Almaden Reports 41% After-Tax IRR from Pre-Feasibility Study, Updated Resource and Production Target of 2019 FOR the Ixtaca Precious Metals Project, Mexico

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NEWS RELEASE

April 3, 2017

Trading Symbols:

TSX: AMM; NYSE MKT: AAU

www.almadenminerals.com

ALMADEN REPORTS 41% AFTER-TAX IRR FROM PRE-FEASIBILITY STUDY, UPDATED

RESOURCE AND PRODUCTION TARGET OF 2019 FOR THE IXTACA PRECIOUS

METALS PROJECT, MEXICO

Almaden Minerals Ltd. (“Almaden” or “the Company”; TSX: AMM; NYSE MKT: AAU) is pleased to report

positive results of the independent Pr e-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 initia l capital in 2.2 years;

 Total LOM production of 1.04 million ounces of gol d and 70.9 million ounces of silver doré produced on

site (2.07 million gold equivalent ounces, or 143 milli on silver-equivalent ounces at a 69:1 silver to gold

ratio);

 Average annual production over the first 9 year s 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 ounc e, 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 $8 62 per gold equivalent ounce, or $12.50 per silver

equivalent ounce.

 Proven and Probable Minerals Reserves of 65 milli on 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)

J. D. Poliquin, Chairman of Almaden reported, "We ar e very pleased to have advanced Ixtaca from a blind

discovery in 2010 to its current position as an outstanding inventory of precious metals in a well established

mining jurisdiction with a very robust economic profile. We are now looking forward to further developing this

deposit through permitting, more advanced engineering and continued drilling of portions of the Ixtaca deposit

that remain open as well as other targets on what remains a largely unexplored property."

Geology and Mineral Resource Estimate

The Ixtaca deposit is an epithermal gold-silver deposit, mostly hosted by veins in limestone and shale basement

rocks with a minor component of disseminated mineralisation hosted in overlying volcanic rocks. In this PFS the

limestone host rock comprised 82% of the metal produced, volcanic 8% and black shale 10% on a gold-

equivalent basis using a 69:1 silver to gold ratio.

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On January 31, 2013 the Company announced a maiden res ource on the Ixtaca Zone, which was followed by a

resource update on January 22, 2014. Since that time 33,618 metres of drilling have been completed in 122

holes, and this data is also included in the Mineral Reso urce Estimate which has been prepared in accordance

with NI 43-101 by Gary Giroux, P.Eng., qualified person (“QP”) under the meaning of NI 43-101, and

summarised in the Table 1 below. The data available fo r the resource estimation consisted of 545 drill holes

assayed for gold and silver. Wireframes constraining mineralised domains were constructed based on geologic

boundaries defined by mineralisation intensity and host ro ck type. Higher grade zones occur where there is a

greater density of epithermal veining. These higher grade domains have good continuity and are cohesive in

nature.

Of the total drill holes, 472 intersected the mineralised solids and were used to make the resource estimate.

Capping was completed to reduce the effect of outliers within each domain. Uniform down hole 3 meter

composites were produced for each domain and used to produce semivariograms for each variable. Grades

were interpolated into blocks 10 x 10 x 6 meters in di mension by Ordinary kriging. Specific gravities were

determined for each domain from drill core. Estimated blo cks were classified as either Measured, Indicated or

Inferred based on drill hole density and grade continuity.

Table 1- Ixtaca Zone NI 43-101 Measured, Indicated and Inferred Mineral Resource Statement with the

Base Case 0.3 g/t AuEq Cut-Off highlighted from January 2017 Resource Statement. Also shown are the

0.5, 0.7 and 1.0 g/t AuEq cut-off results. AuEq calculation based average prices of $1250/oz gold and

$18/oz silver.

MEASURED RESOURCE

AuEq Cut-off Tonnes > Cut-off Grade>Cut-off Contained Metal x 1,000

(g/t) (tonnes) Au

(g/t)

Ag

(g/t) AuEq (g/t) Au (ozs) Ag (ozs) AuEq (ozs)

0.30 42,450,000 0.57 35.74 1.09 779 48,780 1,482

0.50 30,940,000 0.71 44.39 1.34 701 44,160 1,337

0.70 23,310,000 0.83 52.47 1.59 625 39,320 1,192

1.00 16,430,000 1.01 62.28 1.91 533 32,900 1,006

INDICATED RESOURCE

AuEq Cut-off Tonnes > Cut-off Grade>Cut-off Contained Metal x 1,000

(g/t) (tonnes) Au

(g/t)

Ag

(g/t) AuEq (g/t) Au (ozs) Ag (ozs) AuEq (ozs)

0.30 83,370,000 0.45 22.54 0.77 1,195 60,410 2,064

0.50 50,220,000 0.60 29.56 1.02 964 47,730 1,650

0.70 32,280,000 0.75 35.72 1.26 776 37,070 1,311

1.00 18,260,000 0.97 43.47 1.59 568 25,520 936

INFERRED RESOURCE

AuEq Cut-off Tonnes > Cut-off Grade>Cut-off Contained Metal x 1,000

(g/t) (tonnes) Au

(g/t)

Ag

(g/t) AuEq (g/t) Au (ozs) Ag (ozs) AuEq (ozs)

0.30 47,050,000 0.30 19.15 0.58 457 28,970 874

0.50 19,860,000 0.45 27.31 0.85 288 17,440 540

0.70 10,260,000 0.61 32.98 1.09 202 10,880 359

1.00 4,430,000 0.88 38.50 1.43 125 5,480 204

 This Mineral Resource Estimate was prepared by Gary Giroux, P.Eng. in accordance with NI 43-101,

with an effective date of January 17, 2017.

 Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

 The estimate of Mineral Resources may be materia lly affected by environmental, permitting, legal or

other relevant issues. The Mineral Resources hav e been classified according to the CIM Definition

Standards for Mineral Resources and Mineral Reserves in effect as of the date of this news release.

 All figures were rounded to reflect the relative accuracy of the estimates.

 Metal assays were capped where appropriate.

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Mineral Reserve Estimate

The PFS describes the Mineral Reserve estimation methodology and summarizes the key assumptions used,

and to which this estimate is subject. The qualified person responsible for the Mineral Reserve is Jesse Aarsen,

P.Eng., of Moose Mountain Technical Services. The Miner al Reserve is a subset of the Mineral Resource

comprising only measured and indicate d mineral resource bloc ks that contribute positive economic value and

that are planned for processing during the life-of-mine plan.

Table 2 – Mineral Reserves

Tonnes

Diluted Average

Grades Contained Metal

(millions) Au (g/t) Ag (g/t) Au - '000 ozs Ag - '000 ozs

Proven 28.4 0.68 45.0 623 41,032

Probable 36.8 0.57 32.0 669 37,793

TOTAL 65.1 0.62 37.7 1,292 78,825

Notes to Mineral Reserve table:

 Mineral Reserves have an effective date of March 30, 2017. All Mineral Rese rves in this table are

Proven and Probable Mineral Reserves. The Minera l Reserves are not in addition to the Mineral

Resources, but are a subset thereof. All Mineral Reserves stated above a ccount for mining loss and

dilution.

 Associated metallurgical recoveries (gold and s ilver, respectively) have been estimated as 90% and

90% for limestone, 50% and 90% for volcanic, 50% and 90% for black shale.

 Reserves are based on a US$1,250/oz gold price, US$18/oz silver price and an exchange rate of

US$1.00:MXP20.00.

 Reserves are converted from reso urces through the process of pit optim ization, pit design, production

schedule and supported by a positive cash flow model.

 Rounding as required by reporting guidelines may result in summation differences.

Mining under the proposed production plan

The Ixtaca gold-silver project in the PFS is planned as an open pit mining operation using contractor mining with

initial production in 2019 at a mill feed rate of 7,650 tonnes per day during Years 1-4 and a ramp up to 15,300

tonnes per day from Year 5 onwards.

Estimated mining inventory is comprised of 326 million tonnes of rock and 65 million tonnes of mill feed with an

average mill feed grade of 0.62 grams per tonne gold and 37.7 grams per tonne silver. A total of 1.04 million

ounces of gold and 70.9 million ounces of silver would be produced over the 14 year mine life.

The ultimate open pit is separated into seven mining phases. The mine plan consists of one year of pre-stripping

(prior to ore processing start-up), and fourteen years of open pit mining. Stockpile reclaim will be fed to the

processing facility throughout the mine life. All open pit ore and reclaimed stockpile material will be fed to a

primary crusher near the pit rim and transported to the processing facility on an overland conveyor.

Processing

The PFS incorporates the Rock Creek process plant which was optioned by Almaden in October, 2015. The

plant will operate initially at an average throughpu t of 7,650 tpd and expanding to 15,300 tpd by year 5,

producing gold and silver doré on site. The process plant includes the following key design criteria:

 Three-stage crushing followed by grinding to P80 passing 75 microns;

 Gravity concentration with intens ive leaching of gravity concentrate;

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 Flotation of gravity concentration tails;

 Carbon-in-Pulp (CIP) to recover gold and silver from flotation concentrate and gravity leach tails;

 An elution circuit to strip loaded carbon, electrowi nning and smelting to produce a precious metal doré;

 Cyanide destruction;

 Final tailings are thickened, then deliver ed to the tailings management facility.

The following table summarizes the production and processing parameters:

Table 3 – Projected Production and Processing Summary

Ore Reserves 65 million tonnes

Average Processing Rate

7,650 tpd Year 1 to 4,

15,300 tpdYear 5 onwards

Life of Mine (LOM) Strip Ratio 5 : 1

Gold Silver

Average Mill Feed Grade 0.62 g/t 37.7 g/t

Average Process Recoveries 81% 90%

Average Annual Production LOM (ounces) 78,100 5,290,000

Total Production (ounces) 1,043,000 70,932,000

Capital and Operating Costs

The total estimated initial capital cost for the Ixtaca gold-silver project is $116.9 million and sustaining capital

(including expansion capital) is $119.7 million over t he LOM. The estimated expansion capital of $72.1 million

will be funded from cashflow. The estimated LOM operating costs are $22.5 per tonne mill feed.

The following tables summarize the cost components:

Table 4 – Initial Capital Costs ($ millions)

Mining $12.1

Process $35.6

Tailings Management Facility (TMF) $11.7

Water Management $5.4

Onsite Infrastructure $7.6

Offsite Infrastructure $7.8

Environmental $1.8

Indirects, EPCM, Contingency and Owner’s Costs $34.9

Total $116.9

Table 5 – Expansion Capital Costs ($ millions)

Mining $1.3

Process $35.4

Infrastructure $12.2

TMF and Water Management $3.4

Indirects, EPCM, Contingency and Owner’s Costs $19.7

Total $72.1

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Table 6 – LOM Average Operating Costs ($)

Mining costs $1.70 $/tonne mined

Mining costs $10.0 $/tonne milled

Processing $11.6 $/tonne milled

G&A $0.8 $/tonne milled

Total $22.5 $/tonne milled

Economic Results and Sensitivities

A summary of financial outcomes comparing base case metal prices to two alternative metal price situations is

presented below. The PFS base case prices are derived from a combination of spot prices and current common

peer usage, while the alternate cases consider the projec t’s economic outcomes at varying prices witnessed at

some point over the three years prior to this study.

Table 7 - Summary of Ixtaca Economic Results and Sensitivities to Precious Metal Prices ($ million)

Lower Case Base Case Upper Case

Pre-Tax After-Tax Pre-Tax After-Tax Pre-Tax After-Tax

Gold Price ($/oz) $1150 $1250 $1350

Silver Price ($/oz) $15 $18 $21

NPV (5% discount rate) $275 $175 $484 $310 $693 $443

Internal Rate of Return (%) 38% 28% 54% 41% 70% 52%

Payback (years) 2.4 2.6 2.0 2.2 1.6 1.9

The operating costs (“Opex”) are pr ojected to be US$22.5 per tonne milled. The following table shows the

sensitivity of project economics to a 10% change in the operating costs, assuming base case metals prices.

Table 8 - Summary of Ixtaca Economic Results and Sensitivities to Operating Costs ($ million)

Lower Case Base Case Upper Case

Pre-Tax After-Tax Pre-Tax After-Tax Pre-Tax After-Tax

Opex ($/t milled) -10% $22.5/t +10%

NPV (5% discount rate) $581 $372 $484 $310 $386 $248

Internal Rate of Return (%) 61% 46% 54% 41% 48% 35%

Payback (years) 1.9 2.1 2.0 2.2 2.1 2.3

The Ixtaca project is also sensitive to the exchange ra te between U.S. dollars and Mexican Pesos (“MXP”). The

PFS assumes an exchange rate of 20.00 MXP per U.S. do llar, and the following table shows the sensitivity of

project economics to different exchange rates assuming base case metals prices.

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Table 9 - Summary of Ixtaca Economic Results and Sensitivities to Exchange Rates ($ million)

Lower Case Base Case Upper Case

Pre-Tax After-Tax Pre-Tax After-Tax Pre-Tax After-Tax

Exchange Rate (MXP:USD) 18.00 20.00 22.00

NPV (5% discount rate) $380 $243 $484 $310 $569 $364

Internal Rate of Return (%) 47% 35% 54% 41% 60% 45%

Payback (years) 2.1 2.3 2.0 2.2 1.9 2.1

Rock Management, Environment and Community

Almaden recognises the paramount importance of protecting the environment to facilitate the development of a

sustainable project. Knight Piésold Ltd. (“KP”) has been retained to help the Company with long lead item

studies concerning environmental monitoring, assessm ent and permitting matters. Almaden established the

following environmental objectives for the Project:

 Protect surface and ground water quality;

 Incorporate environmental enhancement opportuniti es into the mine and final reclamation plans;

 Minimize the project footprint.

In order to achieve these objectives Almaden and KP have instituted comprehensive management strategies

incorporating all applicable best management practice (BMP) technologies as a f undamental component of the

Project.

Enhancement Opportunities

Following review of the resource report and PFS, Almaden intends to explore the possibility of further project

enhancements in the following areas:

 Almaden will be conducting further drilling in areas inter nal to and within close proximity of the Ixtaca

PFS pit. The focus of drilling will be to add additional resources which could be mined either by open pit

or underground methods for inclusion in future engineering studies;

 The key limestone unit accounts for 99% of total gold equivalent ounces in the first 3 years of production

and 82% of total gold equivalent ounces produced over the life of mine. Metallurgical recoveries on the

key limestone unit are indicated to be 90% for gold and 90% for silver. Metal recoveries within the black

shale unit, which currently accounts for approximatel y 10% of total gold equivalent ounces produced in

this PFS, are indicated to be 50% for gold and 90% for silver based on preliminary testing. The black

shale unit will be a focus of future work as a number of potential avenues to improve gold recovery have

not yet been explored;

Next Engineering and Development Steps

The Company will soon initiate work towards a Feasibility Study, and intends to submit the application for mine

permits by the third quarter this year. Groundwater and surface water quality and quantity monitoring is well

established, and a range of additional physical, and biological studies have been completed.

A NI 43-101 technical report for this Ixtaca Deposit PFS will be filed on SEDAR (www.sedar.com) within 45 days.

Qualified Persons, Quality Control and Assurance

The following companies have undertaken work in preparation of the PFS:

 APEX Geoscience Ltd. (Exploration and Drill data QA/QC)

 Giroux Consultants Ltd. (Mineral Resource Estimation)

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 Moose Mountain Technical Services (“MMTS”) (Overall Report Preparation, Mine Plan, Mineral Reserve,

Mineral Processing, Infrastructure, and Financial Model)

 Knight Piésold Ltd. (“KP”) (Geotechnical, Environmental, Rock and Tailings Management)

The independent qualified persons responsible for prepar ing the Ixtaca PFS are; Jesse Aarsen, P.Eng. and

Tracey Meintjes, P.Eng. of MMTS, Ken Embree, P.Eng. of KP, Kris Raffle, P.Geo. of APEX Geoscience Ltd.,

and Gary Giroux, M.A.Sc., P.Eng. of Giroux Consultants Ltd., all of whom act as independent consultants to the

Company, are Qualified Persons as defined by National Instrument 43-101 ("NI 43-101") and have reviewed

and approved the contents of this news release.

MMTS is an association of Geologists, Engineers and Technicians providing experienced knowledge in Geology,

Mine Engineering, and Metallurgical Services and Support to the mining industry for over 15 years. Through

their network of associates they pr ovide an integrated team of experts and QP’s. Services range from early

grassroots exploration and development, block model builds, resource and reserve estimates, advanced

planning and studies for mine proposals (including operat ional support), process design and permitting process

guidance and support. MMTS has experience working on gol d, silver, copper, molybdenum, coal, uranium, rare

earths, industrial minerals, and tungsten deposits thro ughout North and South America and around the world. A

list of specific projects worked on by MMTS can be found at www.moosemmc.com.

KP is an international consulting firm and recogniz ed leader in providing engineering and environmental

services. KP’s expertise has been applied to hundreds of surface and underground mining projects in all stages

of development and a broad range of environmental settings. KP provides industry leading services in water and

waste management, tailings disposal, heap leach pads, rock mechanics and environmental services, and has

been recognized for innovative services that meet high standards of reliability, security and cost effectiveness.

The analyses used in the preparation of the mineral resource statement were carried out at ALS Chemex

Laboratories of North Vancouver using industry standar d analytical techniques. For gold, samples are first

analysed by fire assay and atomic absorption spectroscopy (“AAS”). Samples that return values greater than 10

g/t gold using this technique are then re-analysed by fire assay but with a gravimetric finish. Silver is first

analysed by Inductively Coupled Plasma - Atomic Emi ssion Spectroscopy (“ICP-AES”). Samples that return

values greater than 100 g/t silver by ICP-AES are then re analysed by HF-HNO3-HCLO4 digestion with HCL

leach and ICP-AES finish. Of these samp les those that return silver val ues greater than 1,500 g/t are further

analysed by fire assay with a gravimetric finish. Blanks, field duplicates and certified standards were inserted

into the sample stream as part of Almaden’s qua lity assurance and control program which complies with

National Instrument 43-101 requirements. In addition to the in-house QAQC measures employed by Almaden,

Kris Raffle, P.Geo. of APEX Geoscience Ltd., comple ted an independent review of Almaden’s drill hole and

QAQC databases. The review included an audit of approximat ely 10% of drill core analyses used in the mineral

resource estimate. A total of 10,885 database gold and s ilver analyses were verified against original analytical

certificates. Similarly, 10% of the original drill collar coordinates and down hole orientation survey files were

checked against those recorded in the database; and select drill si tes were verified in the field by Kris Raffle,

P.Geo. The QAQC audit included independent review of blank, field duplicate and certified standard analyses.

All QAQC values falling outside the limits of expecte d variability were flagged and followed through to ensure

completion of appropriate reanalyses. No discrepancies were noted within the drill hole database, and all

QAQC failures were dealt with and handled with appropriate reanalyses. The mineral resource estimate

referenced in this press release was prepared by Ga ry Giroux, P.Eng., an independent Qualified Person as

defined by NI 43-101.

Exploration Opportunities

The Ixtaca deposit is one of several exploration targets on the wholly owned Tuligtic property. The Tuligtic claim

covers an area of high level epithermal clay alteration. The project area is partially covered by volcanic ash

deposits which mask underlying alteration, potential vein zones and associated soil re sponses. In areas devoid

of this covering ash, soil sampling has defined several distinct zones of elevated gold and silver values and

trace elements typically associated with epithermal vein sy stems. The Ixtaca zone is one of the largest areas of

gold/silver soil response but it is also one of the ar eas with the least ash cover on the project. Management

believes that the other altered and geochemically anomalous areas could represent additional zones of

underlying quartz-carbonate epithermal veining like the Ixtaca zone.

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The potential quantity and grade of these exploration targets is conceptual in nature. There has been insufficient

exploration and/or study to define thes e exploration targets as a Mineral Resource. It is uncertain if additional

exploration will result in these exploration targets being delineated as a Mineral Resource. The potential quantity

and grade of these exploration targets has not been used in this PFS.

Cautionary Note concerning estimates of Measured, Indicated and Inferred Mineral Resources

This news release uses terms that comply with r eporting standards in Canada and certain estimates are made

in accordance with Canadian National Instrument 43-101 (“NI 43-101”). NI 43-101 is a rule developed by the

Canadian Securities Administrators that establishes Canadian standards for all public disclosure an issuer

makes of scientific and technical information concerning mineral projects. These standards differ significantly

from the requirements of the U.S. Securities a nd Exchange Commission (“SEC”), and mineral resource

information contained herein may not be comparable to similar information disclosed by United States

companies.

This news release uses the terms “measured mineral re sources”, “indicated mineral resources” and “inferred

mineral resources” to comply with reporting standards in Canada. We advise United St ates investors that while

such terms are recognized and required by Canadian regulations, the SEC does not recognize them. United

States investors are cautioned not to assume that any part or all of the mineral deposits in such categories will

ever be converted into mineral reserves under SEC definitions. These terms have a great amount of uncertainty

as to their existence, and great uncert ainty as to their economic and legal f easibility. Therefore, United States

investors are also cautioned not to as sume that all or any part of the “m easured mineral resources”, “indicated

mineral resources” or “inferred mineral resources” exis t. In accordance with Canadian rules, estimates of

“inferred mineral resources” cannot form the basis of pre-feasibility or other economic studies. It cannot be

assumed that all or any part of the “measured mineral resources”, “indicated mineral resources” or “inferred

mineral resources” will ever be upgraded to a higher category.

About Almaden

Almaden Minerals Ltd. is a well financed company which owns 100% of the Tuligtic project in Puebla State,

Mexico. Tuligtic covers the Ixtaca Gold-Silver Deposit, which was discovered by Almaden in 2010.

On Behalf of the Board of Directors

“Morgan Poliquin”

Morgan J. Poliquin, Ph.D., P.Eng.

President, CEO and Director

Almaden Minerals Ltd.

Forward Looking Statement

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 mana gement. Except for the statements of histor ical fact contained herein, certain info rmation presented constitutes

"forward-looking statements" or “forward-looking information” within the meaning of the United States Private Securities Litiga tion Reform Act of 1995 and

Canadian securities laws. Such forward-look ing statements, including but not limited to, those with respect to mineral resource and mineral reserve estimates,

potential expansion of mineralization, potential size of mineral ized zone, mining and processing plans, size and timing of exp loration and development

programs, estimated project capital and other project costs and the timing of submission and rece ipt and availability of regula tory approvals and permitting

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 ex pressed or implied by such forw ard-looking statements. Such fa ctors include, among others,

risks related to international operations, the actual results of current exploration activities, conclusions of economic evalua tions, uncertainty in the estimation of

mineral resources or mineral reserves, 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 govern ment regulation and permitting requirements as well as those f actors discussed in the PFS

or in the section entitled "Risk Factors" in Almaden's Annual In formation 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 from

those anticipated in such forward-looking statements, 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 in formation, future events or

otherwise, other than as required pursuant to applicable securities laws. Accordingly, readers should not place undue reliance on forward-looking statements.