News Release: February 16th, 2004
Diamond Drilling Program
Underway at the Galeana Project, Mexico
Almaden has been informed
by its joint venture partner Grid Capital Corp (Grid) that Grid
has commenced a diamond drill program on the Galeana gold-silver
property in Chihuahua State, Mexico. Under terms of the joint
venture with Almaden, Grid can earn a 60% interest in the Galeana
property by spending US$2,000,000 and issuing 400,000 shares
to Almaden.
Grid has informed Almaden
that the drill program will consist of a total of 1,500 meters
to test two of the vein systems identified on the property, the
Miguel Ahumada and Faldo Norte zones. The Galeana property hosts
three major classic epithermal banded quartz-adularia vein systems,
the San Miguel-Ahumada-Estrella de Oro, the Faldo Norte and the
San Geronimo. All have had limited historic production prior
to the Mexican revolution when all mining activity ceased. Mapping,
sampling and alteration mineralogic and petrographic analyses
of the veins in the Galeana area has resulted in the interpretation
that the exposed veins represent a high level within the original
hydrothermal system. This interpretation coupled with the identification
of high gold grades in fragments found in breccia bodies identified
on the property, suggest that the potential to identify high
grade gold and silver ore shoots in the veins may increase with
depth.
Exploration carried out on
the Galeana property by Grid is under the direction of H. Leo
King, P.Geo., a qualified person within the meaning of National
Instrument 43-101. Samples will be sent to ALS Chemex Labs in
North Vancouver for analysis.
Almaden currently has ten
active joint ventures covering 12 properties, including seven
properties in which partners are spending to earn an interest
in the project and a regional exploration program with partner
BHP Billiton underway to explore for copper-gold deposits in
Mexico.
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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