Almaden Options Willow Cu-Au Porphyry Project, Nevada
15 Novembre 2011 - 3:00PM
Marketwired
Almaden Minerals Ltd. and its subsidiary (collectively "Almaden" or
"the Company") (TSX:AMM)(NYSE Amex:AAU) announces that it has
signed an option agreement with Westhaven Ventures Inc.
("Westhaven") (TSX VENTURE:WHN) on terms whereby Westhaven can
acquire a 60% interest in Almaden's 100% owned Willow porphyry
copper-gold project by paying $300,000 in cash to Almaden,
incurring $10 million in expenditures and issuing 2,000,000 common
shares to Almaden over 4 years as shown in greater detail below.
The agreement is subject to regulatory approval.
Cash:
----------------------------------------------------------------------------
$300,000 to be paid within 5 business days of TSX-V acceptance of the
Agreement
Expenditure Schedule:
----------------------------------------------------------------------------
$1,000,000 in exploration expenditures in the first year of the Agreement
(firm commitment)
$2,000,000 in exploration expenditures in Year 2 (Optional)
$3,000,000 in exploration expenditures in Year 3 (Optional)
$4,000,000 in exploration expenditures in Year 4 (Optional)
Share payment Schedule:
----------------------------------------------------------------------------
500,000 issued within 5 business days of TSX-V acceptance of the Agreement
500,000 on or before 1st anniversary of TSX-V acceptance of the Agreement
(Optional)
500,000 on or before 2nd anniversary of TSX-V acceptance of the Agreement
(Optional)
500,000 on or before 3rd anniversary of TSX-V acceptance of the Agreement
(Optional)
An additional 2,000,000 shares will be issued upon the
completion of a 43-101 Resource Estimate
"We are very pleased to be working with the experienced
exploration and management team at Westhaven to work on Willow, an
exciting drill ready Cu-Au porphyry project. This transaction
allows Almaden to maximize the efforts of our exploration group to
focus solely on the Ixtaca Zone of the Tuligtic Project and the
newly 100% acquired El Cobre Au-Cu project during 2012, both of
which are located in Mexico. This deal also further demonstrates
our ability to acquire, develop and advance our expansive portfolio
of gold projects in North America. We eagerly anticipate a drill
program at Willow planned for 2012," stated Chairman, J. Duane
Poliquin.
About the Willow Project
The Willow project is situated near Yerington Nevada and covers
an area of hydrothermal alteration interpreted to represent the
lithocap to a large preserved porphyry copper-gold system. Geologic
and alteration mapping has outlined a roughly 2 by 2 kilometer area
of intense hydrothermal alteration characterized by silicification,
brecciation and alunite, kaolinite and dickite alteration, all
features typical of a high sulphidation system overlying a porphyry
intrusion at depth. Supporting fluid inclusion analysis confirms
the presence of a porphyry system. Soil stream sediment and rock
samples have returned anomalous values of copper, gold, molybdenum,
silver and trace elements typical of this geologic environment.
In 2011 Almaden completed a Titan 24 deep penetration
geophysical survey on the Willow project. The Titan survey outlined
several large areas of high chargeability, both near to surface and
at depth (see Almaden news release of June 5th, 2011). The
chargeability anomalies provide several large target areas for
follow-up drill testing and will be the focus of an anticipated
2012 drill program planned by Westhaven.
About Almaden
Almaden is a well-financed (cash, gold inventory and equity
investments totalling approximately $45MM as of Oct 31, 2011)
mineral exploration company working in North America. The company
has assembled mineral exploration projects, including Willow,
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 five projects
(Caldera, Yago, Matehuapil, Willow 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 NSR
interest in 12 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.
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
Grafico Azioni Almaden Minerals (TSX:AMM)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Almaden Minerals (TSX:AMM)
Storico
Da Lug 2023 a Lug 2024