go to Mor + News Release: October 29th, 2004 Drilling Encounters New VMS Cu-Zn-Au-Ag-Pb System at the Mor Prospect, Yukon The Mor, Caribou Creek and Cabin Lake properties are optioned to Kobex Resources Ltd. (Kobex) which can earn a 60% interest from Almaden by expending $C1 Million in exploration and issuing 1.1 Million shares of Kobex to Almaden. The Mor, Caribou Creek and Cabin Lake claims cover volcanogenic massive sulphide (VMS) type base and precious metal occurrences hosted in the prospective Yukon-Tanana Terrane. The properties are underlain by similar geology to that in the Finlayson Lake district (160 km to the northeast) where several important VMS deposits have been discovered since 1994 including the Kudz Ze Kayah and Wolverine deposits. In 2004 Kobex completed an induced polarization (IP) geophysical survey over the Mor property which defined an 800 meter long linear chargeability anomaly that remains open along strike. This anomaly is coincident with significant mineralization identified in trenches and anomalous soil geochemistry. Kobex has provided Almaden with the results of a two hole diamond drill program that it completed in August, 2004. The holes were drilled roughly 100 meters apart and were designed to test the IP chargeability feature. Both holes intersected mineralization and alteration commensurate with a VMS system including massive sulphides. At this time there is insufficient geologic information to be able to determine the orientation of the massive sulphide units, including true widths. Hole MO04001 intersected significant alteration and mineralization from the collar to 25 meters depth. A further mineralised unit was intersected at roughly 42 meters depth in this hole. Analyses from these intersections are tabulated below: The second hole (MO04002) also encountered significant mineralization in two separate units. The first was intersected at roughly 23 meters depth and the second at roughly 66 meters depth. The results of the analyses from these intersections are tabulated below: The companies believe these results to represent a new Cu-Zn-Au-Ag-Pb VMS system hosted by similar geologic units to that of the Kudz Ze Kayah and Wolverine VMS deposits which also occur in the Yukon-Tanana terrane. The initial discovery of the Kudz Ze Kayah deposit was made by Cominco Ltd. in 1994. Cominco (1999) reported a resource of 11.3 million tonnes grading 5.9% zinc, 1.5% lead, 0.9% copper, 133 g/t silver and 1.3 g/t gold. This was followed by the discovery of the Wolverine deposit in 1995 by Westmin and Atna (currently owned by Expatriate Resources Ltd.). Drilling on the Wolverine deposit from 1995 to 1997 defined a resource in all categories (Westmin Resources Ltd., 1998) of 6,237,000 tonnes grading 12.66% zinc, 1.55% lead, 1.33% copper, 371 g/t silver and 1.76 g/t gold. Kobex has informed Almaden that it is reviewing these results and will inform Almaden of its future plans for the Mor project soon. Mr. Chuck Downie, P.Geo., was the qualified person on the project under the meaning of National Instrument 43-101. Analyses were carried out by Acme Analytical Laboratories of Vancouver. 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.