Mr. Morgan Poliquin reports

MAPPING AND SOIL SAMPLING RESULTS OUTLINE POTENTIAL PORPHYRY CENTRE IN LITHOCAP ALTERATION AT THE PARADISE PROJECT, NEVADA

Almadex Minerals Ltd. has provided a summary of recent exploration results from the company's wholly owned portion of its Paradise project in Nevada. The wholly owned, 1,730-hectare Paradise area covers a roughly 4.5-kilometre by 1.8 km area of exposed, intense hydrothermal alteration developed in volcanic rocks.

This alteration zone, which includes quartz-alunite, pyrophyllite and diaspore, is typical of high-sulphidation environments forming above porphyry copper-gold systems. The alteration has been mapped by Almadex using a Terraspec infrared spectrometer. This work, using rock chip spectral data points has defined a well-preserved porphyry lithocap with alunite core zones (with increasing sodium (Na) composition) haloed by pyrophyllite, dickite, then hypogene kaolinite. Surrounding the acid sulphate zones are halos of sporadic paragonitic illite (grading to dominant muscovitic alteration) with chlorite in peripheral alteration halos (propylitic).

Within this broad area of lithocap alteration, there is at least one high-temperature core -- a 1.2 km by 700-metre area of high-temperature porphyry lithocap alteration with Na-alunite, pyrophyllite and diaspore called the Arena Hill zone. The spectral mapping at Arena Hill resolved clear alteration vectors/temperature gradients representing potential fluid pathways to porphyry mineralization at depth.

A recently completed soil sampling program over the Arena Hill zone has further augmented this target by defining a roughly one km by one km gold-molybdenum-arsenic-tellurium-vanadium high core zone with low manganese, lead and zinc, but generally surrounded by elevated manganese, lead and zinc. This is a classic geochemical pattern seen in many porphyry districts. The core anomaly is spatially coincident with the area mapped as the high-temperature mineral vector to a possible underlying porphyry system. Combined, the alteration mineral vector and soil geochemical anomaly define a high-priority drill target for a hidden porphyry.

The company is considering whether further exploration efforts, such as geophysical surveys, should be carried out prior to drilling, to further refine the target.

J. Duane Poliquin, chairman of Almadex, commented: "It is very special to define such a strong coincident alteration mineral and geochemical anomaly. We look forward to advancing this target towards a first-pass deep exploratory drill program."

Almadex also announces that is has dropped its San Pedro and Victoria projects, both located in Mexico, in order to focus on its evolving project portfolio in the western and southwestern United States.

About the Paradise project

The Paradise project, covering the core porphyry target area described above, was acquired by staking. The property is accessed year-round by road and is located approximately eight miles southeast of Gabbs, Nev., and five miles northeast of the historic Paradise Peak gold mine. The Paradise Peak mine was operated by FMC mining and was active from 1984 to 1994. Reported production was 1.6 million ounces (Moz) gold and 24.1 Moz silver. The Paradise Peak deposit is a high-sulphidation system. The oxide gold mineralization mined historically was hosted in vuggy silica and related acid sulphate alteration. Gold-rich porphyry copper alteration and mineralization was identified beneath the high-sulphidation ore at Paradise Peak, making this deposit a classic porphyry lithocap. Almadex interprets the geology and alteration seen at the Paradise project to represent an environment similar to Paradise Peak with a large preserved porphyry lithocap, and the potential for both high-sulphidation and porphyry copper-gold mineralization.

Qualified person

Dr. Poliquin, PhD, PEng, the president and chief executive officer of Almadex, and 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 by ALS Chemex Laboratories using industry-standard analytical techniques. For gold, samples were analyzed using aqua-regia extraction with inductively coupled plasma mass spectrometry (ICP-MS) finish. Copper and molybdenum were analyzed by four-acid digestion with ICP-MS finish.

About Almadex Minerals Ltd.

Almadex Minerals is an exploration company that holds a large mineral portfolio consisting of projects and NSR (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 owns a number of portable diamond drill rigs, enabling it to conduct cost-effective first-pass exploration drilling in-house.

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