Almadex Receives Final El Cobre Assays from 2017 Intersects Further Enriched Copper at Raya Tembrillo (Villa Rica) Cuts 38.00 M of 0.93% Copper and 0.16 G/T GOLD

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NEWS RELEASE

FEBRUARY 8th, 2018

Trading Symbols:

TSX-V: AMZ; OTCQX: AXDDF

www.almadexminerals.com

ALMADEX RECEIVES FINAL EL COBRE ASSAYS FROM 2017

INTERSECTS FURTHER ENRICHED COPPER AT RAYA TEMBRILLO (VILLA RICA) CUTS

38.00 M OF 0.93% COPPER AND 0.16 G/T GOLD

VANCOUVER, B.C. Almadex Minerals Limited ("Almadex" or the "Company") (TSX-V: AMZ; OTCQX: AXDDF) is

pleased to announce it has received the final assay results from the final 2017 drill holes EC-17-043 (Raya Tembrillo)

and 044 (El Porvenir). The Raya Tembrillo area is the very northern part of the large Villa Rica Zone of the El Cobre

property and is located approximately two kilometers south of the Norte Zone where most of the previous drilling

since 2016 on the El Cobre property has been carried out. The Porvenir Zone is located roughly 3 km to the

southeast of the Norte Zone and 1.8 km southeast of the Raya Tembrillo area of the Villa Rica Zone. Highlights from

these holes include the following intercepts all of which are also shown on the attached plan and sections:

Hole EC-17-043 VILLA RICA ZONE, 240 Az, -50 dip

From 2.43 to 22.50, 20.07 meters @ 0.31 g/t gold and 0.03% copper GOLD ZONE

From 34.50 to 154.00, 120.00 meters @ 0.08 g/t gold and 0.37% copper ENRICHED ZONE

Including 34.50 to 92.50, 58.00 meters @ 0.15 g/t gold and 0.64% copper ENRICHED ZONE

Including 50.50 to 88.50, 38.00 meters @ 0.16 g/t gold and 0.93% copper ENRICHED ZONE

Hole EC-17-044 PORVENIR ZONE, 210 Az, -45 dip

From 118.50 to 183.00, 64.50 meters @ 0.37 g/t gold and 0.21% copper HYPOGENE PORPHYRY

Including 140.50 to 180.75 m, 40.25 meters @ 0.50 g/t gold and 0.25% copper HYPOGENE PORPHYRY

From 291.00 to 317.00, 26.00 meters @ 0.85 g/t gold and 0.27% copper HYPOGENE PORPHYRY

J. Duane Poliquin, Chairman of Almadex commented, “We are very excited to report these final assays from the very

successful 2017 drill program. In 2017 we stepped out roughly 2 kilometers to the south of the Norte Zone and hit

significant mineralisation in first pass drilling in the northern part of the large Villa Rica Zone. We believe that the

results from Raya Tembrillo are proof of large scale porphyry potential in this part of the project. The drill results from

2016 and 2017 clearly show that we are dealing with a large cluster of porphyry systems all of which hold the

potential to be important porphyry copper-gold deposits. We are currently defining a large 2018 drill program and look

forward to reporting that shortly.”

About the El Cobre Project

The El Cobre Project has a total area of 7,456 hectares and is located adjacent to the Gulf of Mexico, about 75

kilometers northwest of the major port city of Veracruz, Mexico and has uniquely excellent infrastructure. The project

area is situated 200 meters above sea level with extensive road access and is located less than 10 kilometers from a

power plant, highway, gas line and other major infrastructure. Major power lines cross the property area. Almadex

recently received new drill permits from SEMARNAT which have a five year duration and permit the construction of

up to a total of 640 drill pads across areas covering the Norte, Villa Rica, and Porvenir Zones.

The four copper-gold porphyry targets currently known within the El Cobre Project, Encinal, El Porvenir, Norte and

Villa Rica are defined by distinct Cu-Au soil anomalies, discrete, positive magnetic features and a large IP

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chargeability anomaly. The largest target area is the Villa Rica Zone and apart from the current drilling has never

been drill tested in past programs. Limited past RC and diamond drill testing at Encinal, El Porvenir, and Norte has

returned wide intercepts of porphyry copper-gold and narrow zones of intermediate sulphidation epithermal gold-

silver vein mineralization, with selected intercepts as follows:

El Porvenir Zone: Since 1998, the El Porvenir area has seen 19 past diamond and RC drill holes many of

which intersected important porphyry mineralisation. Drilling has demonstrated that the system persists at

least to 400 m depth. Significant copper and gold grades were intersected such as 0.16% Cu and 0.39 g/t

Au over 290 m in hole DDH04CB1. In addition, hole EC-13-004 intersected 0.23% Cu and 0.36 g/t Au over

106 m, to a depth of 504 m, again indicating potentially significant mineralization at depth.

Encinal Zone: Hole CB5 intersected a highly altered breccia pipe containing fragments of stockwork veining

and porphyry mineralisation across which 18.28 meters returned 1.42 g/t Au and 0.10% Cu. The breccia

pipe occurs in a large alteration zone, IP chargeability high and magnetics low which has not been tested to

depth. On June 19, 2017 Almadex announced that a new area of exposed stockwork quartz veining and

gold mineralisation had been identified in the Encinal Zone. On June 29, 2017 Almadex announced the

results of initial drilling on this exposed stockwork (Hole EC-17-025) which returned results including 34.47

meters grading 0.73 g/t Au and 0.20% Cu.

Norte Zone: All five holes drilled in the Norte Zone prior to 2016 intersected porphyry-style mineralization.

Hole 08-CBCN-022, one of the deepest holes drilled at Norte in 2008, returned values of 0.14% Cu with 0.19

g/t Au over 259 m and 08-CBCN-19 intersected 41.15 meters averaging 0.42 g/t gold and 0.27% copper to

the end of the hole at 187.45 meters. Drilling at the Norte Zone in 2016 and 2017 has resulted in the highest

grade intersections to date at Norte, including 114.60 meters grading 1.33 g/t Au and 0.48% Cu (Hole EC-

17-018, see press release of April 5, 2017), 80.50 meters grading 1.34 g/t Au and 0.46% Cu (Hole EC-16-

012, see press release of October 24, 2016), 70.45 meters grading 2.32 g/t Au and 0.59% Cu (Hole EC-17-

026, see press release of July 25, 2017), and 534.90 meters grading 0.90 g/t Au and 0.30% Cu (Hole EC-

17-029, see press release of August 15, 2017). Since the Norte Zone discovery, Almadex has been carrying

out a systematic drill campaign to define this target. Future Norte drilling will focus on defining the high grade

zone now emerging from the Norte drill program.

First pass drilling at the Raya Tembrillo area of the Villa Rica Zone is continuing. The Villa Rica Zone is a roughly 2.5

kilometer by 1 kilometer area defined by a strong north-northwest trending magnetic-chargeability high and

associated copper-gold soil geochemical anomaly.

More information on El Cobre is available on the Almadex website at

http://www.almadexminerals.com/ASSETS/PROJECTS/Cobre.html .

Larry Segerstrom, M.Sc. (Geology), P.Geo., A Director of the Company, is a Qualified Person as defined by National

Instrument 43-101 ("NI 43-101") and has reviewed and approved the contents of this news release. The porphyry

mineralisation reported in this news release is associated with broad areas of alteration and stockwork veining. True

widths cannot be determined at this time. The analyses reported were carried out at ALS Chemex Laboratories of

North Vancouver using industry standard 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. For copper, samples are first analysed by Inductively

Coupled Plasma – Atomic Emission Spectroscopy (“ICP-AES”), with four acid digestion. Samples that return values

greater than 10000 g/t copper using this technique are then re-analysed by HF-HNO3-HCLO4 digestion with HCL

leach and ICP-AES finish. Blanks, field duplicates and certified standards were inserted into the sample stream as

part of Almadex’s quality assurance and control program which complies with National Instrument 43-101

requirements. A NI 43-101 compliant technical report on the El Cobre project entitled, "Technical Report on the El

Cobre Property” was filed in May 2015 and can be obtained from www.sedar.com.

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About Almadex

Almadex Minerals Limited is an exploration company that holds a large mineral portfolio consisting of projects and

NSR royalties in Canada, the U.S., and Mexico. This portfolio is the direct result of over 35 years of prospecting and

deal-making by Almadex's predecessor company, Almaden Minerals Ltd. Almadex is currently focused on exploration

at its El Cobre gold/copper porphyry project in Veracruz, Mexico, in which it holds a 100% interest, subject to a

sliding-scale net smelter returns royalty (“NSR”) equivalent to 0.5% in the event that production from the property

exceeds 10,001 tonnes per day of ore. This NSR can be reduced to 0.25% at this production rate through the

payment of US$3.0 million.

On behalf of the Board of Directors,

“Morgan Poliquin”

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

President, CEO and Director

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 within it, other than

statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in

such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance

and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual

results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes,

continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances

that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties.

We do not assume any obligation to update any forward-looking statements, other than as required pursuant to applicable securities

laws.

Contact Information:

Almadex Minerals Limited

Tel. 604.689.7644

Email: [email protected]

http://www.almadexminerals.com/