (All-in Sustaining Cost – "AISC")inthisdocument. TheCompanybelievesthat,inadditiontoconventionalmeasures prepared in accordance with GAAP, certain investors and other stakeholders also use this information to evaluate the Company's economic performance estimates; however, these non-GAAP performance measures do not have any standardized meaning. Accordingly, these performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The Company's primary business is gold asset development and maximizing returns from future gold production, with othermetalproductionbeingincidentaltothegoldproductionprocess. Asaresult,where applicable, the Company's non-GAAP performance measures are disclosed on a per gold ounce basis. The Company has followed the guidance note released by the World Gold Council, which became effective January 1, 2014. The World Gold Council is a non-regulatory market development organization for the gold industry whose members comprise global senior gold mining companies.