Almaden Sells Six Portfolio Projects to Tarsis Resources
04 März 2013 - 3:00PM
Marketwired
Almaden Minerals Ltd. (TSX:AMM)(NYSE MKT:AAU) ("Almaden" or "the
Company") is pleased to announce that it has signed a non-binding
Letter of Intent ("LOI") with Tarsis Resources Ltd. ("Tarsis") (TSX
VENTURE:TCC) to sell Tarsis a 100% interest, subject to a 2% net
smelter returns ("NSR") royalty payable to Almaden, in four
gold/silver properties located in Nayarit and Jalisco States,
western Mexico and two gold properties in eastern Nevada, USA. A
formal agreement is being prepared. This transaction is consistent
with Almaden's goal of creating assets through prospecting and
maximizing shareholder exposure to discovery with minimum risk. The
sale also allows management to focus time and resources on
advancing the Company's Ixtaca gold-silver discovery and its El
Cobre copper-gold project.
J.D. Poliquin, Chairman of Almaden stated, "We are happy to
continue our working relationship with Tarsis. We consider the
projects we are selling to have excellent potential that Tarsis can
unlock with its proven ability to advance early stage projects as
well generate new properties. This deal allows Almaden to maintain
its focus in eastern Mexico and specifically at its Ixtaca
gold-silver discovery and El Cobre copper-gold porphyry project. At
the same time Almaden unlocks value from its large property
portfolio as Tarsis carries these six projects forward."
The Acquisition
Under the terms of the LOI, Tarsis will acquire a 100% interest
in the Yago, Gallo de Oro, Mezquites and San Pedro projects, Mexico
and the BP and BJS projects, Nevada. Upon regulatory approval,
Tarsis will pay Almaden four million common shares of Tarsis and
grant Almaden an undivided 2% NSR royalty on any production from
the projects. In addition, areas of influence will be outlined in
Nevada and Mexico, where Almaden where has developed proprietary
exploration concepts. Tarsis will grant Almaden a 2% NSR royalty on
any property acquired by Tarsis within either of the two areas of
interest. In addition Tarsis will issue 200,000 shares to Almaden
for each new property acquired within the area of influence at the
time of acquisition. Tarsis will issue a further 800,000 shares to
Almaden upon the first time disclosure of a mineral resource on
each and any of the new properties. Each of the properties located
in Mexico feature epithermal style gold-silver alteration and
mineralization, and is prospective for both gold and silver
deposits. The Nevada properties are prospective for gold and
feature Carlin-style pathfinder elements and geological settings
believed to be supportive of this model. The technical information
contained in this press release was reviewed by Morgan J. Poliquin,
Ph.D., P.Eng., the President and CEO of Almaden and a Qualified
Person as defined by NI 43-101.
About Almaden
Almaden is a well-financed (cash, gold inventory and equity
investments totalling approximately $31 MM as of January 15th,
2013) mineral exploration company working in North America. The
company has assembled mineral exploration projects, including the
Ixtaca Zone of the Tuligtic project, through its grass roots
exploration efforts. While the properties are largely at early
stages of development they represent exciting opportunities for the
discovery of significant gold, silver and copper deposits as
evidenced at its 2010 Ixtaca discovery. Almaden's business model is
to find and acquire mineral properties and develop them by seeking
option agreements with others who can acquire an interest in a
project by making payments and exploration expenditures. Through
this means the company has been able to expose its shareholders to
discovery and capital gain without the funding and consequent share
dilution that would be required if the company were to have
developed these projects without a partner. The company intends to
expand this business model, described by some as prospect
generation, by more aggressively exploring several of its projects
including the Ixtaca Zone.
On Behalf of the Board of Directors
Morgan J. Poliquin, Ph.D., P.Eng., President, CEO and
Director
Almaden Minerals Ltd.
Except for the statements of historical fact contained herein,
certain information presented constitutes "forward-looking
statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and Canadian securities
laws. Such forward-looking statements, including but not limited
to, those with respect to potential expansion of mineralization,
potential size of mineralized zone, and size and timing of
exploration and development programs, estimated project capital and
other project costs and the timing of submission and receipt and
availability of regulatory approvals involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievement of Almaden to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such
factors include, among others, risks related to international
operations and joint ventures, the actual results of current
exploration activities, conclusions of economic evaluations,
uncertainty in the estimation of mineral resources, changes in
project parameters as plans continue to be refined, environmental
risks and hazards, increased infrastructure and/or operating costs,
labour and employment matters, and government regulation and
permitting requirements as well as those factors discussed in the
section entitled "Risk Factors" in Almaden's Annual Information
form and Almaden's latest Form 20-F on file with the United States
Securities and Exchange Commission in Washington, D.C. Although
Almaden has attempted to identify important factors that could
cause actual results to differ materially, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate as actual results and future events could differ
materially from those anticipated in such statements. Almaden
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, other than as required pursuant to
applicable securities laws. Accordingly, readers should not place
undue reliance on forward-looking statements.
Neither the Toronto Stock Exchange (TSX) nor the NYSE MKT have
reviewed or accepted responsibility for the adequacy or accuracy of
the contents of this news release which has been prepared by
management.
Contacts: Almaden Minerals Ltd. 604.689.7644 604.689.7645 (FAX)
www.almadenminerals.com
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