ALMADEN REPORTS 41% AFTER-TAX IRR FROM PRE-FEASIBILITY STUDY, UPDATED RESOURCE AND PRODUCTION TARGET OF 2019 FOR THE IXTACA PRECIOUS METALS PROJECT, MEXICO

http://www.almadenminerals.com/NEWSROOM/2017/AAU_04-03-17.pdf

Almaden Minerals Ltd. (“Almaden” or “the Company”; TSX: AMM; NYSE MKT: AAU) is pleased to report positive results of the independent Pre-Feasibility Study (“PFS”) and resource update prepared in accordance with National Instrument 43-101 (“NI 43-101”) for its 100% owned Ixtaca precious metals deposit, located in Puebla State, Mexico. HIGHLIGHTS (all values shown are in $US; base case uses $1250/oz gold and $18/oz silver prices):  Pre-tax NPV(5%) of $484 million and internal rate of return of 54%;  After-tax NPV(5%) of $310 million and internal rate of return of 41%;  Initial Capital of $117 million;  After-tax payback of initial capital in 2.2 years;  Total LOM production of 1.04 million ounces of gold and 70.9 million ounces of silver doré produced on site (2.07 million gold equivalent ounces, or 143 million silver-equivalent ounces at a 69:1 silver to gold ratio);  Average annual production over the first 9 years of 88,780 ounces gold and 5.47 million ounces silver (168,100 gold equivalent ounces, or 11.6 million silver equivalent ounces);  Operating cost $706 per gold equivalent ounce, or $10.20 per silver equivalent ounce;  All-in Sustaining Costs (“AISC”), including operating costs, sustaining capital, expansion capital, private and public royalties, refining and transport of $862 per gold equivalent ounce, or $12.50 per silver equivalent ounce.  Proven and Probable Minerals Reserves of 65 million tonnes averaging 0.62 g/t gold and 37.8 g/t silver (average head grade of 1.16 g/t gold equivalent using a 69:1 silver to gold ratio)

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