Almaden Agrees to Sell a Portion of Its Beanstalk Capital Shareholdings
20 Giugno 2011 - 3:00PM
Marketwired
Almaden Minerals Ltd. ("Almaden" or "the Company") (TSX: AMM)(NYSE
Amex: AAU) has reached an agreement in principle with several
proposed purchasers to assign and sell up to an aggregate of 8.25
million of the 37 million common shares of Beanstalk Capital Inc.
("Beanstalk") to be received by the Company upon appropriate
regulatory approval for the sale of the Elk gold deposit as
outlined in the Company's News Release of February 16, 2011. The
sale and assignment will be at $0.355 per share. This transaction
shows the ability of the Company to monetise assets created through
its exploration and development business model. The sale will add
to the Company's cash balance while at the same time reducing the
Company's holdings in Beanstalk to a level at which it would no
longer be necessary to consolidate the financial reporting of
Beanstalk with that of the Company.
Chairman of Almaden, J. Duane Poliquin, stated, "This sale adds
to Almaden's substantial working capital for an exploration
company. While we retain a significant interest in the Elk deposit
through the equity holdings of Beanstalk and an outright 2% NSR
royalty, we have now added over C$2.9 Million cash to our treasury
without dilution to shareholders. We intend to use the proceeds of
this sale for our on-going exploration efforts most notably our
Ixtaca drilling program in Mexico."
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.
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. Poloquin, Ph.D.,
P.Eng. President, CEO and Director 604.689.7644 604.689.7645 (FAX)
www.almadenminerals.com
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