Company Web Site: almadenminerals.com

This report is based on NI 43-101 disclosures and fully diluted share counts available on: 2010-04-01. Metrics have been updated with stock price and metal prices in effect at the close of Canadian markets on 2010-09-02.

External Links: Yahoo News and Quotes  |  MB  |  StockCharts  |  StockHouse  |  Canadian Insider Trading

More External Links: Knobias

GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE):
Metrics last with prices in effect at the TSX/TSXV close on 2010-09-02

Project/Deposit	CC	MVpSh	PP%	MI%	I%	Gold
Elk (Siwash)	CA	$11.65	0	47%	53%	524.31 K oz
GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Sept-02
Metric / Metal						Gold
Metal Totals						524.31 K oz
Metal Prices in US$ (from 2010-09-02)						$1,251.30 per oz
Metal Value per Share (MVpSh) (Shown in US$ and based on fully diluted share count shown below)						$11.65
Percentage of Total Metal Value						100.00%
PP% | MI% | I%						0 | 47% | 53%
GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Sept-02
Metal Value per Share (MVpSh)						US$11.65
Average Ore Value per Tonne						US$385.93
Metal Value Leverage (MVL)						5.33
Market Capitalization as % of Metal Value						18.7%
Recent Stock Price						C$2.3   (TSX/TSXV close on 2010-09-02.)   Conversion rate used: 1 Cnd$ = 0.949244 US$ )
Fully Diluted Share Count						56.33 M    ( See Stock Information web page (viewed April 2010) plus the additional shares and warrants issued as part of the Private Placement closed March 17, 2010. )
PP% | MI% | I%						0 | 47% | 53%
Gold Metrics-- all Projects/Deposits
Average Gold Ore Grade						9.593 g/t
Market Capitalization     per oz of Gold In Ground						$234.58   US$  |   247.12   C$
Gold Eq Oz Estimate						524.31 K oz   ( 524.31 K oz are in ground)
Market Capitalization     per oz of Gold Equilavent						$234.58   US$  |   247.12   C$
See terms for more about GoldMinerPulse metrics.

Additional Notes:

AMM Mineral Properties

See the Fact Sheet at the company web site for more details (viewed April 2010) on the extensive list of properties and option/jv agreements the company has on its properties. Quoting from the Fact Sheet:

Our business model is to option these projects to other companies, which then carry the cost of further exploration in order to earn a share in the project.

Notes on properties:

• La Bufa was sold to Lincoln Mining Corporation for 6M shares and 2% NSR.

• Caballo Blanco option is held by Goldgroup Resources Inc. who have merged with Sierra Minerals Inc.

• Tropico joint venture with Santory Resources, now Virginia Energy Resources Inc. (TSX.V: VAE) which is optioned to Skeena Resources Limited (viewed April 2010).

• El Pulpo sold to Ross River Minerals

• Mathehuapil optioned to Golden Minerals Company

 

GoldMinerPulse Coverage Status:

• GoldMinerPulse coverage of Almaden Minerals Ltd. is complete pending a final internal review.

(NI) 43-101 Report:

Title: 2007 UPDATE OF RESOURCE SIWASH PROJECT ELK PROPERTY For Almaden Minerals Ltd.
Date: 2007-11-30 (63 pages)

Updates: See Elk Gold Project web page (viewed April 2010).

Project Location: British Columbia, Canada

Map View: View project on Google Map.

Most Optimistic Resource Estimates (MORE):

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$5.52	248.46 K oz	8.400 g/t	920.00 K t
Estimate notes: See Table 1: 2009 LGGC Resource Estimate web page (viewed April 2010). 1 g/t of gold cutoff

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$6.13	275.85 K oz	11.000 g/t	780.00 K t
Estimate notes: See Measured + Indicated note. 1 g/t of gold cutoff