News Release: September 24th, 2003 Private Placement Closing Almaden Minerals Ltd. (the "Company") announces that it has closed the previously announced private placement of 1,700,000 units, each unit being comprised of one common share and one non-transferable common share purchase warrant, each common share purchase warrant entitling the purchase of one additional common share of the Company at a price of $1.25 per Warrant Share at any time on or before 4:00 p.m. (Pacific Standard Time) (subject to Acceleration Expiry Date), on the first business day that is one year after the Closing Date, at a price of $1.50 per Warrant Share that is two years after the Closing Date; thereafter at a price of $1.75 per Warrant Share during the third year; at a price of $2.00 per Warrant Share during the fourth year and at a price of $2.25 per Warrant Share that during the fifth year. All of the shares and warrants comprising the units are subject to a Toronto Stock Exchange hold period expiring January 19, 2003. Accelerated Expiry Date In the event that, at any time after the expiration of one calendar year after the Closing Date, the 20 trading day weighted average trading price of the Company's Common Shares for any 20 consecutive trading days is $0.50 or more above the then current Exercise Price (the twentieth such trading day being the "Determination"), the Company agrees that it will forthwith on the Determination immediately notify the Holder (the "Notice of Expiry") of the accelerated expiry date, being a date which is not less than the thirtieth calendar day following the date of the Notice of Expiry (the "Accelerated Expiry Date"). All Warrants not exercised by the expiration of the Accelerated Expiry Date shall be deemed cancelled without further notice to the Holder(s).   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.