Almaden Acquires 100% Interest in El Cobre Project 

VANCOUVER, BC - Almaden Minerals Ltd. has entered into an agreement with Goldgroup Mining Inc. to sell the Company's 30% interest in the Caballo Blanco project in Mexico. Upon completion of the Transaction, Goldgroup will own 100% of the Caballo Blanco project, Almaden will retain an undivided 1.5% NSR in Caballo Blanco and Almaden and will own a 100% interest in the El Cobre project, also in Mexico.

"This transaction crystallizes significant value for Almaden shareholders," says J.D. Poliquin, Chairman and Director of Almaden. "We are very pleased to have acquired a 100% interest in the El Cobre copper-gold project, an exciting under explored bulk tonnage porphyry target with excellent infrastructure. With this deal, Almaden's shareholders will benefit from Goldgroup's ability to develop the Caballo Blanco project into a mine and also gives Almaden the option of maintaining exposure to the exploration upside of Caballo Blanco through an NSR royalty and a meaningful shareholding in Goldgroup. Almaden's share position would further increase with the initiation of production and the meeting of major resource and production milestones by Goldgroup. Ultimately, this capital will be deployed to build Almaden, adding to the Company's exceptionally strong strategic and financial position as a prospect generator."

The now 100% Almaden owned El Cobre project covers copper-gold porphyry mineralization known to exist over a strike length of at least four kilometers. Drilling by Almaden and past partners along this strike length has returned significant copper and gold values including those in the table below. The mineralization is associated with the exposed portions of diorite stocks which have intruded intermediate volcanic rocks. Mineralogic and fluid inclusion studies show conclusively that the gold and copper-gold porphyry-style mineralization at El Cobre is not deeply eroded and great potential exists at depth. Almaden plans to commence an exploration program on the El Cobre project immediately which will include a TITAN 24 CSAMT-IP geophysical survey of the property which it is hoped will identify where to focus future deeper drilling now likely to commence in early 2012. Almaden's 100% interest in the El Cobre project is subject to a 0.5% NSR payable to a third party, 50% of which may be purchased for $US1.5 MM. The company’s address is Suite 1103-750 West Pender St., Vancouver, BC V6C 2T8, 604-689-7644, email: [email protected]