Almaden Acquires 100% Interest in El Cobre Project, Sells Caballo Blanco
26 Settembre 2011 - 3:00PM
Marketwired
Almaden Minerals Ltd. ("Almaden" or "the Company") (TSX: AMM)(NYSE
Amex: AAU) is pleased to announce that it has entered into an
agreement with Goldgroup Mining Inc. and its subsidiary
("Goldgroup") (TSX: GGA) to sell the Company's 30% interest in the
Caballo Blanco project (the "Transaction"). Upon completion of the
Transaction, Goldgroup will own 100% of the Caballo Blanco project,
Almaden will retain an undivided 1.5% NSR in Caballo Blanco and
Almaden and will own a 100% interest in the El Cobre project.
In consideration for Almaden's 30% interest in Caballo Blanco,
at closing Goldgroup shall pay to Almaden a cash consideration of
US$2,500,000 and issue to Almaden 7,000,000 of its common shares.
An additional 7,000,000 of its common shares will be issued to
Almaden under the following conditions: 1,000,000 common shares
upon commencement of commercial production on the Caballo Blanco
project, 2,000,000 common shares upon measured and indicated
resources including cumulative production reaching 2,000,000 ounces
of gold, 2,000,000 common shares upon measured, indicated and
inferred resources including cumulative production reaching
5,000,000 ounces of gold and 2,000,000 common shares upon measured,
indicated and inferred resources including cumulative production
reaching 10,000,000 ounces of gold. The aforementioned Goldgroup
shares to be issued are subject to certain statutory and agreed to
hold periods. Goldgroup will also transfer to Almaden its 40%
interest in the El Cobre property and grant a 1.5% net smelter
royalty interest on the Caballo Blanco project to Almaden.
"This transaction crystallizes significant value for Almaden
shareholders," says J.D. Poliquin, Chairman and Director of
Almaden. "We are very pleased to have acquired a 100% interest in
the El Cobre copper-gold project, an exciting under explored bulk
tonnage porphyry target with excellent infrastructure. With this
deal, Almaden's shareholders will benefit from Goldgroup's ability
to develop the Caballo Blanco project into a mine and also gives
Almaden the option of maintaining exposure to the exploration
upside of Caballo Blanco through an NSR royalty and a meaningful
shareholding in Goldgroup. Almaden's share position would further
increase with the initiation of production and the meeting of major
resource and production milestones by Goldgroup. Ultimately, this
capital will be deployed to build Almaden, adding to our Company's
exceptionally strong strategic and financial position as a prospect
generator."
The closing of the Transaction is subject to certain conditions,
including, but not limited to, the receipt of conditional listing
approval for the common shares to be delivered pursuant to the
Transaction by the Toronto Stock Exchange.
About El Cobre
The now 100% Almaden owned El Cobre project covers copper-gold
porphyry mineralization known to exist over a strike length of at
least four kilometers. Drilling by Almaden and past partners along
this strike length has returned significant copper and gold values
including those in the table below. The mineralization is
associated with the exposed portions of diorite stocks which have
intruded intermediate volcanic rocks. Mineralogic and fluid
inclusion studies show conclusively that the gold and copper-gold
porphyry-style mineralization at El Cobre is not deeply eroded and
great potential exists at depth. More importantly these studies
indicate that the mineralization is genetically uniquely like that
of some of the Maricunga district gold-copper porphyry systems in
Chile. Almaden plans to commence an exploration program on the El
Cobre project immediately which will include a TITAN 24 CSAMT-IP
geophysical survey of the property which it is hoped will identify
where to focus future deeper drilling now likely to commence in
early 2012. Almaden's 100% interest in the El Cobre project is
subject to a 0.5% NSR payable to a third party, 50% of which may be
purchased for $US1.5 MM.
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Hole Length (m) Au g/t Cu % AuEq (g/t)
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08 CBCN-28 364.2 0.18 0.11 0.40
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CB-1 107.0 0.25 0.18 0.61
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includes 73.2 0.3 0.19 0.68
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CB-2 39.6 0.39 0.15 0.69
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CB-12 15.2 0.23 0.16 0.55
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CB-4 39.6 1.44 0.15 1.74
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including 12.2 3.82 0.37 4.57
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CB-5 13.7 1.85 0.1 2.05
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and 48.8 0.24 0.06 0.36
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CBCN-19 41.2 0.42 0.27 0.96
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-------------------------------------------------------
CBCN-22 148.4 0.21 0.17 0.55
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-------------------------------------------------------
CBCN-26 109.7 0.27 0.17 0.61
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-------------------------------------------------------
CBCN-27 118.9 0.16 0.13 0.42
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CBCN-28 403.9 0.15 0.11 0.37
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including 29.0 0.27 0.14 0.55
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DDH04-CB1 300.2 0.36 0.27 0.90
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includes 118.0 0.63 0.23 1.09
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and 56.0 0.84 0.34 1.53
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and 24.0 0.89 0.28 1.45
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CBCN-42 143.0 0.1 0.11 0.32
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-------------------------------------------------------
CB-13 71.6 0.3 0.05 0.40
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CB-17 67.1 0.29 0.07 0.43
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Morgan J. Poliquin, P. Eng., the President and CEO of Almaden
and a qualified person under the meaning of National Instrument
43-101 reviewed the technical information in this news release.
Analyses reported from work conducted by Almaden were carried out
at ALS Chemex Laboratories of North Vancouver using industry
standard aqua regia, ICP and fire assay techniques. This sampling
also included a quality control program and the insertion of field
duplicates, certified standards and blanks into the sample stream.
Analyses reported from work conducted by past partners cannot be
verified by Almaden but are believed to have been acquired from
exploration programs carried out under the supervision of qualified
persons (under the meaning for qualified person as defined in NI
43-101) and in accordance with NI 43-101 requirements. Gold
equivalent calculations do not take into account metallurgical
recoveries and are based on in ground metal using metal prices of
$990 per ounce gold and $2.91 per pound copper. Many of the past
drill holes on the El Cobre property are shallow and end in
copper-gold mineralization. Because of this and the nature of
porphyry copper gold deposits, true widths have not been
calculated.
About Almaden
Almaden is a well-financed (no debt, approximately $C25 MM in
working capital) mineral exploration company working in North
America. The company has assembled mineral exploration projects,
including Caballo Blanco, El Cobre and its new Ixtaca Zone
discovery on the Tuligtic project, 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 the 100% owned Tuligtic project where in 2010 Almaden
made the drill discovery of the Ixtaca Zone. At present the Company
is conducting a 3 drill exploration program at Tuligtic. 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 Tuligtic.
On Behalf of the Board of Directors
Morgan J. Poliquin, Ph.D., P.Eng., President, CEO and
Director
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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