Alpha Announces $3,000,000 Private Placement

VANCOUVER, Nov. 21, 2012 /CNW/ - Alpha Minerals Inc. (TSX-V: AMW), (the "Company" or "Alpha"), announced that it is proceeding with a non-brokered private placement for gross proceeds of up to $3,000,000 (the "Offering").

Pursuant to the Offering, the Company will issue an aggregate of up to 2,000,000 units ("Unit") to be issued at a price of $1.50 per Unit, for a total of $3,000,000. Each Unit will consist of one common share and one-half share purchase warrant ("Warrant"), where each full Warrant will entitle the holder to purchase one common share at a price of $1.80 per share for a period of 12 months.

The Company may, in appropriate circumstances, pay finders fees in connection with the Offering consisting of:

(i) a cash fee equal to an 6% of the gross proceeds received from the sale of Units; and
(ii) finders warrants ("Finders Warrants") equal to 6% of the number of Units sold.  Each Finders Warrant will entitle the holder to purchase one common share at a price of $1.60 per share for a period of 12 months from the date of issue of the Finders Warrant.

The Offering is subject to TSX Venture Exchange acceptance, and all securities issued in connection with the Offering will be subject to a four (4) month hold period.

The gross proceeds from the sale of the Units shall be used to fund the Company's share of further exploration work on the Patterson Lake South Property ("PLS") in the Athabasca Region of Saskatchewan, and for general working capital.

Patterson Lake South Property
The 31,039-hectare PLS project is a 50-50 joint venture held by Alpha Minerals Inc. and  Fission Energy Corp. Fission is the current operator. PLS is accessible by road with primary access from all-weather Highway 955, which runs north to the former Cluff Lake mine (greater than 60 million pounds of of triuranium octoxide produced) and passes through the nearby UEX-Areva Shea Creek discoveries (with resources of about 88 million pounds of U3O8) located 50 kilometres to the north, currently under active exploration and development. Please visit the Company's website for all the latest information www.alphaminerals.ca.

On behalf of the Board of Directors of Alpha Minerals Inc.

"Ben Ainsworth"  
President and CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements: The above contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.

SOURCE Alpha Minerals Inc.