News Release: April 5th, 2002
Sumitomo
to Proceed with Tropico Project Joint
Venture.
Santoy Resource Ltd. ("Santoy")
and Almaden Minerals Ltd. ("Almaden") are pleased to
announce that effective April 1, Sumitomo Metal Mining Co. Ltd.
("Sumitomo") will be proceeding with the joint venture
on the copper-Platinum Group Metal Tropico Project. The Project,
located in Sinaloa State, Mexico, is owned 60% by Santoy and
40% by Almaden. Santoy and Almaden also announce that the recently
acquired San Pablo concession ("San Pablo"), which
is strategically located within the Tropico Project, will be
incorporated into the joint venture with Sumitomo.
Sumitomo has budgeted US$880,000 to be spent
on the Tropico Project in 2002 with exploration focussed on the
Maricela area. The budget includes US$80,000 to be spent on San
Pablo to conduct geological mapping and geochemical soil sampling
in order to identify drill targets. Santoy, as operator, will
conduct follow-up diamond drilling to the 1,632 metres completed
on the Maricela area during the first phase of exploration.
Encouraging results from the first phase of drilling, released
March 6, 2002, included 111 metres grading 0.34% copper (Cu)
and 0.48 grams/tonne platinum (Pt) + palladium (Pd) + gold (Au),
within which 21 metres graded 0.79% Cu and 1.16 grams/tonne Pt+Pd+Au.
The drilling at Maricela also intersected 39 metres grading
0.50% Cu and 0.75 grams/tonne Pt+Pd+Au and included 11 metres
grading 0.95% Cu and 1.52 grams/tonne Pt+Pd+Au.
With the inclusion of San Pablo in the joint
venture, the terms of the original agreement will be amended.
Sumitomo is now required to fund US$3.5 million by March 31,
2006 to earn a 51% interest in the Tropico Project compared to
US$3.0 million by March 31, 2004 in the original agreement.
Sumitomo has also agreed that in order to maintain its right
to earn the 51% interest it must expend a minimum amount of US$400,000
per year commencing April 1, 2002 and continuing through to March
31, 2006.
Santoy and Almaden are pleased to have Sumitomo
continuing with the Project and look forward to commencing the
next phase of exploration which will commence in mid-April.
ON BEHALF OF THE BOARD
OF DIRECTORS
Duane Poliquin
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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