Joint Venture Agreement with Japan Oil, Gas and Metals National Corporation ("JOGMEC")
August 2005: The regional joint venture program will consist of a first phase of spending over a large region in Mexico focused on grassroots exploration for base metal deposits. JOGMEC will contribute US$700,000 to this program which will be operated by Almaden. JOGMEC can acquire a 60% interest in any mineral property acquired during the course of this exploration program ("designated property") by spending an additional US$500,000 on exploration for each designated property. Any property identified by the regional joint venture program, but not selected as a designated property, shall be 100% owned by Almaden. Work will commence immediately with US$300,000 to be spent by March 31, 2006 and the remainder by March 31, 2007.

 

In addition to the exploration joint venture, JOGMEC has also optioned the Santa Isabela property. JOGMEC may acquire a 51% interest in Almaden's 100% owned Santa Isabela property by spending US$300,000 on the Santa Isabela property by October 31, 2005 and by spending aggregate US$1 Million by March 31, 2007. JOGMEC may earn an additional 9% in the Santa Isabela property for a total of 60% by spending an additional US$500,000 on the property by September 30, 2008.