This might explain the recent activity:
NEWS RELEASE TRANSMITTED BY CCNMatthews
FOR: ALMADEN MINERALS LTD.
TSX SYMBOL: AMM
APRIL 16, 2003 - 16:30 EST
Almaden Minerals Ltd.: El Pulpo Property Optioned to
Ross River Minerals Inc.
VANCOUVER, BRITISH COLUMBIA--Almaden Minerals Ltd. (Almaden) is
pleased to announce that it has optioned its El Pulpo Copper-Gold
project in Mexico to Ross River Minerals Inc. (Ross River). Ross
River can earn a 50.1% interest in the project by spending
US$2,000,000 and issuing 425,000 shares of Ross River to Almaden
by April 30, 2008, including 150,000 shares to be issued upon
exchange approval of the agreement. Ross River can acquire an
additional 9.9% interest by spending a further US$1,000,000 by
April 30, 2010. Ross River is committed to spend US$100,000 by
April 30, 2004 and is responsible for all holding costs until it
has earned an interest in the property. The property contains
five claims that are held under option by Almaden and are subject
to the terms of the agreement with Ross River. A 100% interest in
these claims, subject to a 1% NSR, can be acquired by making
payments of US $162,000 by February 2005. The 1% NSR can be
purchased for US $500,000.
The El Pulpo project is located north-east of Mazatlan and covers
an area of approximately 120 square kilometres. High grade
porphyry related gold, silver and copper mineralization has been
identified over a surface area in excess of 12 square kilometres.
The properties host at least two copper-gold porphyry targets and
three high grade gold vein targets. Ross River has informed
Almaden of the following results from field work carried out by
Ross River:
El Bagre Target: The El Bagre Target exhibits altered
calc-alkaline intrusive quartz stockwork mineralisation hosting
both oxide and sulphide copper mineralisation. Four widely spaced
rock samples collected over an area of one square kilometre
averaged 1.43 % copper, 0.13 g/t gold and 52.4 g/t silver.
La Cetolla Target: Three kilometres east of El Bagre is the La
Cetolla porphyry target. In the early 1970's work by a major
North American mining company focused on a grid of 1,100 metres
by 230 metres which averaged 0.94% copper over this area. In
2002, Almaden sampled an area immediately to the south and up to
a kilometre away from the grid and obtained assays ranging from
0.29% to 0.79% copper and up to 0.8 g/t gold.
Papaya Target: The Papaya Target is one kilometre north of the El
Bagre Target. Of nine samples collected from a vein by Ross
River, seven assayed 1 g/t gold. The values of these seven
samples ranged from 1.00 g/t gold to 30.66 g/t gold, with an
average of 8.47 g/t gold, 90.4 g/t silver and 5.11 % copper over
a width of 1.5 to 2 metres.
La Trucha Target: The La Trucha target, two kilometres north of
the Papaya target, is centred around two float samples collected
separately by Almaden and Ross River, 50 metres apart, that
assayed 18.0 g/t gold, 410.0 g/t silver and 24.42 g/t gold, 792.2
g/t silver respectively.
El Tiburon Target: The El Tiburon target is a further one
kilometre north of the La Trucha target. A single grab sample
taken by Almaden assayed 1.92 g/t gold and 63 g/t silver. Two
grab samples taken within the same zone by Ross River assayed
0.78 g/t gold and 385.5 g/t silver and 11.80 g/t gold and 314.2
g/t silver over two metres.
Almaden is very pleased to have Ross River working on this
exciting project. Ross River has informed Almaden that a large
field program designed to define targets for drilling will
commence in May, 2003. Almaden currently has six active joint
venture programs involving other companies exploring Almaden
projects to earn an interest in them. In addition to these
Almaden has an active regional joint venture program underway to
explore for copper-gold deposits in Mexico with BHP Billiton.
ON BEHALF OF THE BOARD OF DIRECTORS
Morgan J. Poliquin, M.Sc., P.Eng., Director
The Toronto Stock Exchange has not reviewed nor accepted
responsibility for the adequacy or accuracy of the contents of
this news release which has been prepared by management.
Statements contained in this news release that are not historical
facts are forward looking statements as that term is defined in
the private securities litigation reform act of 1995. Such
forward -looking statements are subject to risks and
uncertainties which could cause actual results to differ
materially from estimated results. Such risks and uncertainties
are detailed in the Company's filing with the Securities and
Exchange Commission.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Almaden Minerals Ltd.
Morgan J. Poliquin
Director
(604) 689-7644
(604) 689-7644 (FAX)
Website: www.almadenminerals.com
