News Release: November 20th, 2002
Galeana Project
Optioned to Grid Capital
Corporation
Almaden Minerals Ltd. (Almaden) has optioned
the Galeana gold (Au) project in Mexico to Grid Capital Corporation
(Grid), a TSX-Venture listed exploration company. Under the terms
of the agreement, Grid must issue to Almaden 400,000 shares of
Grid and complete exploration expenditures of US$1,000,000 by
July 31, 2006 to earn a 50% interest in the project. Grid is
committed to issue 100,000 shares upon TSX-Venture approval of
the agreement and to complete US$250,000 in exploration expenditures
by December 31, 2003. Grid may earn an additional 10% interest
in the property by issuing a further 100,000 shares of Grid and
spending US$1,000,000 in exploration expenditures by July 31,
2007.
The Galeana project, is located roughly 22
kilometers by all season gravel road south of the town of Guadalupe
y Calvo in Chihuahua State, Mexico. Guadalupe y Calvo is connected
by paved highway to Parral, a major centre. The property covers
two major vein systems, the Miguel Ahumada - Estrella de Oro
trend and the San Geronimo trend, both of which have had limited
historic production. Production took place from 1889 to 1910,
and it is estimated from historic reports that up to 100,000
ounces may have been extracted from vein material averaging 0.6
ounces per ton (opt) Au. The mines were closed in 1910, prior
to the Mexican revolution. Several comprehensive evaluations
of the deposits were carried out between 1902 and 1923 and are
in the possession of Almaden. In these evaluations grades are
reported to average 0.84 opt Au over an average of 6 feet at
Miguel Ahumada, 0.42 opt over an average of 7 feet at San Geronimo,
and 0.9 opt over an average of 4 feet at Estrella de Oro. Both
vein systems represent classic banded quartz-adularia-carbonate
low sulphidation epithermal veins. The Galeana project area is
situated within the Sierra Madre Occidental, volcanic province
which hosts many large low sulphidation epithermal gold-rich
veins including Guadalupe y Calvo (2.0 million ounces), La Cienega
(2.0 million ounces), Rosario (4.0 million ounces) and Tayoltita
(6.0 million ounces).
Almaden is very pleased to be partnered with
Grid, a company with a management history of conducting high
quality and professional exploration programs. Almaden has felt
that the Galeana project has exceptional merit as a high-grade
gold target since acquiring the property and the combined talents
and assets of Grid and Almaden will be focused on discovering
a bonanza grade vein deposit in 2003. Including this agreement,
Almaden now has five active joint venture programs involving
other companies exploring Almaden projects to earn an interest
in them. In addition to these Almaden has an active joint venture
program underway to explore for copper-gold deposits in Mexico
with BHP Billiton. Almaden will continue to focus efforts on
identifying, acquiring, developing and joint-venturing high quality
exploration projects in North America.
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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