News Release: August 27th, 2003 Second Quarter Results to June 30th, 2003 A 2600 metre drill program has commenced on the Elk property near Merritt, B.C., focussed mainly on the WD vein which lies north of the Siwash B vein. The mill purchased in Alaska last fall has been completely dismantled and is being moved to a secure site near Merritt. Expatriate Resources Ltd. acquired a 60% stake in our Logan zinc-silver property in the Yukon from Energold Minerals and they are currently evaluating the development of Logan as a 3,000 to 4,000 tonne per day open pit operation with an adjoining flotation mill facility which would also process material from their Wolverine deposit. The current resource at Logan is 12.3 million tonnes grading 6.17% zinc and 26.4 grams of silver/tonne. Almaden is carried for 40% of the Logan property to positive production decision. In Mexico, at our Caballo Blanco gold property near Veracruz, Comaplex Minerals Corp. have completed two phases of geophysics, including Induced Polarization and magnetic surveys on the Highway and Northern zones, which are about six miles apart. This work has outlined an impressive resistivity/chargeability anomaly on the Highway zone; results are expected soon from the Northern zone. Drilling is expected later this year. Ross River Minerals Inc. completed a work program on our El Pulpo copper gold property near Mazatlan. In a press release dated August 21, 2003, they reported prospecting on several vein systems, one of which has been traced over two kilometers and yielded very significant gold, silver and copper values. An additional and adjoining concession of about 100 square kilometres was staked to cover a recently discovered area of extensive surface mineralization associated with quartz veins, vein stockworks and breccia zones. This new property now forms part of the El Pulpo Project agreement with Ross River. Our copper-gold joint venture in Eastern Mexico with BHP Billiton is ongoing with Phase I reconnaissance expected to be completed by the end of the year. Our Galeana gold property in southern Chihuahua is being explored by Grid Capital Corporation. Their recent program consisted of surface sampling, Induced Polarization and geochemical soil surveys. All these methods confirmed the presence of significant targets on two separate vein systems, which we expect Grid to drill later this year. For the six months ended June 30, 2003, the Company incurred a loss of $498,717 ($0.02 per share). Revenue increased due to a higher rate of return being earned on cash available for investment and the recovery of mining tax credits. General and administrative expenses decreased mainly due to the amalgamation and the reduction of operating costs in Mexico. General exploration increased due to the exploration being undertaken by the joint venture with BHP in eastern Mexico. Write-down of interests in mineral properties and loss on foreign currency increased in the six months ended June 30, 2003. Cash used in operations was $498,147 in the six months ended June 30, 2003. Cash of $223,048 was provided by the issuance of shares and cash used in investing activities totalled $165,373. At June 30, 2003, cash and cash equivalents totaled $524,495 and working capital was $1,042,920. Included in working capital is the Company's inventory of gold recorded at the cost of production, not market value. Also included in working capital is a contingent liability in the event the Company is unsuccessful in its appeal of assessed additional mineral tax for prior years. In the subsequent period, the Company completed a private placement financing consisting of 323,500 Units at a price of $0.80 per Unit for gross proceeds of $258,800 and announced a proposed private placement financing of 1,700,000 Units at a price of $0.70 per Unit for gross proceeds of $1,190,000.   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.