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Almaden Minerals Ltd. ("Almaden" or "the Company") (TSX:AMM - News)(AMEX:AAU - News) is pleased to
report its 2011 objectives, activities and budgets for the exploration
drilling program at Ixtaca as well as on other projects
in the Company's portfolio. There are significant milestones planned in 2011
as part of Almaden's $C3-Million global exploration
program.
"Our goal for 2011 at Almaden is to outline the potential of the Ixtaca Zone through a minimum $C2MM drill program. We
also plan to develop targets for drilling on several other prominent
exploration properties within the Company's large portfolio of 100% owned
projects and we can achieve this goal using the significant treasury we have
on hand," says Morgan Poliquin, Almaden President and CEO. "The quality and
exploration potential of our assets, along with the strength of our people
and finances, provide the springboard for Almaden
to prosper in the year ahead."
KEY OBJECTIVES
The Company plans to build on the exploration
success of last year, during which the Ixtaca
drilling discovery was made. Since the discovery hole announced in August
2010, the Company completed a total of 14 holes in 2010, all of which
intersected mineralisation. The Ixtaca
gold-silver epithermal vein system has now been traced over 300 meters along
strike. Highlights of the drilling to date include high grade intersections
of 4.10 m of 26 g/t Au, 936 g/t Ag (hole TU-10-1), 3.17 m of 10.5 g/t Au, 586
g/t Ag (hole TU-10-12) and 1.77 m of 49 g/t Au, 1392 g/t Ag (hole TU-10-11)
as well as broad intersections such as 136.92 m of 1.5 g/t Au, 36 g/t Ag
(hole TU-10-10), 45.01 m of 2.4 g/t Au, 157 g/t Ag (hole TU-10-12), 203.65 m
of 1.0 g/t Au, 44 g/t Ag (Hole TU-10-11) and 126.22 m of 0.9 g/t Au, 62 g/t
Ag (Hole TU-10-6). The Company will advance this 100% owned project by
carrying out a large follow-up exploration drilling program to be expanded as
necessary. This program will be funded and managed by the Company.
In the past Almaden
has created value from its early-stage exploration portfolio through option,
joint-venture agreements and property sales. This strategy will continue to
be employed in 2011 in order to ensure the advancement of the Company's large
exploration portfolio. Almaden is well funded to
advance its key gold projects over the near-term. As of December 31, 2011,
the company has cash and short-term deposits of approximately $18 million and
available for sale securities with a fair value of approximately $6 million
(includes 1600 ounces of gold). In 2011, Almaden is
focused on the following objectives and expectations on its key projects in
Mexico:
-Ixtaca,
Mexico (100% owned): 20,000 metres of exploration
drilling, preliminary mineralogic and metallurgical
studies. Exploration for further vein zones is now underway including
prospecting, soil sampling and IP geophysics. Additional targets defined will
be drill tested in 2011.
-El Cobre,
Mexico (JV 60% Almaden / 40% Goldgroup
Mining): 5,000 meter exploration drill program to test this large porphyry
copper-gold system in partnership with Goldgroup
Mining.
-Caballo
Blanco, Mexico (100% Almaden, Goldgroup
Mining has option to earn 70%, Almaden carried to
completion of bankeable feasibity
study): Goldgroup Mining has announced the start of
a 30,000 meter exploration drilling program at the Caballo
Blanco project. Results are expected in 2011.
-Caldera, Mexico (100% Almaden, Windstorm Resources Inc. has option to earn
60%): an initial 3,000 metres of drilling is
expected to commence in February, 2011.
-Other Mexican Projects: Almaden is advancing a regional pipeline of projects in
Mexico along trends identified from the Company's extensive past exploration
programs. These 100% owned projects range from alteration zones that require
target definition through drill ready projects with targets well defined at
surface. These projects will be developed in 2011 using the Company's in
house geologic and exploration teams.
NEVADA PROJECTS
In 2008 through 2010 Almaden
completed regional exploration programs in Nevada which resulted in the
identification of several projects acquired 100% by the Company through
staking.
-Willow, Nevada (100% Almaden): In 2010 the Company acquired permits to drill.
In 2011 a first stage drill program is planned to test both a high sulphidation epithermal gold target and a porphyry
copper-gold target.
-Paradise East, Nevada (100% Almaden): The Company plans further target definition
work for a possible drill program in 2011.
-BP, Nevada (100% Almaden):
This project was identified and staked in 2010. It covers an area of
hydrothermal alteration, including extensive jasperoid
development and clay alteration in shale units. The Company plans a
geophysical and geochemical exploration program in 2011 to define targets for
drilling.
CANADIAN PROJECTS
-Elk, B.C. (100% Almaden):
in 2010 the Company commissioned a 43-101 compliant Preliminary Economic
Assessment ("PEA") and resource update on the open pit potential of
this road accessible project. The PEA was completed in January 2011 and has
been filed at www.sedar.com.
In 2011 the Company seeks to advance the project and create value for
shareholders through partnership with a team of production oriented
professionals with the capacity to finance new developments.
-Merit, B.C. (100% Almaden,
Sunburst Explorations Inc. has option to earn a 60% interest) target
definition work was completed by Sunburst in 2010 and drilling in expected in
2011.
-Nicoamen,
B.C. (100% Almaden, Fairmont Resources Inc. has
option to earn a 60% interest) target definition work was completed by
Fairmont in 2010 and drilling in expected in 2011.
ABOUT ALMADEN
Almaden is a well-financed (no debt,
approximately $C24 MM in working capital) mineral exploration company working
in North America. The company has assembled mineral exploration projects,
including Tuligtic, through its grass roots
exploration efforts. While the properties are largely at early stages of
development they represent exciting opportunities for the discovery of
significant gold, silver and copper deposits as evidenced at Ixtaca. Currently six projects (Caldera, Caballo Blanco, Tropico, Nicoamen River and Matehuapil
and Merit), are optioned to separate third parties who each have the right to
acquire an interest in the respective project from Almaden
through making certain payments and exploration expenditures. Four further
projects are held in joint ventures. Almaden also
holds a 2% NSR interest in 11 projects. Almaden's
business model is to find and acquire mineral properties and develop them by
seeking option agreements with others who can acquire an interest in a
project by making payments and exploration expenditures. Through this means
the company has been able to expose its shareholders to discovery and capital
gain without the funding and consequent share dilution that would be required
if the company were to have developed these projects without a partner. The
company intends to expand this business model, described by some as prospect
generation, by more aggressively exploring several of its projects including
the Ixtaca Zone.
Morgan J. Poliquin,
Ph. D., P. Eng., the President and CEO of Almaden,
and a qualified person ("QP") under the meaning of National
Instrument 43-101, reviewed the technical information in this news release.
The analyses reported from the Ixtaca zone were
carried out at ALS Chemex Laboratories of North
Vancouver using industry standard aqua regia, ICP
and fire assay techniques. Blanks, field duplicates and certified standards
were inserted into the sample stream as part of Almaden's
quality assurance and control program which complies with National Instrument
43-101 requirements. Gold equivalent ("AuEq"
or "Gold Eq.") and silver equivalent ("AgEq"
or "Silver Eq.") values were calculated using silver to gold ratios
of 50 to 1. Intervals that returned assays below detection were assigned zero
values. Metallurgical recoveries and net smelter returns are assumed to be
100% for these calculations. Registered geologist Jim Lunbeck,
a QP under the meaning of NI 43-101, will be the QP and project manager of Almaden's 2011 Ixtaca program.
On Behalf of the Board of Directors
Morgan J. Poliquin,
Ph.D., P.Eng., President, CEO and Director
Almaden Minerals Ltd.
Statements contained in this news
release that are not historical facts are forward looking statements as that
term is defined in the private securities litigation reform act of 1995. Such
forward -looking statements are subject to risks and uncertainties which
could cause actual results to differ materially from estimated results. Such
risks and uncertainties are detailed in the Company's filing with the
Securities and Exchange Commission. Except for the statements of historical
fact contained herein, certain information presented constitutes
"forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and Canadian
securities laws. Such forward-looking statements, including but not limited
to, those with respect to potential expansion of mineralization, potential
size of mineralized zone, and size and timing of exploration and development
programs, estimated project capital and other project costs and the timing of
submission and receipt and availability of regulatory approvals involve known
and unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievement of Almaden to
be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors
include, among others, risks related to international operations and joint
ventures, the actual results of current exploration activities, conclusions
of economic evaluations, uncertainty in the estimation of mineral resources,
changes in project parameters as plans continue to be refined, environmental
risks and hazards, increased infrastructure and/or operating costs, labour and employment matters, and government regulation
and permitting requirements as well as those factors discussed in the section
entitled "Risk Factors" in Almaden's
Annual Information form and Almaden's latest Form
20-F on file with the United States Securities and Exchange Commission in
Washington, D.C. Although Almaden has attempted to
identify important factors that could cause actual results to differ
materially, there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that such
statements will prove to be accurate as actual results and future events
could differ materially from those anticipated in such statements. Almaden disclaims any intention or obligation to update
or revise any forward-looking statements, whether as a result of new information,
future events or otherwise, other than as required pursuant to applicable
securities laws. Accordingly, readers should not place undue reliance on
forward-looking statements.
The Toronto Stock Exchange and NYSE AMEX
have not reviewed nor accepted responsibility for the adequacy or accuracy of
the contents of this news release which has been prepared by management.
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