Almadex Provides Update on Royalty Portfolio

VANCOUVER, British Columbia, June 14, 2021 (GLOBE NEWSWIRE) -- Almadex Minerals Ltd. ("Almadex" or the "Company") (TSX-V: “DEX”) is pleased to provide an update on the 2.0% NSR royalty the Company holds on the Elk project (“Elk”, or the “Project”), located near Merritt, B.C.

Gold Mountain Mining Corp. (“GMTN”) continues to report significant progress on its drilling, mine planning and permitting work at Elk.

On April 14, 2021, GMTN announced results from the down-dip portion of its Phase 1 drill program at Elk. Highlights of the results include the following:

• SND20-029 intercepted 1.42m averaging 37.00 g/t Au (including 0.42m averaging 124.00 g/t Au)
• SND20-032 intercepted 1.22m averaging 16.23 g/t Au (including 0.30m averaging 62.20 g/t Au)
• SND20-032 intercepted 1.30m averaging 7.95 g/t Au (including 0.30m averaging 31.30 g/t Au)
  

Additional information on these intercepts is included in GMTN’s press release of April 14.

On April 22, 2021, GMTN announced additional drill results including:

• SND20-033 intercepted 1.3m averaging 13.3 g/t Au (including 0.30m averaging 56.5 g/t Au)
• SND20-033 intercepted 1.3m averaging 4.5 g/t Au (including 0.30m averaging 19.2 g/t Au)

Additional information on these intercepts is included in GMTN’s press release of April 22.

On April 30, GMTN announced that it that it received its Notice of Departure ("NoD") authorization allowing GMTN to begin construction and site preparation at Elk under Gold Mountain's existing M-199 mine permit. GMTN noted that the NoD was achieved on-time and adheres to GMTN’s schedule of ore mining and delivery to its ore purchase partner, New Gold Inc., in Q4 of 2021. Further information regarding this and related matters is available at GMTN’s press release of April 30, 2021.

On May 14, 2021 GMTN updated its resource estimate at Elk, and on May 27, 2021 GMTN announced an updated preliminary economic analysis of the Project, based on the increased Mineral Resource Estimate announced on May 14, 2021, the Ore Purchase Agreement with New Gold Inc. ("New Gold") announced on January 26, 2021 (the "Ore Purchase Agreement") and the Mining Contract with Nhwelmen-Lake LP announced on January 19, 2021 (the "Mining Contract").