El Cobre Project Overview and Target Report

VANCOUVER, BC - Almadex Minerals Limited has received partial results (to 502.00 meters depth) from hole EC-16-16, drilled from the same pad as the previously announced holes EC-16-10, 12 and 13, but at an azimuth of 200 degrees and a dip of -55. Hole EC-16-16 intersected significant mineralization from the collar, similar to that announced previously in the Norte Zone. Hole EC-16-14 was also collared from this pad but was drilled to the north at an azimuth of 0 degrees and a dip of -80 degrees. This hole, like the previously announced hole EC-16-013, intersected considerably less stockwork veining and corresponding mineralization. Together these two new holes reported today further support the interpretation that the Norte drilling to date has intersected shallow dipping to flat lying mineralization with significant gold values, that represents a distal and high level portion of a porphyry system. The current data suggests that the mineralization trends to the south towards the undrilled high chargeability and magnetics target known as Villa Rica. Extending from the Norte Zone to the Villa Rica zone there is a roughly 2.5 kilometer long by 1 kilometer wide zone of high chargeability, high magnetics and high copper, gold and molybdenum in soil that has never been drill tested.

J. Duane Poliquin, Chairman of Almaden commented, "Since the announcement of hole EC-16-10 which discovered high grades beneath previously identified porphyry mineralization, our drill program has been focused on identifying controls on mineralization and a vector to a porphyry core. Now a picture is developing from the data received to date. It has been a very eventful year for Almadex and we are now looking forward to carrying out a systematic drill campaign to follow-up these results to the south of the Norte zone and elsewhere on the project in 2017."

The Norte Zone is located at the north end of a large area (roughly 5 by 4 kilometer in size) of intense hydrothermal alteration, high magnetics and chargeability geophysical responses as well as a broad zone of anomalous gold, copper and molybdenum in soils. The mineralization in the Norte Zone encountered to date is interpreted to be lithologically controlled and hosted by country rocks distal to the core of a porphyry system which management believes is yet to have been intersected. Geophysical sections highlight that the intersections are in a high level feature connected to a large coincident Induced Polarization "IP" chargeability and magnetic susceptibility high at depth.

The 2016 drill program was designed to provide geochemical and alteration vectors for future drilling while following up significant results from historic drilling. The Norte Zone holes to date have been successful in defining the potential of the El Cobre project to host a large porphyry copper-gold deposit. At the same time it is clear that the intersections of porphyry mineralization encountered in past drilling, which has been the focus of the 2016 drilling to date, are peripheral to a possible porphyry centre. In the past, the Company has conducted several campaigns of geophysical surveys including airborne magnetics, shallow IP and 35.8 line kilometers of deep Titan-24 IP. The shallow IP survey has highlighted a large area of high chargeability interpreted to represent sulphides which coalesces into a deep IP chargeability feature which has never been tested. Several plan maps and a section are appended to this news release which show the magnetics and IP chargeability responses in relation to the Norte Zone drilling.

The El Cobre Project has a total area of 7,456 hectares and is located adjacent to the Gulf of Mexico, about 75 kilometers northwest of the major port city of Veracruz, Mexico and has uniquely excellent infrastructure. The project area is situated below 200 meters above sea level with extensive road access and is located less than 10 kilometers from a power plant, highway, gas line and other major infrastructure. Major power lines cross the property area. Almadex has its full drill permits from SEMARNAT and has land access agreements in place. The land ownership is private over most of the project area, has previously been cleared and is used for local agricultural purposes.