News Release: February 14th, 2002
Joint Venture Partners
Sumitomo Metal Mining Co. Ltd. and Santoy Resources Ltd. Complete
First Phase of Exploration on the Tropico Project, Mexico
Joint venture partners Sumitomo Metal Mining
Co. Ltd. (Sumitomo) and Santoy Resources Ltd. (Santoy) have informed
the company that a first phase of exploration has been completed
on the Tropico project, Mexico. This first phase program totaling
$US 600,000 has been financed by Sumitomo under terms of an ongoing
joint venture with both Almaden and Santoy, whereby Almaden is
carried into production for a 12% interest. Santoy had previously
spent $US 1 million dollars on the property and issued Almaden
275,000 shares of Santoy stock to earn a 60% interest in the
property.
Almaden was informed that the work consisted
of fifteen diamond drill holes totaling 2,844 meters targeting
three of the seven identified soil geochemical anomalies. In
addition to the drill program 17 trenches, totaling 2,473 meters
were completed. As part of the program, the soil geochemical
coverage of the property was expanded to cover the most easterly
portion of the mafic-ultramafic complex. Almaden was informed
that two separate coincident copper-platinum-palladium-gold soil
geochemical anomalies have resulted from this work. Almaden has
also been informed that the analyses of the drilling and trenching
are expected by mid-February, and following compilation and review,
are expected to be released by late February.
For additional information please contact
Morgan J. Poliquin, Director; ph. (604) 689-7644 email rockman@almadenminerals.com.
ON BEHALF OF THE BOARD
OF DIRECTORS
Morgan 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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