Almaden Acquires 100% Interest in El Cobre Project, Sells Caballo Blanco

Almaden Minerals Ltd. AAU is pleased to announce that it has entered into an agreement with Goldgroup Mining Inc. and its subsidiary to sell the Company's 30% interest in the Caballo Blanco project. Upon completion of the Transaction, Goldgroup will own 100% of the Caballo Blanco project, Almaden will retain an undivided 1.5% NSR in Caballo Blanco and Almaden and will own a 100% interest in the El Cobre project. In consideration for Almaden's 30% interest in Caballo Blanco, at closing Goldgroup shall pay to Almaden a cash consideration of US$2,500,000 and issue to Almaden 7,000,000 of its common shares. An additional 7,000,000 of its common shares will be issued to Almaden under the following conditions: 1,000,000 common shares upon commencement of commercial production on the Caballo Blanco project, 2,000,000 common shares upon measured and indicated resources including cumulative production reaching 2,000,000 ounces of gold, 2,000,000 common shares upon measured, indicated and inferred resources including cumulative production reaching 5,000,000 ounces of gold and 2,000,000 common shares upon measured, indicated and inferred resources including cumulative production reaching 10,000,000 ounces of gold. The aforementioned Goldgroup shares to be issued are subject to certain statutory and agreed to hold periods. Goldgroup will also transfer to Almaden its 40% interest in the El Cobre property and grant a 1.5% net smelter royalty interest on the Caballo Blanco project to Almaden.