Almaden Minerals Ltd. Completes the Sale of Elk Gold Project
04 Agosto 2011 - 6:58PM
Marketwired
Almaden Minerals Ltd. ("Almaden" or "the Company") (TSX: AMM)(NYSE
Amex: AAU) is pleased to announce that it has completed the sale to
Gold Mountain Mining Corporation ("Gold Mountain"; formerly
Beanstalk Capital Inc.) of a 100% interest in the Elk Gold Project
located near Merritt, British Columbia (the "Elk Gold Project").
Effective July 7, 2011, Beanstalk Capital Inc. changed its name to
Gold Mountain Mining Corporation, the common shares of which are
now trading on Tier 1 of the TSX Venture Exchange (the "Exchange")
under the symbol GUM.
Almaden sold the Elk Gold Project in exchange for the issuance
of 37,000,000 common shares of Gold Mountain (the "Acquisition
Shares") and a 2% net smelter returns royalty pursuant to an Asset
Purchase Agreement dated February 15, 2011, as subsequently amended
between Gold Mountain and Almaden. The Acquisition Shares will be
subject to resale restrictions and escrow requirements under
applicable securities laws and policies of the Exchange. In
addition, 2,000,000 of the Acquisition Shares will be subject to
additional escrow requirements. As announced in an Almaden news
release of June 17, 2011, Almaden assigned and sold 8.25 million of
the 37 million common shares of Gold Mountain at $0.355 per share
to raise gross proceeds of $2,928,750 and now holds 28.75 million
common shares of Gold Mountain.
Concurrently with the completion of the acquisition of the Elk
Gold Project, Duane Poliquin and Morgan Poliquin were appointed as
new directors of Gold Mountain, James O'Rourke was appointed as
Chairman, and Rodney Shier was appointed as Corporate Secretary of
the Company. The directors of the Company are now James O'Rourke,
Rodney Shier, Duane Poliquin (Chairman of Almaden), Morgan Poliquin
(President and CEO of Almaden), Michael Varabioff and H. Leo King.
The officers of the Company are James O'Rourke, Chief Executive
Officer and Chairman, and Rodney Shier, Chief Financial Officer and
Corporate Secretary.
"The completion of the sale of the Elk Deposit is exciting news.
This transaction crystallizes significant value for Almaden's Elk
deposit," says J. Duane Poliquin, Chairman of Almaden. "Gold
Mountain is uniquely positioned to develop the Elk deposit by
virtue of an experienced Board of Directors and management team,
which has brought a number of mines into production in British
Columbia, has strong financing abilities and a track record of
social and environmental stewardship in communities in which they
have operated. With the Elk deposit as its principal asset, we
believe Gold Mountain will have an excellent foundation to build a
gold production growth profile. This transaction gives Almaden the
option of maintaining exposure to the potential growth of Elk and
future production through a meaningful shareholding in a
high-quality, diversified production management team. Ultimately,
this capital will be deployed to build Almaden, leaving our company
in an exceptionally strong strategic and financial position."
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. Poliquin, Ph.D.,
P.Eng. President, CEO and Director 604.689.7644 604.689.7645 (FAX)
www.almadenminerals.com
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