go to ELK + News Release: July 17th, 2002 Drilling Project Commenced on the Elk Gold Project Almaden Minerals Ltd. has commenced a $350,000.00 diamond drilling program on its wholly owned Elk Gold Property near Merritt, B.C. As previously announced, these funds are being provided by Wheaton River Minerals Ltd. for which that company will earn a 10% interest in the property. Wheaton may exchange this interest for $350,000.00 paid in shares of Almaden priced at $0.90 per share. If this is not done, Almaden can buy the interest back from Wheaton for the same amount of shares. Drilling started on the WD vein zone seeking extensions to known mineralization. Previous drilling outlined an inferred resource on this vein of 16,700 tons grading 1.55 ounces of gold per ton, open in all directions. Several other parallel veins will be tested but the bulk of exploration will be on the Siwash North Vein which is also open in all directions. Drilling will seek extensions to the vein both along strike and to depth with focus on extending the DeepB Block, where the current inferred resource is 12,200 tons at an average grade of 2.93 ounces gold per ton. A total 51,460 ounces was recovered from 18,190 tons mined from the Siwash North vein in the 1990's. The current total resource and reserve in all blocks on both the Siwash North and W.D. Veins is 123,000 tons at an average grade of 1.153 ounces of gold per ton. 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.