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Ican Minerals Ltd. - Almaden Gold project update.

CALGARY, Alberta--(BUSINESS WIRE)--Oct. 27, 1995--ALMADEN GOLD PROJECT - IDAHO - Almaden Gold Inc., our joint venture partner and operator has received the first two weeks' results from 9 long term column leach tests.

Studies of all prior metallurgical data have shown that about 30% of the gold is encapsulated by silica and cannot be recovered. The long term leach tests are designed to determine how much of the remaining 70% of the gold will be recovered under actual heap leach conditions where the ore is leached for several years. The tests will be run for a 3 to 4 month period.

After two weeks of leach, 35% of the total gold or 50% of the accessible gold has already been recovered. Results of the recovery after 1 month of leach will be available next week.

Almaden Gold Inc. personnel are currently at the Almaden Mine taking samples for additional leach tests to assess the three new areas of extensive gold mineralization, discovered by Ican in 1994, for a future drilling program.

RACEY - PORPHYRY GOLD PROSPECT - OREGON - Drill cuttings from all holes in the centre of the porphyry system have been re-examined in preparation for our deep drilling program to test for higher grade (0.050 oz. Au/t) potassic altered porphyry at depth.

One area, where gold mineralization was encountered in an apparently flat lying horizon rather than in the normal steep structures, shows increasing potassic alteration with depth. Other targets are the roots of two higher grade potassic vent breccias.

The start of the drilling has been delayed due to the availability of a diamond-drilling rig, but the program is expected to commence in November.

This news release was prepared by the Board of Directors of the Company and the Board accepts the responsibility as to its accuracy. The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.

CONTACT: Almaden Gold Project, Calgary

Guenter Liedtke or Archie Nesbitt, 403/232-6829

403/232-6463 (FAX)
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Publication:Business Wire
Date:Oct 27, 1995
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