Mr. Morgan Poliquin reports

ALMADEX CONFIRMS GOLD-RICH PORPHYRY SYSTEM AT NORTE TARGET, EL COBRE PROJECT, MEXICO, HITS 218.00 METERS OF 0.70 G/T GOLD AND 0.28% COPPER INCLUDING 80.50 METERS OF 1.34 G/T GOLD AND 0.46% COPPER

Almadex Minerals Ltd. has completed the second diamond drill hole on the Norte zone (EC-16-012) at its 100-per-cent-owned El Cobre porphyry copper-gold project located in Veracruz, Mexico. Hole EC-16-012 was collared from the same pad as EC-16-010 and drilled at the same azimuth (180 degrees), but at a steeper angle (minus 65 degrees). Significant porphyry-style alteration and mineralization begin from the collar in EC-16-012 and include the following copper-gold intersections:

Hole EC-16-012, Norte zone:

• From 9.14 to 19.00 metres, 9.86 metres of 0.24 gram per tonne gold and 0.16 per cent copper;
• From 117.80 to 145.30 metres, 27.50 metres of 0.12 g/t gold and 0.19 per cent copper;
• From 162.50 to 595.00 metres, 432.50 metres of 0.42 g/t gold and 0.17 per cent copper;
  • Including 183.00 to 401.00 metres, 218.00 metres of 0.70 g/t gold and 0.28 per cent copper;
  • Including 183.00 to 339.00 metres, 156.00 metres of 0.90 g/t gold and 0.34 per cent copper;
  • Including 216.00 to 296.50 metres, 80.50 metres of 1.34 g/t gold and 0.46 per cent copper;
  • Including 261.00 to 296.50 metres, 35.50 metres of 1.82 g/t gold and 0.59 per cent copper.

In addition, assays have now been received from the bottom portion of hole EC-16-010. Assays from shallower intersections in this hole were previously announced and included 163.50 metres of 0.68 g/t gold and 0.29 per cent copper and 150.90 metres of 0.55 g/t gold and 0.22 per cent copper, to a total depth of 542.70 metres. Below this depth, no significant copper or gold values were returned, but intense sulphide-rich porphyry-style alteration was intersected to the end of the hole.

The company has now completed a third hole from the EC-16-010/012 pad (EC-16-013) at a 180-degree azimuth and a minus-80-degree dip, and drilling continues in the Norte zone. The Norte zone is one of four well-defined porphyry centres within a very large zone of porphyry-related alteration. The company has also mobilized a second drill and drilling team so that drilling can continue on other targets at El Cobre project while drilling continues on the Norte zone. Currently, this rig is working on the Encinal zone roughly three kilometres to the south of the Norte zone.

Almadex chairman, J. Duane Poliquin, commented: "These results further show the potential of the El Cobre project to host a significant gold-rich porphyry system. The Norte zone is one of four well-defined porphyry centres within a very large zone of porphyry-related alteration. We look forward to following up this exciting intercept with further results from our ongoing aggressive drill program focused on the goal of defining a new gold-copper resource in Mexico."

                           DRILL RESULTS

Hole number         From (m)     To (m)   Interval (m)   Au (g/t)     Cu (%)

EC-16-012              9.14      19.00           9.86       0.24       0.16
EC-16-012            117.80     145.30          27.50       0.12       0.19
EC-16-012            162.50     595.00         432.50       0.42       0.17
including            183.00     401.00         218.00       0.70       0.28
including            183.00     339.00         156.00       0.90       0.34
including            216.00     296.50          80.50       1.34       0.46
including            261.00     296.50          35.50       1.82       0.59
including            422.00     425.00           3.00       0.27       0.11
including            438.50     449.00          10.50       0.21       0.09
including            503.00     507.50           4.50       0.29       0.11
including            564.50     569.00           4.50       0.28       0.15
EC-16-012            625.00     664.00          39.00       0.12       0.06
including            662.50     664.00           1.50       0.31       0.17

About the El Cobre project and the 2016 drilling program

Since the commencement of drilling this year, all holes (apart from EC-16-010, 12 and 13, all on the Norte zone) were drilled on the southernmost Encinal target. The 2016 drill program plan is to test all targets to provide geochemical and alteration vectors for future drilling. Past work has defined a large multistage and phase porphyry system with at least four centres located along more than four kilometres of strike extent.

The El Cobre project has a total area of 7,456 hectares and is located adjacent to the Gulf of Mexico, about 75 kilometres northwest of the major port city of Veracruz, Mexico, and has uniquely excellent infrastructure. The project area is situated below 200 metres above sea level with excellent road access and is located fewer than 10 kilometres 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 an extensive induced-polarization chargeability anomaly. The largest target area is the Villa Rica zone, which has not been drill tested. 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 a 400-metre depth. Significant copper and gold grades were intersected, such as 0.16 per cent Cu and 0.39 g/t Au over 290 m in hole DDH04CB1. In addition, hole EC-13-004 intersected 0.23 per cent 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 mineralization, across which 15 metres returned 1.63 g/t Au and 0.12 per cent Cu. The breccia pipe occurs in a large alteration zone, with an IP chargeability high and a magnetics low, which has not been tested to depth. Almadex previously reported results of drilling at Encinal, which were consistent with the interpretation that the drilling was located in a zone marginal to a potential copper-rich portion of the porphyry system.

Norte zone: All five previously drilled holes in the Norte zone intersected porphyry-style mineralization. Hole 08-CBCN-022, one of the deepest holes drilled at Norte in 2008, returned values of 0.14 per cent Cu with 0.19 g/t Au over 259 m, and 08-CBCN-19 intersected 41.15 metres averaging 0.42 g/t gold and 0.27 per cent copper to the end of the hole at 187.45 metres. Hole EC-16-010 was designed to test this zone to depth.

In addition to the above, several anomalous areas remain untested by drilling, including the Villa Rica zone that is 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.

Larry Segerstrom, MSc (geology), PGeo, a director of the company, is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the contents of this news release. The porphyry mineralization 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 analyzed by fire assay and atomic absorption spectroscopy (AAS). Samples that return values greater than 10 g/t gold using this technique are then reanalyzed by fire assay but with a gravimetric finish. Silver is first analyzed by inductively coupled plasma-atomic emission spectroscopy (ICP-AES). Samples that return values greater than 100 g/t silver by ICP-AES are then reanalyzed by HF-HNO3-HCLO4 digestion with HCL leach and ICP-AES finish. Of these samples, those that return silver values greater than 1,500 g/t are further analyzed by fire assay with a gravimetric 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. An 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 SEDAR.

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