News Release:May 8th, 2002
Yago Gold-Silver Project Joint Ventured to Ascot Resources
Ltd.
Almaden Minerals Ltd. (Almaden) has optioned
the Yago gold-silver project to Ascot Resources Ltd. (Ascot),
A CDNX listed exploration company. Under the terms of the agreement,
Ascot must make issue 300,000 shares of Ascot and complete exploration
expenditures of US$1,000,000, within two years of signing, to
earn a 50% interest in the project. Ascot is committed to issue
200,000 shares and to complete US$400,000 in exploration expenditures
in the first year after signing. Ascot may earn an additional
10% interest in the property by issuing an additional 300,000
shares of Ascot and making additional exploration expenditures
totaling US$1,000,000.
The property is well located and accessed
by paved road seven kilometres east of Highway 15 on Mexico's
west coast. The claims cover extensive quartz adularia vein systems
including the La Sarda Mine in the north and Yago in the south.
Both areas host high grade gold-silver targets in classic low
sulphidation epithermal veins. Nayarit State and the La Sarda-Yago
area are situated within the Sierra Madre Occidental, a belt
of volcanic rocks which host a number of large low sulphidation
epithermal gold-rich veins including the nearby Rosario Mine
(4.0 million ounces), Tayoltita (6.0 million ounces), Guadalupe
y Calvo (2.0 million ounces) and La Cienega (2.0 million ounces).
Almaden is very pleased to be partnered with Ascot, a well managed
exploration company with a history of conducting high quality
and professional exploration programs. Management has felt that
the Yago project has exceptional merit as a high-grade gold target
since acquiring the property. This new joint venture and the
combined talents and assets of Ascot and Almaden will be focused
on discovering a bonanza grade vein deposit in 2002.
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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