Drilling Intersects 3.47 g/t Gold Over 48.50 m at Almaden's Caballo Blanco Project, Mexico
07 Aprile 2011 - 6:49PM
Marketwired
Almaden Minerals Ltd. ("Almaden" or "the Company") (TSX: AMM)(NYSE
Amex: AAU) is pleased to report to its shareholders today the
results contained in a news release of Goldgroup Mining Inc. (TSX:
GGA) ("Goldgroup"; see Goldgroup news release of April 7, 2011) in
which Goldgroup announced the following intersection at the La
Paila Zone:
Hole 10 CBN 73: 48.50 meters @ 3.47 g/t gold from 130.00 to
178.50 meters depth
Goldgroup has an option to acquire a 70% interest in the Caballo
Blanco project from Almaden which would be exercised with
Goldgroup's current proposed 30,000 meter drill program. Almaden
would then retain a 30% carried interest in the project, until a
bankable feasibility study has been completed by Goldgroup.
J.D. Poliquin, chairman of Almaden, commented, "We are very
pleased to receive these new results from Goldgroup's on-going
drill program at Caballo Blanco. The Caballo Blanco and nearby El
Cobre projects are both underexplored and highly prospective
projects in our portfolio. We are excited with Goldgroup's plans
for Caballo Blanco and look forward to reporting results as they
are received."
In Goldgroup's release of April 7, 2011 Keith Piggott, President
and CEO of Goldgroup, stated: "I am very excited by these results
as this latest drill hole demonstrates that the mineralization at
the La Paila zone extends strongly in a southerly direction. As a
result Goldgroup has decided to expand its 30,000 metre drill
program at Caballo Blanco by increasing to five diamond
drills."
Assaying and Qualified Person
Almaden has not reviewed the new data reported today which was
taken from the April 7, 2011 news release of Goldgroup. Goldgroup
reports that its Caballo Blanco drill program is being conducted
under the direct supervision Kevin Sullivan, B.Sc., MAusIMM and the
Company's Vice President, Exploration and a qualified person, as
defined by NI 43-101 and that Mr. Sullivan reviewed the technical
information contained in the Goldgroup news release. Goldgroup also
disclosed it assaying and quality control and quality assurance
procedures in its news release as follows:
After project geologists logged and marked the core, technicians cut the
individual lengths with a diamond saw, then tagged the bags and secured
them with security clips. The samples were then collected by Inspectorate
America Corp. ("Inspectorate") and transported to their preparation
facility at Durango, Mexico where they were dried and crushed to -150
mesh. The rejects remained with Inspectorate while the pulps were air
couriered to Inspectorate's Richmond, BC, Canada facility and analyzed
for gold by fire assay with Atomic Absorption ("AA") finish. In addition,
a 30 element Inductively Coupled Plasma ("ICP") analysis (aqua regia
digest) was conducted on all samples. A QA/QC program was implemented as
part of the sampling procedure for the drill program. One standard, one
blank or one duplicate was inserted per group of 15 samples sent the
laboratory.
About Almaden
Almaden is a well-financed mineral exploration company working
in North America. The company has assembled mineral exploration
projects, including the Ixtaca Zone, 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 and copper deposits as evidenced at
Ixtaca. Currently six projects (Caldera, Caballo Blanco, Tropico,
Nicoamen River, 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
capital 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.
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.
Neither the Toronto Stock Exchange (TSX) nor the NYSE AMEX have
reviewed or accepted responsibility for the adequacy or accuracy of
the contents of this news release which has been prepared by
management.
Contacts: Almaden Minerals Ltd. Morgan J. Poliquin, Ph.D.,
P.Eng. President, CEO and Director 604.689.7644 604.689.7645 (FAX)
www.almadenminerals.com
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