Almaden Minerals Ltd. (“Almaden" or the "Company"; TSX: AMM; NYSE
American: AAU) is pleased to provide the results of its Annual
General Meeting (“AGM”) held on June 26, 2019, and to update
progress at the Ixtaca Project.
2019 AGM
All of the matters submitted to the shareholders
for approval as set out in the Company's Notice of Meeting and
Information Circular were approved by the requisite majority of
votes cast at the AGM.
The details of the voting results for the election of directors
are set out below:
Nominee |
Votes For |
Votes Withheld |
Duane Poliquin |
35,782,522 |
(85.67%) |
5,984,576 |
(14.33%) |
Morgan Poliquin |
35,781,222 |
(85.67%) |
5,985,876 |
(14.33%) |
Gerald G. Carlson |
35,775,422 |
(85.65%) |
5,991,676 |
(14.35%) |
John (Jack) McCleary |
35,805,997 |
(85.73%) |
5,961,101 |
(14.27%) |
Elaine Ellingham |
41,343,481 |
(98.99%) |
423,617 |
(1.01%) |
Mark T. Brown |
33,033,059 |
(79.09%) |
8,734,039 |
(20.91%) |
William J. Worrall |
35,764,653 |
(85.63%) |
6,002,445 |
(14.37%) |
A total of 73,753,595 common shares,
representing 66.01% of the votes attached to all outstanding shares
as at the record date for the Meeting, were represented at the
AGM.
Shareholders also voted 98.85% in favour of
appointing Davidson & Company LLP as auditors of the Company
for the ensuing year.
Final results for all matters voted on at the
AGM will be filed on SEDAR at www.sedar.com, on EDGAR at
www.sec.gov/edgar.shtml, and on the Company's website.
Ixtaca Project Update -
Permitting
As noted previously, Almaden’s current focus at
Ixtaca relates to permitting and project financing activities.
Review by Mexican authorities of Almaden’s environmental permit
application (Manifestación de Impacto Ambiental, or “MIA”)
continues in the normal course, and recently SEMARNAT, Mexico’s
environmental authority, completed its public information meeting
in the town of Santa Maria. Key aspects of the Ixtaca project which
were addressed during this technical meeting include the
following:
- The mine plan avoids existing local domestic water
sources;
- Mine processing plant water needs are met by collecting and
storing runoff water;
- Local water resources are currently underutilized. Rainfall in
the Ixtaca project vicinity falls primarily during a relatively
short rainy season, and with no local water storage facilities in
the project area the flash flows of water are lost to
communities;
- The Ixtaca project development plan includes a new water
storage reservoir that, based on current water balance planning,
could enhance community water by adding more than 2,000 m3 per day
of water supply for community use;
- The water storage reservoir is being engineered as a permanent
structure to serve the local area after mine closure;
- The use of a dry-stack tailings facility which would include
co-disposal of waste with filtered tailings, use much less water
than traditional slurry facilities, reduce the mine footprint,
allow for better dust control, and enable earlier rehabilitation of
the tailings and waste rock disposal areas;
- Extensive geochemical studies have evaluated the potential for
acid rock drainage and metal leaching from the waste rock and
tailings, and these studies have consistently shown that there is
more than enough neutralising potential present in the waste rock
to neutralise any acid generated;
- Ixtaca ore is very well suited to x-ray ore-sorting which will
reduce process tailings, process water usage, process energy
requirements, and CO2 emissions.
This meeting was very well attended by local
people. Almaden looks forward to the next steps in the MIA process
and anticipates receiving the MIA permit some time during Q4
2019.
Project Financing
Regarding project financing activities, Almaden
is actively engaged in discussions with several potential financing
parties and is encouraged by the level of interest shown in the
project. The Company is focused on identifying a strong partner or
partners with whom to advance Ixtaca on a basis which clearly adds
value for shareholders. We look forward to updating shareholders as
discussions advance.
Legal Challenge against Government of
Mexico
Finally, further to Almaden’s press release of
April 15, 2019 regarding a decision by a lower court in Puebla
State concerning Mexico’s mineral title system, Almaden is pleased
to note that Mexico’s Federal Congress, Senate, and Ministry of the
Economy each filed appeals against this decision. Almaden has also
filed an appeal against the decision, as an “interested party” in
the action.
Duane Poliquin, Chairman of Almaden, stated
"Over the past several years we have worked to build a project with
a robust resource, a limited environmental footprint, and a solid
base of local community support. We are optimistic that in the near
future we will have a fully permitted project and access to the
funding necessary to commence construction. Once in operation,
Ixtaca will be a robust producer of over 170,000 ozs per year gold
equivalent, or almost 13 million ozs per year silver equivalent,
over an 11 year mine life. Our aim is that Ixtaca becomes another
showcase of how modern mining can deliver positive results for
shareholders as well as local communities and host governments. We
look forward to working with all groups that share this vision over
the coming months and years.”
Tracey Meintjes, P.Eng., a qualified person
(“QP”) under the meaning of NI 43-101, and Principal of Moose
Mountain Technical Services, reviewed the technical information in
this news release.
About AlmadenAlmaden Minerals
Ltd. owns 100% of the Ixtaca project in Puebla State, Mexico,
subject to a 2.0% NSR royalty held by Almadex Minerals Ltd. The
Ixtaca Gold-Silver Deposit 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 DirectorAlmaden
Minerals Ltd.
Forward Looking Statements
Neither the Toronto Stock Exchange (TSX) nor the
NYSE American have reviewed or accepted responsibility for the
adequacy or accuracy of the contents of this news release which has
been prepared by management. Statements contained in this news
release that are not historical facts are “forward-looking
information” or “forward-looking statements” (collectively,
“Forward-Looking Information”) within the meaning of applicable
Canadian securities legislation and the United States Private
Securities Litigation Reform Act of 1995. Forward Looking
Information includes, but is not limited to, disclosure regarding
the outcome of legal actions, disclosure regarding the Ixtaca
project permitting process, and disclosure regarding potential
project financing, and is based on assumptions about future
economic conditions and courses of action; the timing and costs of
future activities on the Company’s properties, including but not
limited to development and operating costs in the event that a
production decision is made; success of exploration, development
and environmental protection and remediation activities; permitting
time lines and requirements; requirements for additional capital;
the potential effect of proposed notices of environmental
conditions relating to mineral claims; planned exploration and
development of properties and the results thereof; planned
expenditures and budgets and the execution thereof. In certain
cases, in preparing the Forward-Looking Information in this news
release, the Company has applied several material assumptions,
including, but not limited to, that the Government of Mexico will
continue to take the same positions with respect to mineral tenure
in any appeal as it did before the lower court, any additional
financing needed will be available on reasonable terms; the
exchange rates for the U.S., Canadian, and Mexican currencies will
be consistent with the Company’s expectations; the taxation
policies which will apply to the Ixtaca Project will be consistent
with the Company’s expectations, that the current exploration,
development, environmental and other objectives concerning the
Ixtaca Project can be achieved and that its other corporate
activities will proceed as expected; that the current price and
demand for gold and silver will be sustained or will improve; that
general business and economic conditions will not change in a
materially adverse manner, that third party contractors and
equipment, including the Rock Creek mill, will be available and
operate as anticipated, and that all necessary governmental
approvals for the planned exploration, development and
environmental protection activities on the Ixtaca Project will be
obtained in a timely manner and on acceptable terms; the continuity
of the price of gold and silver, economic and political conditions
and operations. Forward-Looking Information involves known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by the Forward-Looking
Information. Such risks and other factors include, among others,
risks related to the availability of financing on commercially
reasonable terms and the expected use of proceeds; operations and
contractual obligations; changes in exploration programs based upon
results of exploration; changes in estimated mineral reserves or
mineral resources; future prices of metals; availability of third
party contractors; availability of equipment; failure of equipment
to operate as anticipated; failure of the Rock Creek Mill to arrive
on site or operate as expected; accidents, effects of weather and
other natural phenomena and other risks associated with the mineral
exploration industry; environmental risks, including environmental
matters under Mexican rules and regulations; impact of
environmental impact assessment requirements on the Company’s
planned exploration and development activities on the Ixtaca
Project; certainty of mineral title; community relations; delays in
obtaining governmental approvals or financing; fluctuations in
mineral prices; the Company’s dependence on one mineral project;
the nature of mineral exploration and mining and the uncertain
commercial viability of certain mineral deposits; the Company’s
lack of operating revenues; 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; currency
fluctuations; changes in environmental 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; risks related to dependence on key personnel;
estimates used in financial statements proving to be incorrect; as
well as those factors discussed the section entitled "Risk Factors"
in Almaden's Annual Information Form and Almaden's latest Form 20-F
on file with the United States Securities and Exchange Commission
in Washington, D.C. 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 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
Forward-Looking Information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on Forward-Looking Information. Except as
required by law, the Company does not assume any obligation to
release publicly any revisions to Forward-Looking 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:
Almaden Minerals Ltd. Tel. 604.689.7644 Email:
info@almadenminerals.comhttp://www.almadenminerals.com/