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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001137171-06-001266.txt : 20060517
<SEC-HEADER>0001137171-06-001266.hdr.sgml : 20060517
<ACCEPTANCE-DATETIME>20060517172621
ACCESSION NUMBER:		0001137171-06-001266
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060511
FILED AS OF DATE:		20060517
DATE AS OF CHANGE:		20060517

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALAMOS GOLD INC
		CENTRAL INDEX KEY:			0001178819
		STANDARD INDUSTRIAL CLASSIFICATION:	MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-49946
		FILM NUMBER:		06849949

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1400
		STREET 2:		400 BURRARD STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			00000
		BUSINESS PHONE:		6046431787
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>alamos6k051506b.htm
<DESCRIPTION>ALAMOS GOLD 6-K
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>CC Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
<META NAME="author" CONTENT="Jon Morda">
<META NAME="date" CONTENT="11/01/2005">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">

<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><b><font size="2">UNITED
STATES</font></b></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><b><font size="2">SECURITIES
AND EXCHANGE COMMISSION</font></b></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><b><font size="2">Washington,
D.C. &nbsp;20549</font></b></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><b><font size="2">FORM
6-K</font></b></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center">&nbsp;</p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><b><font size="2">REPORT
OF FOREIGN ISSUER PURSUANT TO</font></b></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><b><font size="2">RULE
13a-16 AND 15d-16 UNDER THE</font></b></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><b><font size="2">SECURITIES
EXCHANGE ACT OF 1934</font></b></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt">&nbsp;</p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt">&nbsp;</p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt">&nbsp;</p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><font size="2">For
the month of:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May
15, 2006</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt">&nbsp;</p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><font size="2">Commission
File Number:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;000-49946</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt">&nbsp;</p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><b><font size="2">Alamos
Gold Inc.</font></b></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><font size="2">(Translation
of registrant's name into English)</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center">&nbsp;</p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><b><font size="2">2010-120
Adelaide St. W.
</font></b></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><b><font size="2">Toronto
ON M5H 1T1</font></b><font face="Courier New" size="3">
</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><font size="2">(Address of principal executive offices)</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center">&nbsp;</p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center">&nbsp;</p>
<p style="font-size: 11pt; width: 540pt; font-family: Times New Roman; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt">&nbsp;</p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><font size="2">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. &nbsp;</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt">&nbsp;</p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt">&nbsp;</p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><font size="2">Form
20- F.....<b> Form 40-F..X..</b></font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><font size="2"><br>
</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><font size="2">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1): ____</font></p>
<p style="font-size: 8pt; width: 540pt; font-family: Times New Roman; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><font size="2"><br>
</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="justify"><font size="2"><b>Note:</b>
Regulation S-T Rule 101(b)(1) only permits the submission in paper of &nbsp;a
Form &nbsp;6-K if submitted solely &nbsp;to provide an attached annual report to
security holders.</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><font size="2"><br>
</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><font size="2">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7): ____</font></p>
<p style="font-size: 8pt; width: 540pt; font-family: Times New Roman; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><font size="2"><br>
</font></p>
<p style="font-size: 8pt; width: 540pt; font-family: Times New Roman; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt" align="justify"><font size="2"><b>Note:</b>
Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K
if submitted to furnish a report or other document that the registrant foreign
private issuer must furnish and make public under the laws of the jurisdiction
in which the registrant is incorporated, domiciled or legally organized (the
registrant's &quot;home country&quot;), or under the rules of the home country
exchange on which the registrant's securities are traded, as long as the report
or other document is not a &nbsp;press &nbsp;release, &nbsp;is &nbsp;not
required to be and has not been distributed to the registrant's security
holders, and, if discussing a material event, has already been the subject of a
Form 6-K submission or other Commission filing on EDGAR.</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="justify"><font size="2"><br>
</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><font size="2">Indicate
by check mark whether by furnishing the information contained in this Form, the
registrant is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><font size="2">Yes
...... <b>No ..X...</b></font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt" align="center"><font size="2"><br>
</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><font size="2">If
&quot;Yes&quot; is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- ________</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><font size="2"><br>
</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><font size="2"><br>
</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><font size="2"><br>
</font></p>
<p style="font-size: 8pt; width: 540pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: -12pt; padding-right: 0pt"><font size="2">SEC
1815 (11-2002)</font></p>
<p style="font-size: 8pt; width: 540pt; text-indent: 81pt; line-height: 12pt; font-family: Times New Roman; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><b><font size="2">Potential
persons who are to respond to the collection of information contained in this
form are not required to respond unless the &nbsp;form displays a currently
valid OMB control number.</font></b></p>
<p style="font-size: 12pt; width: 540pt; font-family: Times New Roman; line-height: 12pt; margin-top: 0pt; margin-bottom: 0pt; padding-right: 0pt"><font size="2"><br>
</font></p>
<u>
<hr style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size="1.333">
</u>
<p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; WIDTH: 576pt; LINE-HEIGHT: 14pt; MARGIN-RIGHT: 36pt; FONT-FAMILY: Times New Roman" align="center"><b><font size="2">Signatures</font></b></p>
<p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; WIDTH: 576pt; MARGIN-RIGHT: 36pt; FONT-FAMILY: Times New Roman" align="center"><font size="2"><br>
</font></p>
<p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; WIDTH: 576pt; LINE-HEIGHT: 14pt; MARGIN-RIGHT: 36pt; FONT-FAMILY: Times New Roman" align="justify"><font size="2">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.</font></p>
<p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; WIDTH: 576pt; MARGIN-RIGHT: 36pt; FONT-FAMILY: Times New Roman"><font size="2"><br>
</font></p>
<p style="MARGIN-TOP: 0pt; FONT-SIZE: 13pt; MARGIN-BOTTOM: 0pt; WIDTH: 576pt; MARGIN-RIGHT: 36pt; FONT-FAMILY: Times New Roman"><font size="2"><br>
</font></p>
<p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; WIDTH: 576pt; LINE-HEIGHT: 14pt; MARGIN-RIGHT: 36pt; FONT-FAMILY: Times New Roman"><font size="2">ALAMOS
GOLD INC.</font></p>
<p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; WIDTH: 576pt; LINE-HEIGHT: 14pt; MARGIN-RIGHT: 36pt; FONT-FAMILY: Times New Roman"><font size="2">(Registrant)</font></p>
<p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; WIDTH: 576pt; LINE-HEIGHT: 10pt; MARGIN-RIGHT: 36pt; FONT-FAMILY: Times New Roman"><font size="2"><br>
</font></p>
<p style="MARGIN-TOP: 0pt; FONT-SIZE: 5pt; MARGIN-BOTTOM: 0pt; WIDTH: 576pt; LINE-HEIGHT: 5.6pt; MARGIN-RIGHT: 36pt; FONT-FAMILY: Times New Roman"><font size="2"><br>
</font></p>
<p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: -14pt; WIDTH: 576pt; LINE-HEIGHT: 14pt; MARGIN-RIGHT: 36pt; FONT-FAMILY: Times New Roman"><font size="2"><u>May
15, 2006&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
<p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; WIDTH: 576pt; TEXT-INDENT: 144pt; LINE-HEIGHT: 14pt; MARGIN-RIGHT: 36pt; FONT-FAMILY: Times New Roman"><u><font size="2">By:
/s/ Sharon L. Fleming</font></u></p>
<p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: -15.5pt; WIDTH: 576pt; LINE-HEIGHT: 15.5pt; MARGIN-RIGHT: 36pt; FONT-FAMILY: Times New Roman"><font size="2">Date</font></p>
<p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; WIDTH: 576pt; TEXT-INDENT: 144pt; LINE-HEIGHT: 13.5pt; MARGIN-RIGHT: 36pt; FONT-FAMILY: Times New Roman"><font size="2">Sharon
L. Fleming</font></p>
<p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; WIDTH: 576pt; TEXT-INDENT: 144pt; LINE-HEIGHT: 13.5pt; MARGIN-RIGHT: 36pt; FONT-FAMILY: Times New Roman"><font size="2">Corporate
Secretary</font></p>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman">&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman">&nbsp;</P>
<hr>
<P style="margin:0pt; font-family:Times New Roman">&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman">Exhibit List</P>
<P style="margin:0pt; font-family:Times New Roman">&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman">99.1&nbsp;&nbsp;&nbsp;&nbsp;<a href="materialchange.htm">Material
Change Report</a></P>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>materialchange.htm
<DESCRIPTION>MATERIAL CHANGE REPORT
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>CC Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
<META NAME="author" CONTENT="LSimonen">
<META NAME="date" CONTENT="05/12/2006">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="line-height:13pt; margin:0pt; font-size:11pt" align=center><B>FORM 51-102F3<BR>
MATERIAL CHANGE REPORT</B></P>
<P style="line-height:13pt; margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; font-size:11pt"><B><U>Item 1.</U></B></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-size:11pt"><B><U>Name and Address of Company</U></B></P>
<P style="line-height:13pt; margin-top:11pt; margin-bottom:0pt; padding-left:72pt; font-size:11pt">Alamos Gold Inc. (the &#147;Company&#148;)<BR>
Suite 2010, 120 Adelaide Street, West<BR>
Toronto, Ontario<BR>
M5H 1T1</P>
<P style="line-height:13pt; margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; font-size:11pt"><B><U>Item 2.</U></B></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-size:11pt"><B><U>Date of Material Change</U></B></P>
<P style="line-height:13pt; margin-top:11pt; margin-bottom:0pt; padding-left:72pt; font-size:11pt">May 11, 2006</P>
<P style="line-height:13pt; margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; font-size:11pt"><B><U>Item 3.</U></B></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-size:11pt"><B><U>News Release</U></B></P>
<P style="line-height:13pt; margin-top:11pt; margin-bottom:0pt; padding-left:72pt; font-size:11pt">The news release was issued at Toronto, Ontario on May 11, 2006.</P>
<P style="line-height:13pt; margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; font-size:11pt"><B><U>Item 4.</U></B></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-size:11pt"><B><U>Summary of Material Change</U></B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; padding-left:71.5pt; font-size:11pt" align=justify>The Company released its unaudited interim financial results for the three-month period ended March 31, 2006. The statements together with accompanying notes and management&#146;s discussion and analysis for the three-month periods ended March 31, 2006 and 2005 are available under the Company&#146;s name at www.sedar.com.</P>
<P style="line-height:13pt; margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; font-size:11pt"><B><U>Item 5.</U></B></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-size:11pt"><B><U>Full Description of Material Change</U></B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; padding-left:71.5pt; font-size:11pt" align=justify>Reference the following news release dated May 11, 2006. &nbsp;&nbsp;</P>
<P style="line-height:13pt; margin-top:11pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; font-size:11pt" align=justify><B><U>Item 6.</U></B></P>
<P style="line-height:13pt; margin:0pt; padding-left:72pt; font-size:11pt" align=justify><B><U>Reliance on Section 7.1(2) or (3) of National Instrument 51-102</U></B></P>
<P style="line-height:13pt; margin-top:11pt; margin-bottom:0pt; padding-left:72pt; font-size:11pt">Not Applicable</P>
<P style="line-height:13pt; margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; font-size:11pt"><B><U>Item 7.</U></B></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-size:11pt"><B><U>Omitted Information</U></B></P>
<P style="line-height:13pt; margin-top:11pt; margin-bottom:0pt; padding-left:72pt; font-size:11pt">Not Applicable</P>
<P style="line-height:13pt; margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; font-size:11pt"><B><U>Item 8.</U></B></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-size:11pt"><B><U>Executive Officer</U></B></P>
<P style="line-height:13pt; margin-top:11pt; margin-bottom:0pt; padding-left:72pt; font-size:11pt" align=justify>The following Executive Officer of the Company is available to answer questions regarding this report:</P>
<P style="line-height:13pt; margin-top:11pt; margin-bottom:0pt; padding-left:108pt; font-size:11pt">John A. McCluskey<BR>
President and Chief Executive Officer<BR>
416.368.9932 (ext 203)</P>
<P style="line-height:13pt; margin-top:11pt; margin-bottom:-13pt; padding-left:36pt; text-indent:-36pt; font-size:11pt"><B><U>Item 9.</U></B></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-size:11pt"><B><U>Date of Report</U></B></P>
<P style="line-height:13pt; margin-top:11pt; margin-bottom:0pt; text-indent:72pt; font-size:11pt" align=justify>Dated at Toronto, Ontario, this 12<SUP>th</SUP> day of May, 2006.</P>
<P style="margin:0pt" align=center><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 13pt; font-size: 11pt; page-break-before: always; margin: 0pt" align="center">- 2 -</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; padding-left:18pt; padding-right:12.6pt; font-family:Arial; font-size:11pt" align=center><FONT FACE="Arial"><B><U>Alamos Gold &nbsp;Inc. Reports Record First Quarter 2006 Financial Results </U></B></FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Toronto, Ontario - Alamos Gold Inc. (Alamos) (TSX: AGI) (the &#147;Company&#148;) announces that it has released its unaudited interim financial results for the three-month period ended March 31, 2006. Unaudited consolidated financial statements are attached, and together with accompanying notes and management&#146;s discussion and analysis for the three-month periods ended March 31, 2006 and 2005 will be available under the Company&#146;s name at www.sedar.com.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>All figures are unaudited and in United States dollars unless otherwise stated. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>First Quarter 2006 Highlights:</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; padding-right:9pt; font-family:Arial; font-size:11pt" align=justify>During the three-month period ended March 31, 2006, the Company:</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; padding-right:9pt; text-indent:-18pt; font-family:Wingdings; font-size:11pt" align=justify><FONT FACE="Wingdings">&#167;</FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:72pt; padding-right:9pt; font-family:Arial; font-size:11pt" align=justify><FONT FACE="Arial">Sold 22,670 ounces of gold at an average realized price of $551 per ounce for proceeds of $12.5 million; </FONT></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; padding-right:9pt; text-indent:-18pt; font-family:Wingdings; font-size:11pt" align=justify><FONT FACE="Wingdings">&#167;</FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:72pt; padding-right:9pt; font-family:Arial; font-size:11pt" align=justify><FONT FACE="Arial">Recorded its first quarterly profit with earnings for the period of $0.6 million ($0.01 per share &#150; basic and diluted);</FONT></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; padding-right:9pt; text-indent:-18pt; font-family:Wingdings; font-size:11pt" align=justify><FONT FACE="Wingdings">&#167;</FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:72pt; padding-right:9pt; font-family:Arial; font-size:11pt" align=justify><FONT FACE="Arial">Produced 21,400 ounces of gold in dore at a cash operating cost of $308 per ounce;</FONT></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; padding-right:9pt; text-indent:-18pt; font-family:Wingdings; font-size:11pt" align=justify><FONT FACE="Wingdings">&#167;</FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:72pt; padding-right:9pt; font-family:Arial; font-size:11pt" align=justify><FONT FACE="Arial">Successfully commissioned the crushing and conveying system and announced completion of Phase I development of the Mine;</FONT></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; padding-right:9pt; text-indent:-18pt; font-family:Wingdings; font-size:11pt" align=justify><FONT FACE="Wingdings">&#167;</FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:72pt; padding-right:9pt; font-family:Arial; font-size:11pt" align=justify><FONT FACE="Arial">Invested $1.0 million in exploration focused on development drilling at the Escondida and El Victor zones;</FONT></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; padding-right:9pt; text-indent:-18pt; font-family:Wingdings; font-size:11pt" align=justify><FONT FACE="Wingdings">&#167;</FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:72pt; padding-right:9pt; font-family:Arial; font-size:11pt" align=justify><FONT FACE="Arial">Continued its Phase II expansion program to increase throughput by 50% above the feasibility study level to 15,000 tonnes of ore per day;</FONT></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; padding-right:9pt; text-indent:-18pt; font-family:Wingdings; font-size:11pt" align=justify><FONT FACE="Wingdings">&#167;</FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:72pt; padding-right:9pt; font-family:Arial; font-size:11pt" align=justify><FONT FACE="Arial">Increased the amount available to the Company under its revolving credit facility from $10.0 million to $16.0 million.</FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; padding-right:9pt; font-family:Arial; font-size:11pt" align=justify>Subsequent to quarter end, the Company:</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; padding-right:9pt; text-indent:-18pt; font-family:Wingdings; font-size:11pt" align=justify><FONT FACE="Wingdings">&#167;</FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:72pt; padding-right:9pt; font-family:Arial; font-size:11pt" align=justify><FONT FACE="Arial">Announced that commercial production at the Mine was achieved effective April 1, 2006;</FONT></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; padding-right:9pt; text-indent:-18pt; font-family:Wingdings; font-size:11pt" align=justify><FONT FACE="Wingdings">&#167;</FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:72pt; padding-right:9pt; font-family:Arial; font-size:11pt" align=justify><FONT FACE="Arial">Received cash proceeds of CDN$7.9 million from the exercise of warrants with an exercise price of CDN$3.50 that were due April 8, 2006;</FONT></P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; padding-right:9pt; text-indent:-18pt; font-family:Wingdings; font-size:11pt" align=justify><FONT FACE="Wingdings">&#167;</FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:72pt; padding-right:9pt; font-family:Arial; font-size:11pt" align=justify><FONT FACE="Arial">Announced that it is seeking approval from 66</FONT><SUP>2/3</SUP>% of its CDN$50 million convertible debenture holders to offer an incentive conversion period in which debenture holders may convert their holdings into common shares at a premium to the existing terms;</P>
<P style="line-height:13pt; margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; padding-right:9pt; text-indent:-18pt; font-family:Wingdings; font-size:11pt" align=justify><FONT FACE="Wingdings">&#167;</FONT></P>
<P style="line-height:13pt; margin:0pt; padding-left:72pt; padding-right:9pt; font-family:Arial; font-size:11pt" align=justify><FONT FACE="Arial">Signed a definitive agreement with Morgain Minerals Inc. (&#147;Morgain&#148;) to sell its La Fortuna property for consideration of five million common shares of Morgain at a deemed price of CDN$0.40 per share.</FONT></P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 13pt; font-size: 11pt; page-break-before: always; margin: 0pt" align="center">- 3 -</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><FONT FACE="Arial"><B>Operations</B></FONT></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Development of the Mulatos Mine has proceeded as follows:</P>
<P style="margin:0pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=176.4></TD><TD width=318.6></TD></TR>
<TR><TD style="border:0.5pt solid #000000" valign=top width=235.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Date</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=424.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Event</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=235.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>June 2004</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=424.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Feasibility study completed on the Mulatos deposit</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=235.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Third quarter 2004</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=424.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Completed land acquisition from Ejido Mulatos and</P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>commenced construction of the Mine</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=235.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Third quarter 2005</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=424.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Poured first dore bar of gold and silver weighing 117 ounces</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=235.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Fourth quarter 2005</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=424.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Substantially completed construction </P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Production of 5,517 ounces of gold dore in the quarter</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=235.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>February 2006</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=424.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Commissioned crushing and conveying system</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=235.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>First quarter 2006</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=424.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Pre-commercial production of 21,400 ounces of gold dore in the quarter </P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=235.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>April 1, 2006</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=424.8><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Achieved commercial production</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; padding-right:9pt; font-family:Arial; font-size:11pt" align=justify>The Mine began operations in 2005 as a run-of-mine (uncrushed ore) conventional open-pit heap-leach operation. Entering 2006, the Company targeted a mining and pad loading rate of 15,000 tonnes of ore per day. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; padding-right:9pt; font-family:Arial; font-size:11pt" align=justify>Gold production at the Mine in the first quarter of 2006 was 21,400 ounces of gold in dore and gold sales were 22,670 ounces (including 2005 dore production refined in 2006). In 2005, commencing with the first gold pour in July, the Mine produced 7,647 ounces of gold and sold 5,950 ounces. All reported mine production is subject to final refinery settlements.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>The 17,000 tonnes per day capacity crusher became operational in February 2006 and is achieving improved throughput. In the first quarter of 2006, 30% of ore to the pad was crushed. The Mine is currently operating at 15,000 tonnes of ore per day, with crushed higher-grade ore to the pad representing approximately 55% of the total tonnes. The Mine was in a pre-commercial phase during the first quarter of 2006 and throughout 2005, operating substantially on a run-of-mine basis by trucking ore to the leach pad. Revenue from gold sales and related operating costs were recognized commencing with the Mine&#146;s first gold pour in July 2005. &nbsp;As the Mine converts from run-of-mine to crushed ore, mining costs are expected to improve substantially due to the elimination of haulage of run-of-mine ore and gold recoveries are expected to improve to the levels expressed in the feasibility study for different types of ore. &nbsp
;Crushing costs will increase as more ore is crushed, but should decrease on a per tonne basis. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; padding-right:9pt; font-family:Arial; font-size:11pt" align=justify>The tables below outline key production and cost indicators during the first quarter of 2006 compared to the fourth quarter of 2005 and with Feasibility Study rates and costs:</P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=189></TD><TD width=86.2></TD><TD width=84.3></TD><TD width=79.65></TD></TR>
<TR><TD style="border:0.5pt solid #000000" valign=top width=252><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Production summary</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=114.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>Q1 2006 <SUP>(1)</SUP></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=112.4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>Q4 2005 <SUP>(2)</SUP></B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=106.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>Feasibility Study <SUP>(3)</SUP></B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=252><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Ounces produced</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=114.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>21,400</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=112.4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>5,517</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=106.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>N/A </P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=252>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=114.933>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=112.4>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=106.2>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=252><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Ore mined &#150; tonnes</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=114.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>1,165,787</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=112.4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>634,398</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=106.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>745,250</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=252><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Waste mined &#150; tonnes</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=114.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>2,198,484</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=112.4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>2,207,501</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=106.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>1,254,750</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=252><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Total tonnes mined</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=114.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>3,364,271</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=112.4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>2,841,899</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=106.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>2,000,000</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=252>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=114.933>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=112.4>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=106.2>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=252><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Tonnes of ore per day</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=114.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>13,100</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=112.4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>6,896</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=106.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>8,374</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=252><P style="line-height:normal; margin:0pt; font-family:Arial; font-size:11pt">Tonnes of ore crushed per day <SUP>(4)</SUP></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=114.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>6,450</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=112.4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>N/A</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=106.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>8,374</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=252>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=114.933>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=112.4>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=106.2>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=252><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Waste-to-ore ratio</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=114.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>1.89</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=112.4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>3.48</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=106.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>1.68</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=252><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Grade (g/t)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=114.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>1.80</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=112.4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>1.57</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=106.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>2.00</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 13pt; font-size: 11pt; page-break-before: always; margin: 0pt" align="center">-
4 -</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=189></TD><TD width=86.2></TD><TD width=84.3></TD><TD width=79.65></TD></TR>
<TR><TD style="border:0.5pt solid #000000" valign=top width=252><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Costs per tonne summary</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=114.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>Q1 2006</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=112.4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>Q4 2005</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=106.2><P style="line-height:normal; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>Feasibility Study <SMALL>(5)<BIG> </B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=252><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Mining cost per tonne</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=114.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>$1.29</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=112.4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>$1.56</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=106.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>$0.95</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=252>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=114.933>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=112.4>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=106.2>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=252><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Mining cost per tonne of ore </P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=114.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>$3.71</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=112.4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>$7.00</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=106.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>$2.44</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=252><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Crushing cost per tonne of ore</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=114.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>$2.28</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=112.4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>N/A</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=106.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>$1.15</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=252><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Processing cost per tonne of ore </P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=114.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>$1.45</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=112.4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>$2.31</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=106.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>$1.98</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=252><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Administration cost per tonne of ore </P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=114.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>$1.22</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=112.4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>$0.99</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=106.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>$0.97</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=252>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=114.933>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=112.4>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=106.2>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=252><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Cost per tonne of ore</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=114.933><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>$8.66</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=112.4><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>$10.30</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=106.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>$6.54</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:11pt; margin-top:0pt; margin-bottom:-11pt; padding-left:72pt; padding-right:9pt; text-indent:-18pt; font-family:Arial; font-size:9pt" align=justify>(1)</P>
<P style="margin:0pt; padding-left:72pt; padding-right:9pt; font-family:Arial" align=justify>Comparable to Year 1 of the Feasibility Study.</P>
<P style="line-height:11pt; margin-top:0pt; margin-bottom:-11pt; padding-left:72pt; padding-right:9pt; text-indent:-18pt; font-family:Arial; font-size:9pt" align=justify>(2)</P>
<P style="margin:0pt; padding-left:72pt; padding-right:9pt; font-family:Arial" align=justify>Comparable to the pre-production period in the Feasibility Study, where ore was stockpiled.</P>
<P style="line-height:11pt; margin-top:0pt; margin-bottom:-11pt; padding-left:72pt; padding-right:9pt; text-indent:-18pt; font-family:Arial; font-size:9pt" align=justify>(3)</P>
<P style="margin:0pt; padding-left:72pt; padding-right:9pt; font-family:Arial" align=justify>Reference is to tonnage in Year 1 of the Feasibility Study, based on 10,000 tonnes per day, on a pro-rata basis for one quarter. Pro-rata gold production would not be indicative of expected first quarter production and is not presented.</P>
<P style="line-height:11pt; margin-top:0pt; margin-bottom:-11pt; padding-left:72pt; padding-right:9pt; text-indent:-18pt; font-family:Arial; font-size:9pt" align=justify>(4)</P>
<P style="margin:0pt; padding-left:72pt; padding-right:9pt; font-family:Arial" align=justify>Tonnes of ore crushed per day for Q1 2006 reflects the results of March 2006 only as the crushing and conveying system was successfully commissioned in February 2006. During Q4 2005, the crusher was not operational, accordingly there are no amounts reported during this period.</P>
<P style="line-height:11pt; margin-top:0pt; margin-bottom:-11pt; padding-left:72pt; padding-right:9pt; text-indent:-18pt; font-family:Arial; font-size:9pt" align=justify>(5)</P>
<P style="margin:0pt; padding-left:72pt; padding-right:9pt; font-family:Arial" align=justify>Average life of mine amounts as reported in the Feasibility Study.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>During the first quarter of 2006, both production and costs per tonne improved significantly from the fourth quarter of 2005. Mining costs per tonne of ore decreased by 47% in the first quarter compared to the fourth quarter of 2005, reflecting a 46% decrease in the waste-to-ore ratio and improved efficiencies.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; padding-right:9pt; font-family:Arial; font-size:11pt" align=justify>Current production costs are not necessarily comparable with the Feasibility Study, which are average life-of-mine expected costs. The Mine is currently operating with some contractors&#146; equipment until additional loading capacity is delivered. Costs are expected to decrease at that time. In addition, haulage distance is also expected to decrease when run-of-mine ore trucked to the pad is replaced with crushed/conveyed ore in the second quarter of 2006. Certain costs, such as energy-related consumables and transportation, are tied to high fuel costs based on the world price for crude oil. Crusher costs are expected to decrease on a unit basis as throughput is increased. The Company is currently experiencing some processing cost savings in certain consumables.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; padding-right:9pt; font-family:Arial; font-size:11pt">Mine operating costs allocated to ounces sold are summarized in the table below: </P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=243></TD><TD width=90></TD><TD width=87.85></TD></TR>
<TR><TD style="border:0.5pt solid #000000" valign=top width=324>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>Q1 2006</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=117.133><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>Q4 2005</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=324><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Gold sales &#150; ounces</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>22,670</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=117.133><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>4,950</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=324>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=120>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=117.133>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=324><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Cash operating costs (000)<SUP>(1)</SUP></B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>$6,975</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=117.133><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>$1,970</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=324><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">- <B>Per ounce sold </B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>$308</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=117.133><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>$398</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=324>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=120>&nbsp;</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=117.133>&nbsp;</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=324><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Royalties and production taxes (000) <SUP>(4)</SUP></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>-</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=117.133><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>-</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=324><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Total cash costs (000)<SUP>(2)</SUP></B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>$6,975</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=117.133><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>$1,970</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=324><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">- <B>Per ounce sold </B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>$308</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=117.133><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>$398</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=324><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Amortization (000)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>$1,931</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=117.133><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>$477</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=324><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Accretion of asset retirement obligation (000)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>$38</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=117.133><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center>$7</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=324><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>Total production costs (000)<SUP>(3)</SUP></B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>$8,944</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=117.133><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>$2,454</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=324><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">- <B>Per ounce sold </B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>$394</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=117.133><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>$496</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=324><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">- <B>Realized gold price per ounce</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>$551</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=117.133><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>$462</B></P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=324><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">- <B>Realized cash margin per ounce</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=120><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>$243</B></P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=117.133><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=center><B>$64</B></P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=center>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 13pt; font-size: 11pt; page-break-before: always; margin: 0pt" align="center">-
5 -</P>
<P style="line-height: 13pt; font-size: 11pt; page-break-before: always; margin: 0pt" align="center">&nbsp;</P>
<P style="line-height: 13pt; font-size: 11pt; page-break-before: always; margin: 0pt" align="center">&nbsp;</P>
<P style="margin:0pt; padding-left:17.85pt; padding-right:9.05pt; text-indent:-17.85pt; font-family:Arial" align=justify>Note: &nbsp;periods are not directly comparable as Q4 2005 had a higher initial waste-to-ore ratio</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:11pt; margin-top:0pt; margin-bottom:-11pt; padding-left:108pt; padding-right:9.05pt; text-indent:-18pt; font-family:Arial; font-size:9pt" align=justify>(1)</P>
<P style="margin:0pt; padding-left:108pt; padding-right:9.05pt; font-family:Arial" align=justify>Includes all direct mining costs, refining and transportation costs and by-product credits.</P>
<P style="line-height:11pt; margin-top:0pt; margin-bottom:-11pt; padding-left:108pt; padding-right:9.05pt; text-indent:-18pt; font-family:Arial; font-size:9pt" align=justify>(2)</P>
<P style="margin:0pt; padding-left:108pt; padding-right:9.05pt; font-family:Arial" align=justify>Includes all cash operating costs and royalties and production taxes.</P>
<P style="line-height:11pt; margin-top:0pt; margin-bottom:-11pt; padding-left:108pt; padding-right:9.05pt; text-indent:-18pt; font-family:Arial; font-size:9pt" align=justify>(3)</P>
<P style="margin:0pt; padding-left:108pt; padding-right:9.05pt; font-family:Arial" align=justify>Includes all total cash costs, amortization, and accretion of asset retirement obligations.</P>
<P style="line-height:11pt; margin-top:0pt; margin-bottom:-11pt; padding-left:108pt; padding-right:9.05pt; text-indent:-18pt; font-family:Arial; font-size:9pt" align=justify>(4)</P>
<P style="margin:0pt; padding-left:108pt; padding-right:9.05pt; font-family:Arial" align=justify>Production royalties are expected to commence April 1, 2006 at 5% of net precious metals sales.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>Cash operating cost per ounce is affected by operating cost per tonne and expected gold recoveries. Cash operating cost per ounce of gold sold was $308 in the first quarter of 2006, compared with $398 in the fourth quarter of 2005. Cash operating costs were higher than feasibility due primarily to the higher mine costs for reasons noted above and due to expected lower recoveries from run-of-mine ore compared with crushed ore. &nbsp;The Company anticipated that mining and processing costs would be higher during the pre-commercial phase of operations, and run-of-mine recoveries would be lower than for crushed ore. However, the Company realized an operating cash margin of $243 per ounce of gold, based on its realized gold price received, and it believes that this has validated its decision to enter production prior to having full crusher availability. Unit costs are also expected to decline as the leach pad attains a higher
 level of ore under leach. Cash operating cost per ounce of gold is expected to decrease to the $210-$225 range by the fourth quarter of 2006.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Financial Results</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Financial results for the quarter ended March 31, 2006 are:</P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=252></TD><TD width=101.9></TD><TD width=101.9></TD></TR>
<TR><TD style="border:0.5pt solid #000000" valign=top width=336>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=135.867><P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=center><B>Q1 2006</B></P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=135.867><P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=center><B>Q1 2005</B></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=center>(*)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=336><P style="line-height:13pt; margin:0pt; padding-left:3.6pt; font-family:Arial; font-size:11pt">Cash provided by operating activities ($000)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=135.867><P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=center>475</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=135.867><P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=center>(246)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=336><P style="line-height:13pt; margin:0pt; padding-left:3.6pt; font-family:Arial; font-size:11pt">Earnings (loss) for the period ($000)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=135.867><P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=center>573</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=135.867><P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=center>(1,381)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=336><P style="line-height:13pt; margin:0pt; padding-left:3.6pt; font-family:Arial; font-size:11pt">Earnings (loss) per share &#150; Basic and diluted ($)</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=135.867><P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=center>0.01</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=135.867><P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=center>(0.02)</P>
</TD></TR>
<TR><TD style="border-left:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=336><P style="line-height:13pt; margin:0pt; padding-left:3.6pt; font-family:Arial; font-size:11pt">Weighted average number of common shares outstanding </P>
<P style="line-height:13pt; margin:0pt; padding-left:3.6pt; font-family:Arial; font-size:11pt">- Basic</P>
<P style="line-height:13pt; margin:0pt; padding-left:3.6pt; font-family:Arial; font-size:11pt">- Diluted</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=135.867><P style="margin:0pt" align=center><BR></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=center>79,735,914</P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=center>86,164,386</P>
</TD><TD style="border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=135.867><P style="margin:0pt" align=center><BR></P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=center>77,018,029</P>
<P style="line-height:13pt; margin:0pt; padding-left:36pt; font-family:Arial; font-size:11pt" align=center>(**)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; padding-right:9pt; font-family:Arial" align=justify>(* ) &nbsp;&nbsp;&nbsp;No mining activity in Q1 2005</P>
<P style="margin:0pt; padding-right:9pt; font-family:Arial" align=justify>(**) &nbsp;&nbsp;Not presented as it is anti-dilutive</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; padding-right:9pt; font-family:Arial; font-size:11pt" align=justify>Earnings in the first quarter of 2006 of $573,000 included depreciation of $1,931,000, corporate and administrative expenses of $715,000 and exploration expenses of $406,000. Corporate and administrative expenses of $715,000 in the first quarter of 2006 were 10% higher than the $649,000 incurred in the first quarter of 2005. The increase in corporate and administrative expenses in the first quarter of 2006 as compared to the same period of 2005 is primarily attributable to higher salaries and management fees, due to additional hires and increased director compensation and higher stock listing fees. Partially offsetting these increases are lower legal costs in the period and lower discretionary travel costs. </P>
<P style="line-height:13pt; margin:0pt; padding-right:9pt; font-family:Arial; font-size:11pt" align=justify>&nbsp; </P>
<P style="margin:0pt" align=center>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 13pt; font-size: 11pt; page-break-before: always; margin: 0pt" align="center">-
6 -</P>
<P style="line-height:13pt; margin:0pt; padding-right:9pt; font-family:Arial; font-size:11pt" align=justify>&nbsp; </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; padding-right:9pt; font-family:Arial; font-size:11pt" align=justify>The value of stock-based compensation allocated to expense was $140,000 in the first quarter of 2006 compared to $nil in the first quarter of 2005. Stock-based compensation in the three-month period ended March 31, 2006 represents amortization of stock-based compensation cost associated with the grant of 620,000 stock options on December 23, 2005. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; padding-right:9pt; font-family:Arial; font-size:11pt" align=justify>A future income tax expense of $300,000 was charged against earnings, based on the expected effective tax rate for 2006. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Exploration</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>The Company updated results from the high-grade Escondida Handing Wall Zone in a press release dated March 15, 2006. Additional core samples will be taken for metallurgical testing. </P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>At the Escondida/El Victor underground drift, the Company has completed 115 development holes at Escondida. Current drift development has advanced to almost 600 meters with 80 development holes over 7,141 meters completed. At El Victor, over 700 meters of development has been completed with 23 holes over 1,427 meters of a planned 70-hole program.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Liquidity and Capital Resources</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=justify>The Company&#146;s working capital position improved significantly during the first quarter of 2006 from a working capital surplus of $13 million at December 31, 2005 to more than $23 million at the end of the first quarter 2006. Cash in-flows during the quarter included funds received from the exercise of warrants and stock options ($10.2 million), cash flows from operating activities ($3.5 million, before changes in non-cash working capital), and advances from the Company&#146;s revolving credit facility ($3 million). Significant investments in working capital during the quarter included $1.3 million in in-process inventory, $0.7 million in parts and supplies inventory. The investment in in-process inventory reflects the cost of pad-loading and stockpiling gold-bearing material undergoing processing into a gold/silver dore product. Additional investment in in-process inventory is likely to continue
 into the second quarter.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; padding-right:9pt; font-family:Arial; font-size:11pt" align=justify>At March 31, 2006 the Company had $11.9 million in cash and cash equivalents compared to $4.5 million at December 31, 2005. In February 2006, $1.2 million was paid as interest to the debenture holders from a trust account, and the Company deposited an additional $2.4 million with the debenture trustee to fund interest payments due in August 2006 and February 2007.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Outlook</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>The Company expects to continue to operate profitably for the balance of the year. Additionally, the Company expects to benefit from a higher gold price, currently at $715 per ounce. Management will continue to execute its strategy, which consists of improving operating performance and expanding production profile. Ongoing development work at Escondida and El Victor is targeted to increase reserves close to the Estrella Pit which is currently being mined. The Company will continue to advance its exploration targets at its 21,300 hectare Salamandra group of concessions, which are highly prospective.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>The Company recently announced an initiative to offer current debenture holders an opportunity to convert their holdings into common shares of the Company through an attractive incentive program. The Company expects to have an update on this initiative shortly. The Company has not yet determined the final impact that conversion would have on the financial position of the Company and its operations, as it is dependent on the level of conversion attained. However, debenture related costs are expected to be in excess of $4.2 million each year for the remaining years that the debentures are outstanding, excluding the effects of foreign exchange translation. Offsetting the expected pro-rata earnings benefit based on the level of conversion would be the additional dilution to share equity resulting from conversion and transaction and settlement costs. &nbsp;</P>
<P style="margin:0pt" align=center>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
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7 -</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><B>Annual General Meeting &nbsp;</B></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; padding-right:3.6pt; font-family:Arial; font-size:11pt" align=justify>The Annual General Meeting of Shareholders of Alamos Gold Inc. will be held at 4:30 p.m. on Tuesday, May 24, 2006 at the TSX Gallery &#150; Conference Center, located at street level at 130 King Street West, Toronto, Ontario, Canada. </P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><BR>
Alamos&#146; common shares are traded on the Toronto Stock Exchange under the symbol &#147;AGI&#148; and<FONT FACE="Times New Roman"> </FONT>convertible debentures under the symbol &#147;AGI.DB&#148;.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>FOR FURTHER INFORMATION PLEASE CONTACT:</P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=302.4></TD><TD width=198></TD></TR>
<TR><TD valign=top width=403.2><P style="line-height:13pt; margin-top:11pt; margin-bottom:0pt; font-family:Arial; font-size:11pt" align=justify>John A. McCluskey</P>
</TD><TD valign=top width=264><P style="line-height:13pt; margin-top:11pt; margin-bottom:0pt; font-family:Arial; font-size:11pt" align=justify>Victoria Vargas de Szarzynski</P>
</TD></TR>
<TR><TD valign=top width=403.2><P style="line-height:13pt; margin-top:11pt; margin-bottom:0pt; font-family:Arial; font-size:11pt" align=justify><B>President and Chief Executive Officer</B></P>
</TD><TD valign=top width=264><P style="line-height:13pt; margin-top:11pt; margin-bottom:0pt; font-family:Arial; font-size:11pt" align=justify><B>Investor Relations</B></P>
</TD></TR>
<TR><TD valign=top width=403.2><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Tel: &nbsp;&nbsp;416-368-9932 x203</P>
</TD><TD valign=top width=264><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Tel: &nbsp;&nbsp;416-368-9932 x201</P>
</TD></TR>
<TR><TD valign=top width=403.2>&nbsp;</TD><TD valign=top width=264><P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt">Email: vvargas@alamosgold.com</P>
</TD></TR>
</TABLE>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify>____________________________________________________________________________</P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt; font-family:Arial" align=center><I>The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.</I></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial" align=justify><I>Safe Harbor Statement under the United States Private Securities Litigation Act of 1995: Statements 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 Alamos periodic filings with the Ontario Securities Commission and the U.S. Securities Exchange Commission. &nbsp;Such information contained herein represents management&#146;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. &nbsp;</I></P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
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8 -</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt" align=justify><FONT FACE="Arial"><B>&nbsp;ALAMOS GOLD INC.</B></FONT></P>
<P style="margin:0pt; font-family:Arial"><B>CONSOLIDATED BALANCE SHEETS</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><B>(Unaudited - stated in thousands of United States dollars)</B></P>
<P style="margin:0pt"><BR></P>
<TABLE style="font-size: 10pt" cellspacing=0><TR><TD width=189 height="18"></TD><TD width=14.2 height="18"></TD><TD width=48.8 height="18"></TD><TD width=26.9 height="18"></TD><TD width=90.1 height="18"></TD><TD width=18 height="18"></TD><TD width=90.45 height="18"></TD></TR>
<TR><TD valign=top width=252 height="33">&nbsp;</TD><TD valign=bottom width=18.933 height="33">&nbsp;</TD><TD valign=top width=65.067 height="33">
</TD><TD valign=bottom width=35.867 height="33">&nbsp;</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=120.133 height="33"><P style="margin:0pt; font-family:Arial" align=center><B>March 31, </B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>2006</B></P>
</TD><TD valign=bottom width=24 height="33">&nbsp;</TD><TD style="border-bottom: 0.5pt solid #000000" valign=bottom width=120.6 height="33"><P style="margin:0pt; font-family:Arial" align=center><B>December 31, 2005</B></P>
</TD></TR>
<TR><TD valign=top width=636.6 colspan=7 height="18"><P style="margin:0pt; font-family:Arial"><B>A S S E T S</B></P>
</TD></TR>
<TR><TD valign=top width=252 height="18"><P style="margin:0pt; font-family:Arial"><B>Current Assets</B></P>
</TD><TD valign=bottom width=18.933 height="18">&nbsp;</TD><TD valign=top width=65.067 height="18"></TD><TD valign=bottom width=35.867 height="18">&nbsp;</TD><TD valign=bottom width=120.133 height="18">&nbsp;</TD><TD valign=bottom width=24 height="18">&nbsp;</TD><TD valign=bottom width=120.6 height="18">&nbsp;</TD></TR>
<TR><TD valign=top width=252 height="18" style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial">Cash and cash equivalents</P>
</TD><TD valign=bottom width=18.933 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=top width=65.067 height="18" style="background-color: #BBE3E1"></TD><TD valign=bottom width=35.867 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=120.133 height="18" style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>$11,935</P>
</TD><TD valign=bottom width=24 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=120.6 height="18" style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>$4,519</P>
</TD></TR>
<TR><TD valign=top width=252 height="18"><P style="margin:0pt; font-family:Arial">Restricted cash </P>
</TD><TD valign=bottom width=18.933 height="18">&nbsp;</TD><TD valign=top width=65.067 height="18">
</TD><TD valign=bottom width=35.867 height="18">&nbsp;</TD><TD valign=bottom width=120.133 height="18"><P style="margin:0pt; font-family:Arial" align=right>2,357</P>
</TD><TD valign=bottom width=24 height="18">&nbsp;</TD><TD valign=bottom width=120.6 height="18"><P style="margin:0pt; font-family:Arial" align=right>1,219</P>
</TD></TR>
<TR><TD valign=top width=252 height="18" style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial">Fair value of forward contracts</P>
</TD><TD valign=bottom width=18.933 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=top width=65.067 height="18" style="background-color: #BBE3E1">
</TD><TD valign=bottom width=35.867 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=120.133 height="18" style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>723</P>
</TD><TD valign=bottom width=24 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=120.6 height="18" style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>966</P>
</TD></TR>
<TR><TD valign=top width=252 height="18"><P style="margin:0pt; font-family:Arial">Amounts receivable</P>
</TD><TD valign=bottom width=18.933 height="18">&nbsp;</TD><TD valign=top width=65.067 height="18">
</TD><TD valign=bottom width=35.867 height="18">&nbsp;</TD><TD valign=bottom width=120.133 height="18"><P style="margin:0pt; font-family:Arial" align=right>4,309</P>
</TD><TD valign=bottom width=24 height="18">&nbsp;</TD><TD valign=bottom width=120.6 height="18"><P style="margin:0pt; font-family:Arial" align=right>3,862</P>
</TD></TR>
<TR><TD valign=top width=252 height="18" style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial">Advances and prepaid expenses &nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=18.933 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=top width=65.067 height="18" style="background-color: #BBE3E1">
</TD><TD valign=bottom width=35.867 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=120.133 height="18" style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>2,611</P>
</TD><TD valign=bottom width=24 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=120.6 height="18" style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>1,935</P>
</TD></TR>
<TR><TD valign=top width=252 height="18"><P style="margin:0pt; font-family:Arial">Inventory </P>
</TD><TD valign=bottom width=18.933 height="18">&nbsp;</TD><TD valign=top width=65.067 height="18">
</TD><TD valign=bottom width=35.867 height="18">&nbsp;</TD><TD valign=bottom width=120.133 height="18"><P style="margin:0pt; font-family:Arial" align=right>13,463</P>
</TD><TD valign=bottom width=24 height="18">&nbsp;</TD><TD valign=bottom width=120.6 height="18"><P style="margin:0pt; font-family:Arial" align=right>9,989</P>
</TD></TR>
<TR><TD valign=top width=252 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=18.933 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=top width=65.067 height="18" style="background-color: #BBE3E1"></TD><TD valign=bottom width=35.867 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD style="background-color: #BBE3E1; border-top: 1pt solid #000000" valign=bottom width=120.133 height="18"><P style="margin:0pt; font-family:Arial" align=right>35,398</P>
</TD><TD valign=bottom width=24 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD style="background-color: #BBE3E1; border-top: 1pt solid #000000" valign=bottom width=120.6 height="18"><P style="margin:0pt; font-family:Arial" align=right>22,490</P>
</TD></TR>
<TR><TD valign=top width=252 height="18"><P style="margin:0pt; padding-left:0.05pt; font-family:Arial">Deferred financing charges </P>
</TD><TD valign=bottom width=18.933 height="18">&nbsp;</TD><TD valign=top width=65.067 height="18">
</TD><TD valign=bottom width=35.867 height="18">&nbsp;</TD><TD valign=bottom width=120.133 height="18"><P style="margin:0pt; font-family:Arial" align=right>1,043</P>
</TD><TD valign=bottom width=24 height="18">&nbsp;</TD><TD valign=bottom width=120.6 height="18"><P style="margin:0pt; font-family:Arial" align=right>1,183</P>
</TD></TR>
<TR><TD valign=top width=252 height="18" style="background-color: #BBE3E1"><P style="margin:0pt; padding-left:0.05pt; font-family:Arial">Mineral property, plant and equipment </P>
</TD><TD valign=bottom width=18.933 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=top width=65.067 height="18" style="background-color: #BBE3E1">
</TD><TD valign=bottom width=35.867 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=120.133 height="18" style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>102,461</P>
</TD><TD valign=bottom width=24 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=120.6 height="18" style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>101,514</P>
</TD></TR>
<TR><TD valign=top width=252 height="19"><P style="margin:0pt; padding-left:0.05pt; font-family:Arial">Mineral property held for sale</P>
</TD><TD valign=bottom width=18.933 height="19">&nbsp;</TD><TD valign=top width=65.067 height="19">
</TD><TD valign=bottom width=35.867 height="19">&nbsp;</TD><TD valign=bottom width=120.133 height="19"><P style="margin:0pt; font-family:Arial" align=right>1,016</P>
</TD><TD valign=bottom width=24 height="19">&nbsp;</TD><TD valign=bottom width=120.6 height="19"><P style="margin:0pt; font-family:Arial" align=right>1,013</P>
</TD></TR>
<TR><TD valign=top width=252 height="19" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=18.933 height="19" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=top width=65.067 height="19" style="background-color: #BBE3E1"></TD><TD valign=bottom width=35.867 height="19" style="background-color: #BBE3E1">&nbsp;</TD><TD style="background-color: #BBE3E1; border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000" valign=bottom width=120.133 height="19"><P style="margin:0pt; font-family:Arial" align=right>$139,918</P>
</TD><TD valign=bottom width=24 height="19" style="background-color: #BBE3E1">&nbsp;</TD><TD style="background-color: #BBE3E1; border-top: 1pt solid #000000; border-bottom: 1.5pt solid #000000" valign=bottom width=120.6 height="19"><P style="margin:0pt; font-family:Arial" align=right>$126,200</P>
</TD></TR>
<TR><TD valign=top width=636.6 colspan=7 height="18"><P style="margin:0pt; font-family:Arial"><B>L I A B I L I T I E S</B></P>
</TD></TR>
<TR><TD valign=top width=252 height="18"><P style="margin:0pt; padding-left:0.05pt; font-family:Arial"><B>Current Liabilities</B></P>
</TD><TD valign=bottom width=18.933 height="18">&nbsp;</TD><TD valign=top width=65.067 height="18"></TD><TD valign=bottom width=35.867 height="18">&nbsp;</TD><TD valign=bottom width=120.133 height="18">&nbsp;</TD><TD valign=bottom width=24 height="18">&nbsp;</TD><TD valign=bottom width=120.6 height="18">&nbsp;</TD></TR>
<TR><TD valign=top width=252 height="18" style="background-color: #BBE3E1"><P style="margin:0pt; padding-left:3.6pt; text-indent:-3.6pt; font-family:Arial">Accounts payable and accrued liabilities</P>
</TD><TD valign=bottom width=18.933 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=top width=65.067 height="18" style="background-color: #BBE3E1"></TD><TD valign=bottom width=35.867 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=120.133 height="18" style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>4,506</P>
</TD><TD valign=bottom width=24 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=120.6 height="18" style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>$5,323&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=252 height="18"><P style="margin:0pt; padding-left:3.6pt; text-indent:-3.6pt; font-family:Arial">Bank loan </P>
</TD><TD valign=bottom width=18.933 height="18">&nbsp;</TD><TD valign=top width=65.067 height="18">
</TD><TD valign=bottom width=35.867 height="18">&nbsp;</TD><TD valign=bottom width=120.133 height="18"><P style="margin:0pt; font-family:Arial" align=right>6,000</P>
</TD><TD valign=bottom width=24 height="18">&nbsp;</TD><TD valign=bottom width=120.6 height="18"><P style="margin:0pt; font-family:Arial" align=right>3,000</P>
</TD></TR>
<TR><TD valign=top width=252 style="background-color: #BBE3E1"><P style="text-indent: pt; font-family: Arial; margin: 0pt">Current portion of capital lease obligations</P>
</TD><TD valign=bottom width=18.933 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=top width=65.067 style="background-color: #BBE3E1">
</TD><TD valign=bottom width=35.867 style="background-color: #BBE3E1"></TD><TD valign=bottom width=120.133 style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>1,190</P>
</TD><TD valign=bottom width=24 style="background-color: #BBE3E1">
    <p style="font-family: Arial; margin: 0pt" align="right">&nbsp;</p>
  </TD><TD valign=bottom width=120.6 style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>1,190</P>
</TD></TR>
<TR><TD valign=top width=252 height="18">&nbsp;</TD><TD valign=bottom width=18.933 height="18">&nbsp;</TD><TD valign=top width=65.067 height="18"></TD><TD valign=bottom width=35.867 height="18">&nbsp;</TD><TD style="border-top: 1pt solid #000000" valign=bottom width=120.133 height="18"><P style="margin:0pt; font-family:Arial" align=right>11,696</P>
</TD><TD valign=bottom width=24 height="18">&nbsp;</TD><TD style="border-top: 1pt solid #000000" valign=bottom width=120.6 height="18"><P style="margin:0pt; font-family:Arial" align=right>9,513</P>
</TD></TR>
<TR><TD valign=top width=252 height="18" style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial">Future income taxes</P>
</TD><TD valign=bottom width=18.933 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=top width=65.067 height="18" style="background-color: #BBE3E1"></TD><TD valign=bottom width=35.867 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=120.133 height="18" style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>300</P>
</TD><TD valign=bottom width=24 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=120.6 height="18" style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=252 height="18"><P style="margin:0pt; font-family:Arial">Capital lease obligations</P>
</TD><TD valign=bottom width=18.933 height="18">&nbsp;</TD><TD valign=top width=65.067 height="18">
</TD><TD valign=bottom width=35.867 height="18">&nbsp;</TD><TD valign=bottom width=120.133 height="18"><P style="margin:0pt; font-family:Arial" align=right>3,427</P>
</TD><TD valign=bottom width=24 height="18">&nbsp;</TD><TD valign=bottom width=120.6 height="18"><P style="margin:0pt; font-family:Arial" align=right>3,616</P>
</TD></TR>
<TR><TD valign=top width=252 height="18" style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial">Convertible debenture </P>
</TD><TD valign=bottom width=18.933 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=top width=65.067 height="18" style="background-color: #BBE3E1">
</TD><TD valign=bottom width=35.867 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=120.133 height="18" style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>33,731</P>
</TD><TD valign=bottom width=24 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=120.6 height="18" style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>33,326</P>
</TD></TR>
<TR><TD valign=top width=252 height="18"><P style="margin:0pt; font-family:Arial">Asset retirement obligations </P>
</TD><TD valign=bottom width=18.933 height="18">&nbsp;</TD><TD valign=top width=65.067 height="18">
</TD><TD valign=bottom width=35.867 height="18">&nbsp;</TD><TD valign=bottom width=120.133 height="18"><P style="margin:0pt; font-family:Arial" align=right>2,144</P>
</TD><TD valign=bottom width=24 height="18">&nbsp;</TD><TD valign=bottom width=120.6 height="18"><P style="margin:0pt; font-family:Arial" align=right>2,100</P>
</TD></TR>
<TR><TD valign=top width=636.6 colspan=7 height="18">&nbsp;</TD></TR>
<TR><TD valign=top width=636.6 colspan=7 height="18"><P style="margin:0pt; font-family:Arial"><B>S H A R E H O L D E R S&#146; &nbsp;&nbsp;E Q U I T Y</B></P>
</TD></TR>
<TR><TD valign=top width=252 height="18" style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial">Share capital </P>
</TD><TD valign=bottom width=18.933 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=top width=65.067 height="18" style="background-color: #BBE3E1">
</TD><TD valign=bottom width=35.867 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=120.133 height="18" style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>98,362</P>
</TD><TD valign=bottom width=24 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=120.6 height="18" style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>87,830</P>
</TD></TR>
<TR><TD valign=top width=252 height="18"><P style="margin:0pt; font-family:Arial">Warrants </P>
</TD><TD valign=bottom width=18.933 height="18">&nbsp;</TD><TD valign=top width=65.067 height="18">
</TD><TD valign=bottom width=35.867 height="18">&nbsp;</TD><TD valign=bottom width=120.133 height="18"><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=bottom width=24 height="18">&nbsp;</TD><TD valign=bottom width=120.6 height="18"><P style="margin:0pt; font-family:Arial" align=right>265</P>
</TD></TR>
<TR><TD valign=top width=252 height="18" style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial">Convertible debenture</P>
</TD><TD valign=bottom width=18.933 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=top width=65.067 height="18" style="background-color: #BBE3E1">
</TD><TD valign=bottom width=35.867 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=120.133 height="18" style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>9,978</P>
</TD><TD valign=bottom width=24 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=120.6 height="18" style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>9,983</P>
</TD></TR>
<TR><TD valign=top width=252 height="18"><P style="margin:0pt; font-family:Arial">Contributed surplus </P>
</TD><TD valign=bottom width=18.933 height="18">&nbsp;</TD><TD valign=top width=65.067 height="18">
</TD><TD valign=bottom width=35.867 height="18">&nbsp;</TD><TD valign=bottom width=120.133 height="18"><P style="margin:0pt; font-family:Arial" align=right>3,310</P>
</TD><TD valign=bottom width=24 height="18">&nbsp;</TD><TD valign=bottom width=120.6 height="18"><P style="margin:0pt; font-family:Arial" align=right>3,170</P>
</TD></TR>
<TR><TD valign=top width=252 height="18" style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial">Deficit</P>
</TD><TD valign=bottom width=18.933 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=top width=65.067 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=35.867 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=120.133 height="18" style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>(23,030)</P>
</TD><TD valign=bottom width=24 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=120.6 height="18" style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>(23,603)</P>
</TD></TR>
<TR><TD valign=top width=252 height="18">&nbsp;</TD><TD valign=bottom width=18.933 height="18">&nbsp;</TD><TD valign=top width=65.067 height="18">&nbsp;</TD><TD valign=bottom width=35.867 height="18">&nbsp;</TD><TD style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000" valign=bottom width=120.133 height="18"><P style="margin:0pt; font-family:Arial" align=right>88,620</P>
</TD><TD valign=bottom width=24 height="18">&nbsp;</TD><TD style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000" valign=bottom width=120.6 height="18"><P style="margin:0pt; font-family:Arial" align=right>77,645</P>
</TD></TR>
<TR><TD valign=bottom width=252 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=18.933 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=top width=65.067 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=35.867 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD style="background-color: #BBE3E1; border-bottom: 1.5pt solid #000000" valign=bottom width=120.133 height="18"><P style="margin:0pt; font-family:Arial" align=right>$139,918</P>
</TD><TD valign=bottom width=24 height="18" style="background-color: #BBE3E1">&nbsp;</TD><TD style="background-color: #BBE3E1; border-bottom: 1.5pt solid #000000" valign=bottom width=120.6 height="18"><P style="margin:0pt; font-family:Arial" align=right>$126,200</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 13pt; font-size: 11pt; page-break-before: always; margin: 0pt" align="center">-
9 -</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><B>ALAMOS GOLD INC.</B></P>
<P style="margin:0pt; font-family:Arial"><B>CONSOLIDATED STATEMENTS OF EARNINGS AND DEFICIT</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><B>(Unaudited - stated in thousands of United States dollars) </B></P>
<P style="margin:0pt">&nbsp;</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=243></TD><TD width=36></TD><TD width=78.2></TD><TD width=11.8></TD><TD width=87.2></TD></TR>
<TR><TD width=324 rowspan=2>&nbsp;</TD><TD valign=bottom width=48>&nbsp;</TD><TD valign=bottom width=236.267 colspan=3><P style="margin:0pt; font-family:Arial" align=center><B>For the three-month periods ended</B></P>
</TD></TR>
<TR><TD valign=bottom width=48>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=104.267><P style="margin:0pt; font-family:Arial" align=center><B>March 31, </B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>2006</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.267><P style="margin:0pt; font-family:Arial" align=center><B>March 31, </B></P>
<P style="margin:0pt; font-family:Arial" align=center><B>2005</B></P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; font-family:Arial" align=justify><B>OPERATING REVENUES</B></P>
</TD><TD valign=bottom width=48></TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=116.267>&nbsp;</TD></TR>
<TR><TD valign=top width=324 style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=justify>Gold sales</P>
</TD><TD valign=bottom width=48 style="background-color: #BBE3E1"></TD><TD style="background-color: #BBE3E1; border-bottom: 1pt solid #000000" valign=bottom width=104.267><P style="margin:0pt; font-family:Arial" align=right>$12,490 &nbsp;</P>
</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD style="background-color: #BBE3E1; border-bottom: 0.25pt solid #000000" valign=bottom width=116.267><P style="margin:0pt; font-family:Arial" align=right>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; font-family:Arial" align=justify><B>OPERATING EXPENSES</B></P>
</TD><TD valign=bottom width=48></TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=116.267>&nbsp;</TD></TR>
<TR><TD valign=top width=324 style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial">Mining and processing</P>
</TD><TD valign=bottom width=48 style="background-color: #BBE3E1"></TD><TD valign=bottom width=104.267 style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>6,975</P>
</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=116.267 style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; font-family:Arial">Amortization</P>
</TD><TD valign=bottom width=48></TD><TD valign=bottom width=104.267><P style="margin:0pt; font-family:Arial" align=right>1,931</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=116.267><P style="margin:0pt; font-family:Arial" align=right>61</P>
</TD></TR>
<TR><TD valign=top width=324 style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial">Exploration</P>
</TD><TD valign=bottom width=48 style="background-color: #BBE3E1"></TD><TD valign=bottom width=104.267 style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>406</P>
</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=116.267 style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>242</P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; font-family:Arial">Corporate and administrative </P>
</TD><TD valign=bottom width=48></TD><TD valign=bottom width=104.267><P style="margin:0pt; font-family:Arial" align=right>715</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=116.267><P style="margin:0pt; font-family:Arial" align=right>649</P>
</TD></TR>
<TR><TD valign=top width=324 style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial">Stock-based compensation </P>
</TD><TD valign=bottom width=48 style="background-color: #BBE3E1"></TD><TD valign=bottom width=104.267 style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>140</P>
</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=116.267 style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; font-family:Arial">Accretion of asset retirement obligations</P>
</TD><TD valign=bottom width=48></TD><TD valign=bottom width=104.267><P style="margin:0pt; font-family:Arial" align=right>38</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=116.267><P style="margin:0pt; font-family:Arial" align=right>2</P>
</TD></TR>
<TR><TD valign=top width=324 style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial">Other loss</P>
</TD><TD valign=bottom width=48 style="background-color: #BBE3E1"></TD><TD style="background-color: #BBE3E1; border-bottom: 0.5pt solid #000000" valign=bottom width=104.267><P style="margin:0pt; font-family:Arial" align=right>69</P>
</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD style="background-color: #BBE3E1; border-bottom: 0.5pt solid #000000" valign=bottom width=116.267><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=324>&nbsp;</TD><TD valign=bottom width=48></TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=104.267><P style="margin:0pt; font-family:Arial" align=right>10,274</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.267><P style="margin:0pt; font-family:Arial" align=right>954</P>
</TD></TR>
<TR><TD valign=top width=324 style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial"><B>EARNINGS (LOSS) FROM OPERATIONS</B></P>
</TD><TD valign=bottom width=48 style="background-color: #BBE3E1"></TD><TD valign=bottom width=104.267 style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>2,216</P>
</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=116.267 style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>(954)</P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt"><BR></P>
<P style="margin:0pt; font-family:Arial"><B>FINANCIAL REVENUES AND EXPENSES</B></P>
</TD><TD valign=bottom width=48></TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=116.267>&nbsp;</TD></TR>
<TR><TD valign=top width=324 style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial">Interest income </P>
</TD><TD valign=bottom width=48 style="background-color: #BBE3E1"></TD><TD valign=bottom width=104.267 style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>65</P>
</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=116.267 style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>281</P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; font-family:Arial">Interest expense on long-term debt</P>
</TD><TD valign=bottom width=48></TD><TD valign=bottom width=104.267><P style="margin:0pt; font-family:Arial" align=right>(651)</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=116.267><P style="margin:0pt; font-family:Arial" align=right>(314)</P>
</TD></TR>
<TR><TD valign=top width=324 style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial">Other interest expense </P>
</TD><TD valign=bottom width=48 style="background-color: #BBE3E1"></TD><TD valign=bottom width=104.267 style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>(132)</P>
</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=116.267 style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; font-family:Arial">Financing charges</P>
</TD><TD valign=bottom width=48></TD><TD valign=bottom width=104.267><P style="margin:0pt; font-family:Arial" align=right>(140)</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=116.267><P style="margin:0pt; font-family:Arial" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54)</P>
</TD></TR>
<TR><TD valign=top width=324 style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial">Accretion of convertible debenture discount</P>
</TD><TD valign=bottom width=48 style="background-color: #BBE3E1"></TD><TD valign=bottom width=104.267 style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>(485)</P>
</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=116.267 style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial" align=right>(245)</P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; font-family:Arial">Foreign exchange loss</P>
</TD><TD valign=bottom width=48></TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=104.267><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=116.267><P style="margin:0pt; font-family:Arial" align=right>(95)</P>
</TD></TR>
<TR><TD valign=top width=324 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=48 style="background-color: #BBE3E1"></TD><TD valign=bottom width=104.267 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=116.267 style="background-color: #BBE3E1">&nbsp;</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; font-family:Arial"><B>Earnings (loss) before income tax for the period</B></P>
</TD><TD valign=bottom width=48></TD><TD valign=bottom width=104.267><P style="margin:0pt; font-family:Arial" align=right><B>873</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=116.267><P style="margin:0pt; font-family:Arial" align=right><B>(1,381)</B></P>
</TD></TR>
<TR><TD valign=top width=324 style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial">Future income taxes</P>
</TD><TD valign=bottom width=48 style="background-color: #BBE3E1"></TD><TD style="background-color: #BBE3E1; border-bottom: 0.5pt solid #000000" valign=bottom width=104.267><P style="margin:0pt; font-family:Arial" align=right>(300)</P>
</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD style="background-color: #BBE3E1; border-bottom: 0.5pt solid #000000" valign=bottom width=116.267><P style="margin:0pt; font-family:Arial" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; font-family:Arial"><B>Earnings (loss) for the period</B></P>
</TD><TD valign=bottom width=48></TD><TD valign=bottom width=104.267><P style="margin:0pt; font-family:Arial" align=right><B>573</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=116.267><P style="margin:0pt; font-family:Arial" align=right><B>(1,381)</B></P>
</TD></TR>
<TR><TD valign=top width=324 style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial">Deficit, beginning of period</P>
</TD><TD valign=bottom width=48 style="background-color: #BBE3E1"></TD><TD style="background-color: #BBE3E1; border-bottom: 0.5pt solid #000000" valign=bottom width=104.267><P style="margin:0pt; font-family:Arial" align=right>(23,603)</P>
</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD style="background-color: #BBE3E1; border-bottom: 0.5pt solid #000000" valign=bottom width=116.267><P style="margin:0pt; font-family:Arial" align=right>(14,156)</P>
</TD></TR>
<TR><TD valign=top width=324><P style="margin:0pt; font-family:Arial" align=justify><B>Deficit,</B> <B>end of period</B></P>
</TD><TD valign=bottom width=48></TD><TD style="border-bottom:1pt solid #000000" valign=bottom width=104.267><P style="margin:0pt; font-family:Arial" align=right><B>$(23,030)</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=bottom width=116.267><P style="margin:0pt; font-family:Arial" align=right><B>$(15,537)</B></P>
</TD></TR>
<TR><TD valign=bottom width=324 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=48 style="background-color: #BBE3E1"></TD><TD valign=bottom width=104.267 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=116.267 style="background-color: #BBE3E1">&nbsp;</TD></TR>
<TR><TD valign=bottom width=324><P style="margin:0pt; font-family:Arial" align=justify><B>Earnings (loss) per share - basic and diluted</B></P>
</TD><TD valign=bottom width=48>
</TD><TD style="border-bottom:1pt solid #000000" valign=bottom width=104.267><P style="margin:0pt; font-family:Arial" align=right><B>$0.01 &nbsp;&nbsp;</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:1pt solid #000000" valign=bottom width=116.267><P style="margin:0pt; font-family:Arial" align=right><B>$ &nbsp;&nbsp;(0.02)</B></P>
</TD></TR>
<TR><TD valign=bottom width=324>&nbsp;</TD><TD valign=bottom width=48>&nbsp;</TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=116.267>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="margin:0pt" align=center>&nbsp;</P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height: 13pt; font-size: 11pt; page-break-before: always; margin: 0pt" align="center">-
10 -</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:13pt; margin:0pt; font-family:Arial; font-size:11pt"><FONT FACE="Arial"><B>ALAMOS GOLD INC.</B></FONT></P>
<P style="margin:0pt; font-family:Arial"><B>CONSOLIDATED STATEMENTS OF CASH FLOWS</B></P>
<P style="margin:0pt; font-family:Arial"><B>&nbsp;</B></P>
<P style="margin:0pt; font-family:Arial"><B>(Unaudited - stated in thousands of United States dollars) </B></P>
<P style="margin:0pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=261></TD><TD width=11.8></TD><TD width=78.2></TD><TD width=13.6></TD><TD width=85.4></TD></TR>
<TR><TD valign=top width=348>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=236.267 colspan=3><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>For the three-month periods ended</B></P>
</TD></TR>
<TR><TD valign=bottom width=348 rowspan=2><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Cash provided by (used for):</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>March 31, </B></P>
</TD><TD valign=bottom width=18.133 rowspan=2>&nbsp;</TD><TD valign=bottom width=113.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>March 31, </B></P>
</TD></TR>
<TR><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=104.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>2006</B></P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=113.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=center><B>2005</B></P>
</TD></TR>
<TR><TD valign=top width=348><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Operating Activities</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=113.867>&nbsp;</TD></TR>
<TR><TD valign=top width=348 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Earnings (loss) for the period</P>
</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=104.267 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;$573 </P>
</TD><TD valign=bottom width=18.133 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=113.867 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$ (1,381)</P>
</TD></TR>
<TR><TD valign=top width=348><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Adjustments for items not involving cash:</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=113.867>&nbsp;</TD></TR>
<TR><TD valign=top width=348 style="background-color: #BBE3E1">
<P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Amortization</P>
</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=104.267 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>1,931</P>
</TD><TD valign=bottom width=18.133 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=113.867 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;61</P>
</TD></TR>
<TR><TD valign=top width=348><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Accretion of asset retirement obligations</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>38</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=113.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=348 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; padding-left:12.6pt; text-indent:-12.6pt; font-family:Arial; font-size:9pt">Foreign exchange (gain) &nbsp;loss on convertible debenture</P>
</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=104.267 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(65)</P>
</TD><TD valign=bottom width=18.133 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=113.867 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>768</P>
</TD></TR>
<TR><TD valign=top width=348><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Future income taxes </P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>300</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=113.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=348 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Accretion of convertible debenture discount</P>
</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=104.267 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485</P>
</TD><TD valign=bottom width=18.133 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=113.867 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>245</P>
</TD></TR>
<TR><TD valign=top width=348><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Amortization of deferred financing charges</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>140</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=113.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>40</P>
</TD></TR>
<TR><TD valign=top width=348 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Stock-based compensation</P>
</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=104.267 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>140</P>
</TD><TD valign=bottom width=18.133 style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD><TD valign=bottom width=113.867 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>- </P>
</TD></TR>
<TR><TD valign=top width=348><P style="line-height:11pt; margin:0pt; padding-left:12.6pt; text-indent:-12.6pt; font-family:Arial; font-size:9pt">Changes in non-cash working capital:</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=113.867>&nbsp;</TD></TR>
<TR><TD valign=top width=348 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Fair value of forward contracts</P>
</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=104.267 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>243</P>
</TD><TD valign=bottom width=18.133 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=113.867 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=348><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Amounts receivable</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(447)</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=113.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(192)</P>
</TD></TR>
<TR><TD valign=top width=348 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Inventory</P>
</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=104.267 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(1,992)</P>
</TD><TD valign=bottom width=18.133 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=113.867 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=348><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Prepaid expenses</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(54)</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=113.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(6)</P>
</TD></TR>
<TR><TD valign=top width=348 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Accounts payable and accrued liabilities </P>
</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=104.267 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(817)</P>
</TD><TD valign=bottom width=18.133 style="background-color: #BBE3E1">&nbsp;</TD><TD style="background-color: #BBE3E1; border-bottom: 0.5pt solid #000000" valign=bottom width=113.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>217</P>
</TD></TR>
<TR><TD valign=top width=348>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=104.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>475</P>
</TD><TD valign=bottom width=18.133><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=113.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(246)</P>
</TD></TR>
<TR><TD valign=top width=348 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Investing Activities</B></P>
</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=104.267 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=18.133 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=113.867 style="background-color: #BBE3E1">&nbsp;</TD></TR>
<TR><TD valign=top width=348><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Short-term investments</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>-</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=113.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>15,000&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=348 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Deposits and advances to contractors</P>
</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=104.267 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(622)</P>
</TD><TD valign=bottom width=18.133 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=113.867 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(514)&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=348><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Mineral property held for sale</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(3)</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=113.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=348 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Mineral property, plant and equipment</P>
</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=104.267 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(4,354)</P>
</TD><TD valign=bottom width=18.133 style="background-color: #BBE3E1">&nbsp;</TD><TD style="background-color: #BBE3E1; border-bottom: 0.5pt solid #000000" valign=bottom width=113.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(10,681)&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=348>&nbsp;</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=104.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(4,979)</P>
</TD><TD valign=bottom width=18.133><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=113.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>3,805</P>
</TD></TR>
<TR><TD valign=top width=348 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt"><B>Financing Activities</B></P>
</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=104.267 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=18.133 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=113.867 style="background-color: #BBE3E1">&nbsp;</TD></TR>
<TR><TD valign=top width=348><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Convertible debenture issued</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>-</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=113.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>40,306</P>
</TD></TR>
<TR><TD valign=top width=348 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Common shares issued</P>
</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=104.267 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>10,246</P>
</TD><TD valign=bottom width=18.133 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=113.867 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961</P>
</TD></TR>
<TR><TD valign=top width=348><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Bank loan </P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>3,000</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=113.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=348 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Capital lease obligations</P>
</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=104.267 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(189)</P>
</TD><TD valign=bottom width=18.133 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=113.867 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=348><P style="line-height:11pt; margin:0pt; padding-left:12.6pt; text-indent:-12.6pt; font-family:Arial; font-size:9pt">Deferred financing charges</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>-</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=113.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(1,616)</P>
</TD></TR>
<TR><TD valign=top width=348 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD style="background-color: #BBE3E1; border-top: 0.5pt solid #000000; border-bottom: 0.5pt solid #000000" valign=bottom width=104.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>13,057</P>
</TD><TD valign=bottom width=18.133 style="background-color: #BBE3E1"><P style="margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;</P>
</TD><TD style="background-color: #BBE3E1; border-bottom: 0.5pt solid #000000" valign=bottom width=113.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39,651 </P>
</TD></TR>
<TR><TD valign=top width=348><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt">Restricted cash</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>(1,137)</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=113.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,354)&nbsp;</P>
</TD></TR>
<TR><TD valign=bottom width=348 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=104.267 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=18.133 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=113.867 style="background-color: #BBE3E1">&nbsp;</TD></TR>
<TR><TD valign=bottom width=348><P style="line-height:11pt; margin:0pt; padding-left:12.6pt; text-indent:-12.6pt; font-family:Arial; font-size:9pt">Net increase in cash and cash equivalents</P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>7,416</P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=113.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>40,856</P>
</TD></TR>
<TR><TD valign=bottom width=348 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; padding-left:12.6pt; text-indent:-12.6pt; font-family:Arial; font-size:9pt">Cash and cash equivalents - beginning of period</P>
</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD style="background-color: #BBE3E1; border-bottom: 0.5pt solid #000000" valign=bottom width=104.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>4,519</P>
</TD><TD valign=bottom width=18.133 style="background-color: #BBE3E1">&nbsp;</TD><TD style="background-color: #BBE3E1; border-bottom: 0.5pt solid #000000" valign=bottom width=113.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,127 </P>
</TD></TR>
<TR><TD valign=bottom width=348><P style="line-height:11pt; margin:0pt; padding-left:12.6pt; text-indent:-12.6pt; font-family:Arial; font-size:9pt"><B>Cash and cash equivalents - end of period</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=104.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11,935</B></P>
</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=bottom width=113.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53,983 </B></P>
</TD></TR>
<TR><TD valign=bottom width=348 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=104.267 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=18.133 style="background-color: #BBE3E1">&nbsp;</TD><TD valign=bottom width=113.867 style="background-color: #BBE3E1">&nbsp;</TD></TR>
<TR><TD valign=bottom width=348><P style="line-height:11pt; margin:0pt; padding-left:12.6pt; text-indent:-12.6pt; font-family:Arial; font-size:9pt"><B>Supplemental information:</B></P>
</TD><TD valign=bottom width=15.733>&nbsp;</TD><TD valign=bottom width=104.267>&nbsp;</TD><TD valign=bottom width=18.133>&nbsp;</TD><TD valign=bottom width=113.867>&nbsp;</TD></TR>
<TR><TD valign=bottom width=348 style="background-color: #BBE3E1"><P style="line-height:11pt; margin:0pt; padding-left:12.6pt; text-indent:-12.6pt; font-family:Arial; font-size:9pt">Interest paid</P>
</TD><TD valign=bottom width=15.733 style="background-color: #BBE3E1">&nbsp;</TD><TD style="background-color: #BBE3E1; border-bottom: 0.5pt solid #000000" valign=bottom width=104.267><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$1,316</P>
</TD><TD valign=bottom width=18.133 style="background-color: #BBE3E1">&nbsp;</TD><TD style="background-color: #BBE3E1; border-bottom: 0.5pt solid #000000" valign=bottom width=113.867><P style="line-height:11pt; margin:0pt; font-family:Arial; font-size:9pt" align=right>$-</P>
</TD></TR>
</TABLE>
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