News Release: September 20th, 2002
Termination of Option on Caballo Blanco
Almaden has received notice from Noranda Exploracion
Mexico S.A. de C.V. (Noranda) that it is terminating its option
on the Caballo Blanco property near Veracruz, Mexico. Noranda
had focused on the porphyry copper potential of the property
culminating in a diamond drill program carried out in 2002. Almaden
will review the data generated by Noranda and evaluate its significance
in relation to the rest of the property.
Several other mining and exploration companies
have expressed interest in the gold potential of the property
and the possibility of another joint venture to test this potential
will be investigated in the weeks ahead.
Almaden in encouraged by the fact that Noranda's
last drill hole (number 7), which was drilled in an area of extensive
argillic alteration associated with elevated gold in soil geochemistry
had several interesting gold intersections. These included stockwork
veining from 51.35 to 84 meters depth within which a 6 meter
section averaged 1.42 g/t gold. A sample from 192 to 195 meters
depth within a zone of argillic alteration averaged 2.5 g/t gold
and the final sample of the hole from 212.0 to 212.5 meters depth
returned a gold value of 4.98 g/t gold. The hole was lost at
this point due to poor drilling conditions.
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.
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