Almaden Minerals Reports Additional Results from Caballo Blanco Project

By Joel ScanlonJun 30 2011

Almaden Minerals has reported that the further diamond drill holes, which were drilled by the Goldgroup Mining at the Caballo Blanco gold project in Mexico, have returned significant intercepts of gold that widens the La Paila oxide gold zone to the southwest and southeast.

Goldgroup has announced that the drilling program is continuing to expand and outline the eastern, southern and southwestern borders of the La Paila gold zone. At present, this zone stays open in all the directions.

Goldgroup has intersected 0.96 g/t gold over 50.00 m in hole DDH 11 CBN 104, 0.85 g/t gold over 65.96 m in hole DDH 11 CBN 101 and 0.60 g/t gold over 74.35 m in hole DDH 11 CBN 91. The 30% interest of Almaden in the project is approved till Goldgroup completes a bankable feasibility study and Goldgroup will have an option to purchase a 70% interest in the project. Goldgroup has recently given reports to Almaden explaining that the exploration expenses were enough to meet the necessity for implementing the option of Goldgroup. Almaden’s chairman has stated by presently reviewing the documents that the company is pleased to receive the new ongoing drilling results from the Caballo Blanco project and that this project and the adjacent El Cobre projects are high potential projects and are under explored.