Mr. Morgan Poliquin reports

ALMADEX INTERSECTS COPPER MINERALISATION, EXPANDS IP ANOMALY AT NEW HOPE AND PROVIDES EXPLORATION UPDATE

Almadex Minerals Ltd. has received and interpreted results from the second hole of its two-hole, first-pass drill program at its wholly owned New Hope copper-gold porphyry exploration project in Arizona, United States. The company also provides an update on the induced polarization geophysical program at New Hope and its coming exploration drilling plans. Details are provided below.

Highlights:

• Final assays have been received from the second hole of the first-pass drilling program at the New Hope property. The hole, which was collared from the same pad as the first hole of the program, intersected andesite units affected by phyllic alteration and intruded by late diorite bodies to a depth of 483 metres, after which a tourmaline-bearing breccia body was encountered until the end of the hole at 926.6 metres. Short zones of mineralization with trace chalcopyrite were intersected, including 6.00 metres of 0.15 per cent copper and 156 parts per million molybdenum.
• Magnetics and mapping suggest that the New Hope drilling to date is on the western edge of a 2.5-kilometre-by-0.75-kilometre area of mapped phyllic and remnant lithocap porphyry alteration.
• Induced polarization geophysics extended the IP geophysical anomaly 1.95 kilometres to the east of the line where both holes were drilled.
• All results are currently being compiled to plan a potential Stage 2 drill program on the project.
• Further mapping, sampling and IP geophysics have recently been carried out at the Rattlesnake project.

J. Duane Poliquin, chairman of Almadex, commented: "The final results reported today from Almadex's first ever drill program on the New Hope property confirm the presence of a large alteration system that is copper bearing. We look forward to continuing our first-pass drilling program on our newly generated portfolio of exploration projects.

New Hope project assay results and hole 2 observations

The New Hope project covers a large (2.5 by 0.75 kilometre) area of mapped phyllic and remnant lithocap porphyry alteration. Recent drone-based magnetics suggest that the drilling to date is on the western edge of the alteration zone and a broad magnetics low associated with this alteration zone. The recent IP lines surveyed to the east of the initial line supports this interpretation as the chargeability remains strong and open in this direction. Assay results have been received from the second hole of the now complete first-pass, two-hole drill program at New Hope.

The second hole was collared from the same pad as the first hole and intersected an andesite intruded by late diorite dikes to 483 metres at which point a large breccia body was encountered. The andesite is affected by phyllic, argillic and propylitic alteration with pyrite contents up to 5 per cent, and the diorite by potassic to propylitic alteration. The breccia body is composed of clasts from a range of largely intrusive lithologies affected by silicification, phyllic and propylitic alteration. The matrix is often silicified with pyrite and abundant tourmaline. Veins of tourmaline and pyrite also crosscut the breccia. Two zones of copper mineralization with traces of chalcopyrite were intersected:

• 498.00 to 504.00 metres (6.00 m) of 0.15 per cent copper and 156 parts per million molybdenum (fault zone with traces of chalcopyrite, sphalerite and galena);
• Including 500.00 to 502.00 m (2.00 m) of 0.34 per cent Cu and 326 ppm Mo;
• 778.00 to 780.00 m (2.00 m) of 0.14 per cent Cu and 5 ppm Mo (tourmaline bearing breccia).

The first hole also intersected andesite porphyry affected by moderate to strong phyllic alteration and zones of quartz veining to 384 metres when, after a zone of faulting and brecciation, propylitic to potassic alteration was encountered. Within the phyllic alteration, pyrite contents were up to an estimated 7 per cent. Quartz veining occurs largely as hairlines with pyrite, with some that resemble the high-level veining seen at surface above the hole, and others with banded textures and fine pyrite. These latter veins are interpreted to be those typically seen in shallowly emplaced porphyry systems, formed by the flashing of high temperature fluids potentially above the level of significant copper mineralization. The propylitic alteration encountered at depth is associated with pyrite, magnetite and some pyrite-base metal veins with potassic selvages. Anomalous gold was encountered in several short sections of veining within the phyllic altered zone.

The two holes confirm the presence of a large porphyry alteration system. Tourmaline-bearing breccias are common in porphyry environments and are often a late overprinting feature. The breccia fragments and associated alteration suggest that the drilling to date may be on the periphery of the core to a porphyry system, which has not yet been intersected. The presence of copper is encouraging, as is the expansion of the IP anomaly to the east, where previous mapping has traced phyllic alteration. Further examination and analysis of the drill core and geophysical survey results will be carried out to prepare for a potential phase 2 drill program.

General exploration update

The company is in the final stages of preparation for renewing its first-pass exploration drilling program and will decide upon the next project for exploration drilling shortly depending on several logistical factors. Recently, the company has conducted alteration mapping and IP geophysics at the Rattlesnake project in Arizona and will report those results once compiled and analyzed. The company also notes that it has become aware of certain factors concerning the Big Sky project in New Mexico. This early-stage exploration project no longer meets the company's criteria for further exploration and investment, and will be abandoned.

Qualified person

Morgan J. 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. Daniel Santamaria, PGeo, a qualified person as defined by NI 43-101, is the QP for the New Hope drilling project and has reviewed and approved the contents of this news release. The drilling program and core sampling reported were conducted under his supervision.

Blanks, field duplicates and certified standards were inserted into the sample stream as part of Almaden's quality assurance and control program. True widths are not possible to calculate at this time for the drill intercepts described, as they occur in zones of complex veining and brecciation. The analyses reported were carried out at ALS Chemex Laboratories of Tucson and North Vancouver using industry standard analytical techniques. For copper and molybdenum, samples are analyzed by inductively coupled plasma -- atomic emission spectroscopy, with four-acid digestion. Samples that return values greater than 10,000 grams per tonne copper using this technique are then reanalyzed by HF-HNO3-HCLO4 digestion with HCl leach and ICP-AES finish. The IP geophysical survey described was carried out using the company's in-house equipment, a five-kilowatt GDD transmitter and Iris Elrec-6 receivers using a 100-metre dipole in a pole-dipole array on eight levels. Pseudo sections were prepared, and the data were inverted using RES2DINV software.

About Almadex Minerals Ltd.

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

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