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Strategies & Market Trends : Winter in the Great White North -- Ignore unavailable to you. Want to Upgrade?

To: marcos who wrote (5285)	11/27/2003 8:32:50 PM
From: Rocket Red	Read Replies (1) \| Respond to of 8273

This News Release won't be good for AGI Stock Price Alamos Gold Inc (C-AGI) - News Release Alamos Mulatos deposit mines management upheaval Alamos Gold Inc AGI Shares issued 45,906,914 Nov 26 2003 close $ 2.89 Thursday November 27 2003 News Release Mr. John McCluskey reports ALAMOS GOLD ANNOUNCES CHANGES IN MANAGEMENT AND BOARD Chester Millar and Stephen Stine have resigned as directors of the company, and Stephen Stine has resigned as vice-president of operations. John McCluskey has been appointed president and now holds the positions of president and chief executive officer. In addition, John Van De Beuken has been appointed as vice-president and chief of operations, and Leonard Harris has been appointed to the board of directors to fill one of the vacancies left by the resignations of Mr. Millar and Mr. Stine. The company is considering other candidates to fill the remaining board position. The resignation of Mr. Millar arose out a difference with the board with respect to the future plans for development and further exploration of the Mulatos deposit on the company's 16,000-hectare Salamandra property. The board wished Mr. Millar well and thanked him for his many years of service and contributions to the company. The Mulatos deposit is currently the subject of a feasibility study lead by M3 Engineering of Tucson, Ariz. The purpose of the feasibility study is to determine the feasibility of developing a mine capable of sustaining a rate of production of at least 100,000 ounces of gold per year, which is consistent with the business plan that was approved by the board of directors since the formation of the Alamos Gold in March, 2003. The company will implement an expanded exploration program in 2004. In the meantime, drilling continues on the Estrella zone of Mulatos and is planned to commence on other significant targets on the Salamandra property in the new year. Drilling from underground stations accessed from the Nopal, Nopalito and Cantil adits in the Estrella zone, has been under way since early October (see news release in Stockwatch dated Oct. 7, 2003). The exploration budget for this program was recently increased by $100,000 to accommodate five additional drill holes, which has now been completed, and assay results are planned to be released shortly. Appointment of Mr. Van De Beuken Mr. Van De Beuken has been appointed vice-president and chief of operations of the company. Mr. Van De Beuken is a mining engineer with over 30 years experience in senior positions in mining operations. Until recently he was vice-president, Mongolian projects, for Ivanhoe Mines. Among his significant past accomplishments, Mr. Van De Beuken was mine manager and subsequently general manager of Echo Bay's McCoy/Cove Mine in Nevada, an operation with annual production of 400,000 ounces of gold and 12 million ounces of silver. This operation mined over 200,000 tons per day and employed over 500 people. As vice-president of operations, Mr. Van De Beuken brought the Alumbrera mine into production on behalf of the MIM, Rio Algom and North's joint venture. Mr. Van De Beuken took the mine from startup through to the receipt of non-recourse financing. Alumbrera has an annual production rate of 560,000 ounces of gold and 170,000 tonnes of copper. The operation consists of a 340,000-tonne-per-day mine, and an-80,000-tonne-per-day concentrator. Mr. Van De Beuken built the production team at Alumbrera which consisted of over 1,100 employees. Appointment of Mr. Harris to the board of directors Mr. Harris is a 1949 graduate metallurgist from the Mount Morgan School of Mines (Australia). After graduation he worked at Mount Morgan, Mount Isa and Radium Hill in Australia, and at Taquah & Abosso Mines in Ghana. He spent 18 years with Cerro de Pasco Corp. in Peru and New York, and several years as mine manager of Texada Mines in Australia. Mr. Harris worked 21 years with Newmont Mining as vice-president of research and development, and metallurgical operations, general manager of Minera Yanacocha, president of Newmont Peru, and vice-president and general manager of Newmont, Latin America. At present, he is a director of several junior mining companies including Corriente Resources, Solitario Resources and Endeavour Gold Corp. WARNING: The company relies upon litigation protection for "forward-looking" statements. (c) Copyright 2003 Canjex Publishing Ltd. stockwatch.com