Almadex Reports First Holes from Raya Tembrillo (Villa Rica) Intersects Enriched Copper Zone and Hypogene Copper-GOLD Porphyry Cuts 83.90 M of 0.75% Copper and 0.13 G/T GOLD and 115.00 M of 0.57 G/T GOLD and 0.27% Copper

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NEWS RELEASE

NOVEMBER 28th, 2017

Trading Symbols:

TSX-V: AMZ; OTCQX: AXDDF

www.almadexminerals.com

ALMADEX REPORTS FIRST HOLES FROM RAYA TEMBRILLO (VILLA RICA)

INTERSECTS ENRICHED COPPER ZONE AND HYPOGENE COPPER-GOLD PORPHYRY

CUTS 83.90 M OF 0.75% COPPER AND 0.13 G/T GOLD AND

115.00 M OF 0.57 G/T GOLD AND 0.27% COPPER

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

pleased to announce it has received assay results from holes EC-17-037, 038 and 039, the first ever drilled at the

Raya Tembrillo area which is the very northern part of the large Villa Rica Zone of the El Cobre property. This area is

located approximately two kilometers south of the Norte Zone where previous drilling on the El Cobre property has

been carried out. All holes reported today were drilled from the same pad but at various azimuth and dips.

All holes intersected a chalcocite dominant enriched copper zone right from surface. This is the first time significant

enriched mineralisation has been identified on the project. Hole EC-17-037 also intersected significant hypogene

copper and gold grades while hole EC-17-039 intersected a stockwork zone with significant gold grades and minor

copper enrichment. At this time the extent and orientation of both the hypogene and enriched mineralisation are not

understood. Further drilling in the area is currently underway. Final assays for holes EC-17-036 and EC-17-041 are

expected shortly once they have passed Almadex’s rigorous QA/QC program. Highlights include the following

intercepts all of which are also shown on the attached plan and section:

Hole EC-17-037 VILLA RICA ZONE, 270 Az, -70 dip

From 29.50 to 99.00, 69.50 m @ 0.10 g/t gold and 0.41% copper ENRICHED ZONE

Including 37.50 to 52.00, 14.50 meters @ 0.14 g/t gold and 1.20% copper ENRICHED ZONE

From 294.00 to 433.00, 139.00 meters @ 0.49 g/t gold and 0.24% copper HYPOGENE PORPHYRY

Including 294.00 to 409.00, 115.00 meters @ 0.57 g/t gold and 0.27% copper HYPOGENE PORPHYRY

And 294.00 to 335.00, 41.00 meters @ 0.91 g/t gold and 0.42% copper HYPOGENE PORPHYRY

Hole EC-17-038 VILLA RICA ZONE, 030 Az, -70 dip

From 17.00 to 134.00, 117.00 m @ 0.13 g/t gold and 0.55% copper ENRICHED ZONE

Including 50.10 to 66.00, 15.90 meters @ 0.51 g/t gold and 1.74% copper ENRICHED ZONE

Hole EC-17-039 VILLA RICA ZONE, 090 Az, -60 dip

From 26.50 to 186.00, 159.50 meters @ 0.22 g/t gold and 0.22% copper

Including 34.50 to 70.50, 36.00 meters @ 0.86 g/t gold and 0.16% copper GOLD ZONE

And 42.50 to 70.50, 28.00 meters @ 1.02 g/t gold and 0.04% copper GOLD ZONE

And 74.50 to 186.00, 111.50 meters @ 0.03 g/t gold and 0.27% copper ENRICHED ZONE

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

northern part of the large Villa Rica Zone. We believe that these results are proof of large scale porphyry potential in

this part of the project. While we have demonstrated the potential for a significant deposit with our Norte drilling,

today’s first pass results at Raya Tembrillo 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.”

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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

has its full drill permits from SEMARNAT and has land access agreements in place. The land ownership is private

over most of the project area, has previously been cleared and is used for local agricultural purposes.

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

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: 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. Almadex is currently following up these results with some

additional drilling at Encinal.

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 the El Cobre project, 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

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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.

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/