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Thursday, 03/13/2003 11:45:25 AM

Thursday, March 13, 2003 11:45:25 AM

Post# of 21
Almaden finds more high grade gold at Siwash Mine

By: Tim Wood

Posted: 2003/03/03 Mon 15:07 EST / © Mineweb 1997-2003

VANCOUVER -- Almaden [AMM] continues to progress its Siwash Mine in preparation for a restart of operations.
Located in Southern British Columbia, Siwash produced gold through the 1990s from high grade mesothermal quartz veins, accessed from an open pit and underground. The mine was put on care and maintenance after producing 51,750 ounces of gold, but is now slated for a restart after promising exploration.

Siwash has total mineralised gold of 141,962 ounces in 123,142 tons according to the last drill results from 2000. A sixteen hole, 5,000 meter diamond drill program was completed in September last year which results will be incorporated into an updated resource estimate.

Almaden has secured a second-hand mill that is being shipped to Siwash in anticipation of a mining restart in the medium-term at the nearly fully permitted mine.

The 2002 season focused on several veins. The WD vein, which has been traced along strike for a length of 525 meters and down dip for 320 meters, had a best intercept of half an ounce per ton over 2.15m. Another notable intercept was recorded from the Bullion Creek structure.

Almaden notes a possible extension to its B and WD vein systems; two kilometres along strike to the east which was discovered after a 2001 trenching programme. Grab samples from surface returned very strong gold and silver results, as did a panel sample from the trench wall, confirming the extension's potential.

Aside from the Siwash project, Almaden has several promising joint ventures covering fire covering gold, diamonds and base metals exploration. Through its joint ventures, it has also accumulated a handy investment portfolio worth C$250,000 that includes Troymin, Santoy, Aurcana, Ross River, Ascot, Copper Ridge, Grid Capital, Brett, Pacific Comox, Quartz Mountain