Mr. Duane Poliquin reports

ALMADEX HITS MULTIPLE VEINS AT THE DAVIS VEIN TARGET INCLUDING 1.70 METRES OF 11.8 G/T GOLD AND 68.2 G/T SILVER AND 13.70 METRES OF 2.3 G/T GOLD AND 24.1 G/T SILVER AT THE DAVIS/PARADISE PROJECT, NEVADA

Almadex Minerals Ltd. has received results from the first two of five holes drilled to date at the Davis/Paradise project in Nevada. This drill program has now been paused for assays, and a second phase program is planned for September when the company drill is expected to return from third party contract work. Almadex holds the rights to earn 100 per cent of the Davis/Paradise property, which covers multiple targets, and is located approximately eight miles southeast of Gabbs, Nev., and five miles northeast of the Paradise Peak gold mine, which was active from 1984 to 1994.

J. Duane Poliquin, chairman of Almadex, commented: "We are very happy to get the first results back from this phase 1 program. These results confirm the prospectivity of the northern Davis portion of the project. We look forward to follow-up drilling there as well as first-pass drilling on the southern Paradise area later this year."

Drilling results announced today are from the Davis vein zone and help to demonstrate the important widths and grades of the mineralized structure identified previously in historic work and drilling for which the company has limited information. The two holes were drilled on the same section and indicate that mineralization continues to depth and should be further explored down dip. Significant core intervals from the first two holes include:

Hole DP-22-001:

• From 62.70 to 63.50 (0.80 metre) at 17.1 grams per tonne gold and 10.3 g/t silver;
• From 65.50 to 67.20 (1.70 metres) at 11.8 g/t gold and 68.2 g/t silver;
• From 119 to 132.70 (13.70 metres) at 2.3 g/t gold and 24.1 g/t silver, including from 119.50 to 122.90 (3.40 metres) at three g/t gold and 41.2 g/t silver;
• From 130 to 130.80 (0.80 metre) at 18.1 g/t gold and 39.4 g/t silver.

Note: Estimated true widths are approximately 73 per cent of the core intersections above.

Hole DP-22-002:

• From 19.40 to 21.50 (2.10 metres) at 5.7 g/t gold and 22.3 g/t silver;
• From 135.20 to 153 (17.80 metres) at 1.2 g/t gold and 12.3 g/t silver, including from 135.20 to 139.55 (4.35 metres) at 1.9 g/t gold and 25.9 g/t silver;
• From 146.35 to 153 (6.65 metres) at 1.9 g/t gold and 11.9 g/t silver;
• From 152 to 153 (one metre) at 5.8 g/t gold and 3.5 g/t silver.

Note: Estimated true widths are approximately 67 per cent of the core intersections above.

The other three holes of this phase 1 program were located on different targets on the northern half of the property. Two holes were drilled in an area of alteration interpreted to represent a sinter and breccia system, extending over 1.5 kilometres in length running parallel to the Davis zone, and the fifth hole targeted another separate vein with historic mine workings in the northern area called Butler. Outstanding assays from these three remaining holes will be reported once received and analyzed.

The Southern Paradise portion of the property, where Almadex anticipates a phase 2 drilling program to be focused in September, covers high-level acid sulphate quartz alunite alteration as well as a zone of phyllic alteration identified by past alteration mapping and a recent WorldView remote sensing study. Recent mapping performed by the Almadex team confirms the presence of multiple generations of porphyric intermediate intrusive with important alteration zones, especially in the historical mining excavations. These new data suggest that the Paradise area represents a large lithocap with potential for both gold-silver high-sulphidation mineralization and porphyry mineralization at depth, similar to that seen at the adjacent Paradise Peak gold deposit where both styles of mineralization were observed.

Qualified person and quality assurance/quality control

Jocelyn Pelletier, PGeo, a qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical contents of this news release. The analyses reported were carried out at ALS Chemex Laboratories of Reno, Nev., using industry-standard analytical techniques. For gold, samples are first analyzed by fire assay and atomic absorption spectroscopy (AAS). Samples that return values greater than 10 g/t gold using this technique are then reanalyzed by fire assay but with a gravimetric finish. Silver is first analyzed by inductively coupled plasma atomic emission spectroscopy (ICP-AES). Samples that return values greater than 100 g/t silver by ICP-AES are then reanalyzed by HF-HNO3-HCLO4 digestion with HCL leach and ICP-AES finish. Of these samples, those that return silver values greater than 1,500 g/t are further analyzed by fire assay with a gravimetric finish. Intervals that returned assays below detection were assigned zero values. Blanks, field duplicates and certified standards were inserted into the sample stream as part of Almadex's quality assurance and control program which complies with National Instrument 43-101 requirements. Several veins were intersected in the initial Davis drilling, suggesting three subparallel mineralized zones. The mineralized structure appears to strike 350 and dip 68 degrees to the east. While all true widths cannot be accurately calculated at this stage of the program, it assumed that true widths in hole DP-22-001 are 73.1 per cent of the core intersections reported while those in DP-22-002 are 66.9 per cent of the core intersections reported.

About the Davis/Paradise property

Almadex consolidated the Davis/Paradise Valley area during 2019 by optioning from the underlying owners the Davis property, which adjoins the Paradise Valley property which had been staked by Almadex's predecessor company. The property now comprises 358 claims totalling approximately 2,800 hectares with multiple targets, located approximately eight miles southeast of Gabbs, Nev., and five miles northeast of the Paradise Peak gold mine.

About Almadex Minerals Ltd.

Almadex Minerals is an exploration company that holds a large mineral portfolio consisting of exploration projects and net smelter return royalties in Canada, the United States and Mexico. This portfolio is the direct result of many years of prospecting and deal making by Almadex's management team. The company remains focused on grassroots exploration, acquisition and drilling mineral projects, on its own and in partnership with others, with the goal of creating new mineral resources and royalty holdings. The company owns several portable diamond drill rigs, enabling it to conduct cost-effective first-pass exploration drilling in-house.

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