Alamos Gold Obtains Water Rights for Mulatos Project

NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR:  ALAMOS GOLD INC.

TSX VENTURE SYMBOL:  AGI

MARCH 23, 2004 - 14:34 ET

Alamos Gold Obtains Water Rights for Mulatos Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Mar 23, 2004) - 
Alamos Gold Incorporated (AGI-TSX.V) announces that its wholly 
owned Mexican subsidiary, Minas de Oro Nacional S.A. de C.V., has 
obtained from the Comision Nacional Del Agua (CAN), a bureau of 
the Federal government of Mexico, approval of an agreement to 
acquire surface water rights in the amount of 1,500,000 cubic 
meters per year, to be drawn from the Mulatos River. These 
rights, which are granted in perpetuity, provide sufficient 
capacity to support the water requirements for the Mulatos 
Project throughout the life of the mine. 

The water rights were purchased from the Asociacion De Usuarios 
De Sahuaripa A.C. subject to the approval of the CAN. In 
consideration for the purchase of the water rights, Alamos Gold 
has agreed to finance the drilling of 5 water wells in the 
Sahuaripa region to support agricultural irrigation near the 
towns of Sahuaripa and Arivechi. The company will pay to the 
association US$310,000 by the end of March to fully satisfy the 
cost of the water well development. 

Obtaining the water rights for the Mulatos Project is a 
significant milestone for Alamos Gold, and is the result of 
successful negotiation with local communities which has achieved 
an agreement that benefits both parties. The Mulatos Project is 
the final stage of a bankable feasibility study which will be 
published early in the second quarter of this year. 

Safe Harbor Statement under the United States Private Securities 
Litigation Act of 1995: Statement in this release that are 
forward-looking, including statements relating to the future 
recovery of the Mulatos Project, are subject to various risks and 
uncertainties concerning the specific factors identified about in 
the Company's periodic filings with the Ontario Securities 
Commission and the U. S. Securities Exchange Commission. Such 
information contained herein represents management's best 
judgment as of the date hereof based on information currently 
available. The Company does not intend to update this information 
and disclaims any legal liability to the contrary. 

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FOR FURTHER INFORMATION PLEASE CONTACT:

Alamos Gold Incorporated

John A. McCluskey

President and Chief Executive Officer

(416) 368-9932 x203

(416) 368-2934  (FAX)

Email: jmccluskey@alamosgold.com

or

Alamos Gold Incorporated

Victoria Vargas de Szarzynski

Investor Relations

(416) 368-9932 x201

(416) 368-2934  (FAX)

Email: vvargas@alamosgold.com

Website: www.alamosgold.com

The TSX Venture Exchange has not reviewed and does not accept

responsibility for the adequacy or accuracy of this release.