Almaden Minerals Ltd. Announces Closing of Private Placement

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/24/11 -- Almaden Minerals Ltd. (TSX: AMM)(NYSE Amex: AAU) (the 'Company') announces that it has closed the Flow-Through Private Placement consisting of 100,000 Common Shares at a price of $4.00 per Share. The hold period in Canada on the securities expires on June 25, 2011.

Cash commissions totalling $4,800 have been paid.

The funds generated from the placement are to be used for the continued exploration on the Company's ATW property.

On Behalf of the Board of Directors

Duane Poliquin, Chairman and Director

Almaden Minerals Ltd.

Statements contained in this news release that are not historical facts are 'forward looking statements' as that term is used in United States and Canadian Securities laws and regulations. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as 'expects' or 'does not expect', 'is expected', 'anticipates' or 'does not anticipate', 'plans', 'estimates' or 'intends', or stating that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved) are not statements of historical fact and should be viewed as 'forward-looking statements'. Such risks and uncertainties are detailed in the Company's filings with the Securities and Exchange Commission and on SEDAR. Such forward-looking statements, including but not limited to, those with respect to potential expansion of mineralization, potential size of mineralized zone, and size and timing of exploration and development programs, estimated project capital and other project costs and the timing of submission and receipt and availability of regulatory approvals involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Almaden to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Such factors include, among others, risks related to international operations and joint ventures, the actual results of current exploration activities, conclusions of economic evaluations, uncertainty in the estimation of mineral resources, changes in project parameters as plans continue to be refined, environmental risks and hazards, increased infrastructure and/or operating costs, labour and employment matters, and government regulation and permitting requirements as well as those factors discussed in the section entitled 'Risk Factors' in Almaden's Annual Information form filed on SEDAR and Almaden's latest Form 20-F on file with the United States Securities and Exchange Commission in Washington, D.C. Although Almaden has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Almaden disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required pursuant to applicable securities laws. Accordingly, readers should not place undue reliance on forward-looking statements.

Neither the Toronto Stock Exchange (TSX) nor the NYSE Amex have reviewed or accepted any responsibility for the adequacy or accuracy of the contents of this news release which has been prepared by management.

Contacts:

Almaden Minerals Ltd.

Duane Poliquin

Chairman and Director

604-689-7644

608-689-7645 (FAX)
www.almadenminerals.com