Clicking OK will dismiss the message and leave the alias file as is.
Clicking the Delete Alias button will move the alias file to the Trash.
Clicking Fix Alias button opens a dialog box which allows you to locate the file and select it for use by the alias file. Once you have located the file, click the Choose button:
An alternate method to repair a broken alias is to select Get Info from the File menu and choose "Select New Original" from the General Information pane (see enhanced Get Info windows below).