Almadex Announces Plans to Drill at Paradise, Acquires Royalty at Willow, and Provides Corporate Update on Mexico VANCOUVER, B.C.
NEWS RELEASE
June 11, 2024
Trading Symbols:
TSX-V: DEX
www.almadexminerals.com
Almadex Announces Plans to Drill at Paradise, Acquires Royalty at Willow, and Provides
Corporate Update on Mexico
VANCOUVER, B.C. Almadex Minerals L td. ("Almadex" or the "Company") (TSX-V: “DEX”) is pleased to
announce its plan to commence a drill program of approximately 2,000 metres to test lithocap targets
recently defined at the Paradise project in Nevada, USA.
As described in its news release of February 27th, 2024, Almadex defined a porphyry copper-gold target at
Paradise through mapping and soil geochemistry. Further detailed mapping was recently completed on the
porphyry target area at the project. This work defined two separate zones of porphyry lithocap alteration:
i. A diaspore-pyrophyllite-dickite-alunite alteration zone interpreted as a potential feeder to underlying
porphyry mineralization at Arena Central backed up by elevated Na -content of alunite, Au, Ag, Cu
and most coherently, a Mo in soil anomaly; and,
ii. A separate lithocap to the SE contain ing a central zone of mineralization with a veinlet visually
identified by the field crew as possibly enargite (a copper bearing sulphide mineral found in
porphyry lithocaps).
Almadex intends to drill approximately 2,000 metres in these lithocaps in a program planned to start at the
end of June, 2024.
Corporate Update
The Company has recently sold a 100% interest in its Willow copper porphyry project to Abacus Mining and
Exploration Corp. (“Abacus”). Almadex’s predecessor had previously optioned Willow to Abacus in 2017,
in an agreement under which Abacus could acquire a 75% interest in the project. With this recent sale,
Almadex will transfer ownership of the Willow concessions to Abacus in exchange f or 7,500,000 Abacus
shares (the “Initial” shares) and a 2.0% NSR royalty on the Willow project. In addition, on July 31, 2025
Almadex may be issued a certain number of additional Abacus shares to account for any Abacus dilution
between now and July 31, 2025.
Upon initial closing of this transaction, Almadex will hold 9,875,000 shares of Abacus as well as a 2% royalty
on the Willow project, providing significant ongoing exposure to the discovery potential at Willow.
Finally, further to the Company’s press releases of December 14, 2023 and March 14, 2024, Almadex has
taken the decision to submit its claims to arbitration against the United Mexican States (“Mexico”) under the
Comprehensive and Progressive Agreement for Trans-Pacific Partnership (“CPTPP”). This decision comes
after a consultation meeting held with Mexican officials on May 30, 2024 that did not result in an amicable
resolution of the Company’s investment dispute with Mexico. The Company expects to initiate its claims
following expiry of the six -month consultation period required under the CPTPP, which commenced on
December 14, 2023.
The arbitration under the CPTPP will be adjudicated pursuant to the arbitration rules of the International
Centre for Settlement of Investment Disputes (“ICSID”). As noted in the Company’s press release of March
14, 2024, Almadex is pursuing this arbitration together with Almaden Minerals Ltd., on behalf of themselves
and their Mexican subsidiaries , and based on a preliminary estimate will be seeking damages of no less
than US$200 million, in the aggregate. Almadex would be entitled to damages relating to its 2.0% NSR
royalty on the Ixtaca project, if such damages were to be awarded.
On Behalf of the Board of Directors,
“J. Duane Poliquin”
J. Duane Poliquin, Chairman
Almadex Minerals Ltd.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes forward -looking statements that are subject to risks and uncertainties. All statements in it, other than
statements of historical fact, are forward -looking statements or information. Forward -looking statements or information in this news
release relate to, among other things, the timing, occurrence, and extent of any drilling program at Paradise, and the commencement,
timing, result and damages associated with arbitration claims before an arbitral tribunal. These forward-looking statements and
information reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions
that, while considered reasonable by the Company, are inherently subject to significan t legal, regulatory, business, operational and
economic uncertainties and contingencies, and such uncertainty generally increases with longer -term forecasts and outlook. These
assumptions include: stability and predictability in Mexico’s consultation proce ss under the CPTPP; stability and predictability in the
application of the CPTPP and arbitral decisions thereon; continued respect for the rule of law in Mexico ; market prices; exploitation
and exploration successes; permitting; continued availability of capital and financing; equipment availability; and general e conomic,
market or business conditions. The foregoing list of assumptions is not exhaustive.
The Company cautions the reader that forward -looking statements and information involve known and unknown risks, uncertainties
and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-
looking statements or information contained in this news release. Such risks and other factors include, among others, risks related to:
regulatory requirements related to drilling at Paradise, technical considerations relating to drilling, Mexico’s consultation process under
the CPTPP; the application of the CPTPP and arbitral decisions thereon; continued respect for the rule of law in Mexico; political risk
in Mexico; crime and violence in Mexico; corruption in Mexico; environmental risks, including e nvironmental matters under Mexican
laws and regulations; impact of environmental impact assessment requirements on the Company’s planned exploration and
development activities; certainty of mineral title and the outcome of consultation, litigation and arbi tration; community relations;
governmental regulations and the ability to obtain necessary licences and permits; risks related to mineral properties being subject to
prior unregistered agreements, transfers or claims and other defects in title; changes in mining, environmental or agrarian laws and
regulations and changes in the application of standards pursuant to existing laws and regulations which may increase costs of doing
business and restrict operations . Although the Company has attempted to identify important factors that could affect the Company
and may cause actual actions, events or results to differ materially from those described in forward-looking statements or information,
there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no
assurance that our forward-looking statements or information will prove to be accurate. Accordingly, readers should not place undue
reliance on forward-looking statements or information. Except as r equired by law, the Company does not assume any obligation to
release publicly any revisions to on forward -looking statements or information contained in this news release to reflect events or
circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contact Information:
Almadex Minerals Ltd.
Tel. 604.689.7644
Email: [email protected]
http://www.almadexminerals.com/