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News Release: June 10th, 2006
Option agreement with
Wheaton River Minerals Ltd.
Almaden Minerals Ltd. (Almaden) has entered
into an option agreement with Wheaton River Minerals Ltd. ( Wheaton)
for Almaden's Siwash Gold Property near Merritt, BC. Under the
terms of this agreement, Wheaton will provide $350,000 to be
spent on exploration of the property during 2002, with work being
conducted by Almaden.
Once the full expenditure is complete, Wheaton
shall have earned a ten percent interest in the property. Wheaton
will have a right to convert this interest into shares of Almaden
at a conversion price of ninety cents ($.90), with the number
of shares to be issued to Wheaton being equal to $350,000 divided
by the conversion price. Almaden shall also have the right to
reacquire the interest earned in the property by Wheaton at the
same conversion price and for the same number of shares outlined
Almaden will use these funds this summer to
conduct surface exploration including diamond drilling to extend
the known gold bearing veins, seek new parallel veins, and test
other known geochemical gold anomalies on the property.
The property produced 51,753 ounces of gold
from 18,414 tons of ore in the 1990's. Current estimated resources
on the property are 123,000 tons at an average grade of 1.153
ounces of gold per ton.
ON BEHALF OF THE BOARD
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.