News Release: May 9th, 2002 Almaden Signs Exploration & Property Option Agreement with BHP Billiton Almaden Minerals Ltd. (Almaden) is pleased to announce the signing of an agreement with BHP Billiton World Exploration Inc. (BHP Billiton) to carry out grass roots exploration in a portion of Mexico for copper-gold deposits. The terms of the agreement outline two separate phases dependant upon success in the first phase. The first phase of work is focused on grassroots exploration with Almaden as operator and consists of US$200,000 contributed by both Almaden and BHP Billiton for a total of US$400,000 to be spent in the first year of the joint venture. If both Almaden and BHP Billiton agree to acquire any properties discovered, BHP Billiton will have the option to carry out US$1,000,000 of work on each such property in order to earn a 51% interest in that property. After BHP Billiton has completed this expenditure each property would enter a joint-venture phase of exploration during which both Almaden and BHP Billiton would contribute US$750,000 for a total of US$1,500,000. If one party fails to contribute to this phase, it would be diluted to a 2% net smelter return royalty. After this joint-venture stage is complete and if both parties have maintained their interests by funding, BHP Billiton can then elect to earn an additional 19% interest, for a total of 70% in each project, by completing a feasibility study for each project. A final 10% interest can be earned if BHP Billiton funds the property into production. The assets and talents of both Almaden and BHP Billiton allow Almaden to aggressively pursue an already successful generative grassroots exploration program for copper-gold deposits in an area with little modern exploration. Almaden has been active in Mexico since the favourable changes in foreign investment legislation in 1991. Since that time Almaden has had one of its projects reach production and has formed numerous joint ventures to explore properties acquired. At present Almaden has five active joint ventures in Mexico. BHP Billiton is a new global leader in the world's natural resources industry. Created from a merger between Australian-based natural resources company BHP Limited and Anglo-South African miner Billiton Plc, BHP Billiton occupies industry leader, or near leader, positions in metallurgical coal, seaborne steaming coal, copper, ferroalloys, iron ore and titanium minerals. BHP Billiton also has substantial worldwide interests in oil, gas, liquefied natural gas (LNG), nickel, diamonds and silver. BHP Billiton employs about 58,000 people in more than 30 countries and is headquartered in Melbourne, Australia. For additional information, please contact Morgan J. Poliquin, Director at ph. (604) 689-7644 or 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.