6-K

FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

For the month of November, 2004

ALMADEN MINERALS LTD.

(Translation of registrant's name into English)

750 West Pender Street, Suite 1103, Vancouver, B.C. Canada  V6C 2T8

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F_X__   Form 40-F        

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes .....  No ..X...

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):  82-________

EXHIBITS

News release dated 11/17/04

News release dated 11/18/04

Interim Consolidated Financial Statements for the nine months ended 09/30/04, dated 11/09/04

Management Discussion & Analysis for the nine months ended 09/30/04, dated 11/08/04

Form 52-109FT2, CEO Certification of Interim Filings during Transition Period dated 11/09/04

Form 52-109FT2, CFO Certification of Interim Filings during Transition Period dated 11/09/04

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Almaden Minerals Ltd.

(Registrant)

By:/s/ Duane Poliquin

(Signature)

Duane Poliquin, President

Date: November 18, 2004

EX-99

ALMADEN

MINERALS LTD.

1103 - 750 West Pender St.

Vancouver, B.C.  V6C 2T8

Tel: 604 - 689 - 7644

Fax: 604 - 689 - 7645

Email: info@almadenminerals.com

NOTICE TO READER

In accordance with National Instrument 51-102 released by the Canadian Securities Administrators, the Company discloses that its auditors have not reviewed the unaudited interim consolidated financial statements for the period ended September 30, 2004.

ALMADEN MINERALS LTD.

Consolidated Interim Balance Sheets

		September 30, 2004		December 31, 2003
		(unaudited)		(audited)
ASSETS
CURRENT
Cash and cash equivalents	$	4,807,114	$	4,838,914
Accounts receivable and prepaid expenses		344,282		105,106
Marketable securities (Note 3)		540,948		369,286
Inventory (Note 4)		274,768		274,768
TOTAL CURRENT ASSETS		5,967,112		5,588,074
PROPERTY, PLANT AND EQUIPMENT		578,319		474,521
RECLAMATION DEPOSIT		81,500		81,500
MINERAL PROPERTIES (Note 5)		4,611,298		4,197,675
TOTAL ASSETS	$	11,238,229	$	10,341,770
LIABILITIES
CURRENT
Accounts payable and accrued liabilities	$	247,742	$	49,625
Deferred exploration advances  (Note 6)		14,209		58,011
Mineral taxes payable		379,653		379,653
TOTAL CURRENT LIABILITIES		641,604		487,289
SHAREHOLDERS’ EQUITY
Share capital
Authorized
100,000,000 common shares without par value
Issued (Note 7)
31,083,267 shares – September 30, 2004
27,627,079 shares – December 31, 2003		25,208,608		21,476,722
Subscription for shares (Note 7)		-		1,699,435
Contributed surplus (Note 2)		392,534		374,525
Deficit accumulated during the exploration stage		(15,004,517)		(13,696,201)
TOTAL SHAREHOLDER’S EQUITY		10,596,625		9,854,481
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	11,238,229	$	10,341,770

ON BEHALF OF THE BOARD:

“Duane Poliquin”

Duane Poliquin, Director

“James E. McInnes”

James E. McInnes, Director

ALMADEN MINERALS LTD.

Consolidated Interim Statements of Operations and Deficit

(unaudited)

	Three months ended September 30,				Nine months ended September 30,
		2004		2003		2004		2003
REVENUE
Mineral properties	$	959	$	-	$	110,727	$	-
Interest income		13,943		2,064		56,952		25,785
Other income		25,614		1,528		48,800		25,339
		40,516		3,592		216,479		51,124
EXPENSES
General and administrative expenses      (Schedule)		148,416		150,926		522,941		371,256
General exploration expenses		193,332		118,720		513,453		329,905
Write-down of interests in mineral properties		306,773		8,984		321,098		56,339
Stock option compensation		-		-		28,963		186,000
		648,521		278,630		1,386,455		943,500
		(608,005)		(275,038)		(1,169,976)		(892,376)
(LOSS) GAIN ON SECURITIES		(60,265)		7,373		(101,486)		(2,310)
FOREIGN EXCHANGE (LOSS) GAIN		(57,140)		7,292		(36,854)		(50,404)
NET LOSS		(725,410)		(260,373)		(1,308,316)		(945,090)
DEFICIT, ACCUMULATED DURING   EXPLORATION STAGE, BEGINNING   OF PERIOD		(14,279,107)		(13,054,613)		(13,696,201)		(12,369,896)
DEFICIT, ACCUMULATED DURING   EXPLORATION STAGE, END OF PERIOD	$	(15,004,517)	$	(13,314,986)	$	(15,004,517)	$	(13,314,986)
NET LOSS PER SHARE	$	(0.02)	$	(0.01)	$	(0.04)	$	(0.04)
WEIGHTED AVERAGE NUMBER OF    COMMON SHARES OUTSTANDING		30,427,199		22,852,670		29,928,396		22,383,139

ALMADEN MINERALS LTD.

Consolidated Interim Statements of Cash Flows

(unaudited)

	Three months ended September 30,				Nine months ended September 30,
		2004		2003		2004		2003
OPERATING ACTIVITIES
Net loss	$	(725,410)	$	(260,373)	$	(1,308,316)	$	(945,090)
Items not affecting cash
Depreciation		15,688		11,613		44,525		28,614
Loss (gain) on securities		60,265		(7,373)		101,486		2,310
Write-down of interests in mineral       properties		306,773		8,984		321,098		56,339
Stock-based compensation		-		-		28,963		186,000
Changes in non-cash working capital      components
Accounts receivable and  prepaid expenses		40,203		78,109		(239,176)		63,940
Accounts payable and accrued liabilities		22,931		114,610		198,117		68,110
Mineral taxes payable		-		-		-		(12,800)
Deferred exploration advances		6,577		86,663		(43,802)		86,663
		(272,973)		32,233		(897,105)		(465,914)
FINANCING ACTIVITY
Issuance of shares – net of expenses		1,238,791		1,593,187		2,021,497		1,816,235
INVESTING ACTIVITIES
Change in marketable securities		(288,374)		173,184		(273,148)		275,205
Property, plant and equipment
Purchases		(12,823)		(229,098)		(148,323)		(252,119)
Mineral properties
Costs		(396,828)		(334,549)		(734,721)		(578,922)
		(698,025)		(390,463)		(1,156,192)		(555,836)
NET CASH (OUTFLOW) INFLOW		267,793		1,234,957		(31,800)		794,485
CASH AND CASH EQUIVALENTS,   BEGINNING OF PERIOD		4,539,321		524,495		4,838,914		964,967
CASH AND CASH EQUIVALENTS,   END OF PERIOD	$	4,807,114	$	1,759,452	$	4,807,114	$	1,759,452

ALMADEN MINERALS LTD.

Notes to Consolidated Interim Financial Statements

(unaudited)

1.

         BASIS OF PRESENTATION

These interim unaudited consolidated financial statements do not include all the disclosure required by Canadian generally accepted accounting principles for annual statements and should be read in conjunction with the annual audited financial statements for the year ended December 31, 2003, specifically the following Notes: Note 1 on the Nature of Operations; Note 2 on Significant Accounting Policies; Note 3 on Accounting Changes; and Note 16 on Contingency. These statements are prepared in accordance with recommendations for interim financial statements in conformity with Canadian generally accepted accounting principles.  They have been prepared using the same accounting policies and methods as those used in the December 31, 2003 accounts.

2.

ACCOUNTING CHANGES

At December 31, 2003, the Company adopted the fair value based method of accounting for stock-based compensation. This change has been applied retroactively and the interim financial statements for the nine months ended September 30, 2003 have been restated. The effect of this change was to increase the net loss for the nine months ended September 30, 2003 by $186,000 for a net loss of $945,090 and an increase in loss per share to $0.04. The contributed surplus balance at December 31, 2003 was $374,525 and at September 30, 2004 was $392,534.

3.         

MARKETABLE SECURITIES

		September 30,		December 31,
		2004		2003
Money market investments	$	-	$	163,049
Equity securities		540,948		206,237
	$	540,948	$	369,286

The market value of the investments as at September 30, 2004 was $865,468 (December 31, 2003 - $780,834).

4.

         INVENTORY

Inventory consists of 1,597 ounces of gold bullion which is valued at the lower of average cost of mining and estimated net realizable value. The market value of the gold at September 30, 2004 is $848,224 (December 31, 2003 - $859,681).

ALMADEN MINERALS LTD.

Notes to Consolidated Interim Financial Statements

(unaudited)

5.         

MINERAL PROPERTIES

		September 30,  2004		December 31, 2003
Canada
Elk   100% interest in mineral claims in British Columbia   which includes the Siwash gold deposit	$	2,300,375	$	1,644,696
ATW   Net 30% interest in mineral claims near Lac De Gras,   Northwest Territories		189,244		171,461
PV   100% interest in mineral claims in British Columbia		128,466		124,421
MOR   100% interest in mineral claims in the Yukon Territory		31,915		62,024
Rock River Coal   50% interest in 187,698 acre coal prospect in the Yukon   Territory		37,879		43,707
Cabin Lake   100% interest in mineral claims in the Yukon Territory		17,207		35,000
Caribou Creek   100% interest in mineral claims in the Yukon Territory		22,800		35,000
Mexico
Caballo Blanco   Option to purchase 100% interest in mineral claims in   Veracruz State		508,705		522,756
El Pulpo   100% interest in mineral claims in Sinaloa State		1		95,203
San Carlos / San Jose   100% interest in the San Carlos and San Jose mineral claims   in Tamaulipas State		201,806		244,590
Galeana   Option to purchase 100% interest in mineral claims in   Chihuahua State		75,983		118,272
Yago / La Sarda   100% interest in mineral claims in Nayarit State		561,758		799,505
Fuego   100% interest in mineral claims in Oaxaca State		70,305		30,372
Interests in various other mineral claims		464,854		270,668
	$	4,611,298	$	4,197,675

ALMADEN MINERALS LTD.

Notes to Consolidated Interim Financial Statements

(unaudited)

5.

         MINERAL PROPERTIES (Continued)

(a)     Fuego

During the nine months ended September 30, 2004, the Company entered into an agreement with Horseshoe Gold Mining Inc. (“Horseshoe”). To earn an initial 50% interest, Horseshoe must maintain the property in good standing, incur exploration expenditures totalling US$2,000,000 and issue 1,000,000 shares to the Company by December 31, 2006. Horseshoe can increase its interest to 60% by incurring an additional $1,000,000 of exploration expenditures by December 31, 2007.

(b)     San Carlos

During the nine months ended September 30, 2004, the Company entered into an agreement with Hawkeye Gold & Diamond Inc. (“Hawkeye”). To earn an initial 51% interest, Hawkeye must maintain the property in good standing, incur exploration expenditures totalling US$2,000,000 by March 15, 2008 and issue 500,000 shares to the Company by March 15, 2007. Hawkeye can increase its interest to 60% by incurring an additional $2,000,000 of exploration expenditures by March 15, 2011 and issuing a further 300,000 shares to the Company by March 15, 2010.

(c)     Guadalupe

During the nine months ended September 30, 2004, the Company entered into an agreement with Grid Capital Corporation (“Grid”). To earn an initial 50% interest, Grid must maintain the property in good standing, incur exploration expenditures totalling US$1,000,000 and issue 400,000 shares to the Company by June 30, 2007. Grid can increase its interest to 60% by incurring an additional $1,000,000 of exploration expenditures and issuing a further 100,000 shares to the Company by December 31, 2008.

(d)     PV and Nic

During the nine months ended September 30, 2004, the Company entered into an agreement with Consolidated Spire Ventures Ltd. (“Spire”). To earn a 60% interest, Spire must incur exploration expenditures totalling US$1,300,000 by December 31, 2007 and issue 600,000 shares to the Company by January 10, 2007.

(e)

Other

(i)

As de Oro

During the nine months ended September 30, 2004, the Company entered into an agreement to purchase a 100% interest in the property for US$50,000 plus value added tax payable over four years.  At September 30, 2004, US$10,000 of this obligation has been paid.

ALMADEN MINERALS LTD.

Notes to Consolidated Interim Financial Statements

(unaudited)

6.

DEFERRED EXPLORATION ADVANCES

At September 30, 2004, the Company has deferred $14,209 received from BHP Billiton World Exploration Inc. in advance of exploration. These funds will be used for further exploration in eastern Mexico.

7.         

SHARE CAPITAL

The changes in issued shares since December 31, 2003 to September 30, 2004 are as follows:

	Number		Amount
Balance, December 31, 2003	27,627,079	$	21,476,722
For cash pursuant to private placements	1,722,250		2,555,633
For cash on exercise of share purchase warrants	1,443,938		1,037,269
For cash on exercise of stock options	290,000		138,984
Balance, September 30, 2004	31,083,267	$	25,208,608

On January 12, 2004, the Company completed a private placement of 1,300,000 common shares at a price of $1.32 per share, after incurring share issue costs of $16,565.  These funds were received by the Company prior to December 31, 2003 and were recorded as a subscription for shares.

The Company issued 270,000 flow-through common shares on August 16, 2004 on a private placement basis at a price of $2.25 per share, after incurring issue costs of $77,864.  Also, 27,000 warrants for non-flow-through shares were issued to an agent in consideration of its services.

The Company issued 150,000 flow-through common shares on August 30, 2004 on a private placement basis at a price of $2.25 per share, after incurring issue costs of $16,001.  Also, 2,250 shares were issued to an agent in consideration of its services.

Warrants

	Number of Warrants	Expiry Date	Exercise Price Range
Outstanding,   December 31, 2003	3,324,544	March 13, 2004 to    September 18, 2008	$0.47 to $2.25
Issued	27,000	August 16, 2005	$2.25
Exercised	(1,443,938)	-	$0.47 to $1.60
Outstanding,   September 30, 2004	1,907,606	October 1, 2004 to    September 18, 2008	$0.47 to $2.25

ALMADEN MINERALS LTD.

Notes to Consolidated Interim Financial Statements

(unaudited)

7.         

SHARE CAPITAL (Continued)

At September 30, 2004, the following share purchase warrants were outstanding:

Number of Warrants	Expiry Date	Exercise Price Range
1,509,000	September 18, 2005/2006/    2007/2008	$         1.50/1.75/ 2.00/2.25
38,500	October 1, 2004	0.47
21,001	October 28, 2004	1.60
103,750	August 7, 2005	0.80
27,000	August 16, 2005	2.25
140,000	December 30, 2005	1.85
68,355	December 30, 2005	2.25
1,907,606

At September 30, 2004, none of the warrants outstanding are held by directors (2003 – 77,000).

Options

The Company has a fixed stock option plan which permits the issuance of options up to 10% of the Company’s issued share capital.  The maximum number of shares reserved for issuance under this plan is 2,900,000.  At September 30, 2004, the Company has reserved 2,820,000 stock options that may be granted.  The exercise price of an option cannot be less than the closing price of the common shares on the Toronto Stock Exchange on the day immediately preceding the grant of the option and the maximum term of all options is ten years.  The Company also has stock options outstanding relating to the period before the introduction of the fixed stock option plan.

The Board of Directors determines the term of the option (to a maximum of 5 years) and the time during which any option may vest.  All options granted during the nine months ended September 30, 2004 vested on the date granted.

The following table presents the outstanding options as at September 30, 2004 and changes during the period:

Fixed Options	Shares	Weighted Average Exercise Price
Outstanding at December 31, 2003	3,075,783	$ 0.53
Granted	35,000	2.35
Exercised	(290,000)	0.44
Outstanding at September 30, 2004	2,820,783	$ 0.53
Options exercisable at September 30, 2004	2,820,783

ALMADEN MINERALS LTD.

Notes to Consolidated Interim Financial Statements

(unaudited)

7.         

SHARE CAPITAL (Continued)

The following table summarizes information about stock options outstanding at September 30, 2004:

Options Outstanding and Exercisable
Number	Expiry	Exercise
of  Shares	Date	Price
35,000	January 28, 2006	$                 2.35
560,000	March 1, 2006	0.30
91,092	August 23, 2006	0.27
905,000	February 28, 2007	0.55
379,000	February 26, 2008	0.80
75,000	April 7, 2008	0.74
40,000	September 26, 2008	1.37
581,691	October 7, 2008	0.45
154,000	December 1, 2009	0.39
2,820,783

The weighted-average grant date fair value assigned to stock options granted during the nine months ended September 30, 2004 was $0.83.  The fair value of these options were determined on the date of the grant using the Black-Scholes option pricing model with the following weighted-average assumptions:

Risk free interest rate	2.6%
Expected life	2 years
Expected volatility	61%
Expected dividends	$Nil

8.         RELATED PARTY TRANSACTIONS

A company controlled by the founding shareholder of the Company was paid $82,800 for technical services and website management during the nine months ended September 30, 2004.  

A company controlled by a relative of the founding shareholder of the Company was paid $51,267 for geological services during the nine months ended September 30, 2004.

An officer of the Company was paid $42,838 for professional services rendered during the nine months ended September 30, 2004.

9.         COMPARATIVE FIGURES

Certain of the September 30, 2003 comparative figures have been reclassified to conform with the financial statement presentation adopted at December 31, 2003.

ALMADEN MINERALS LTD.

Consolidated Interim Schedule of General and Administrative Expenses

(unaudited)

	Nine Months Ended September 30,
		2004		2003
Bank charges and interest	$	5,232	$	4,484
Depreciation		44,525		28,614
Insurance		4,958		4,501
Office and licenses		78,222		84,289
Professional fees		146,804		135,474
Rent		77,927		65,242
Stock exchange fees		22,136		19,794
Telephone		10,559		9,686
Transfer agent fees		12,161		8,281
Travel and promotion		120,417		10,891
	$	522,941	$	371,256

EX-99

MANAGEMENT’S DISCUSSION & ANALYSIS

The following discussion and analysis is management’s assessment of the results and financial condition of Almaden Minerals Ltd. (the “Company” or “Almaden”) for the nine month period ended September 30, 2004 and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2003 and related notes contained in the annual report. The date of this management’s discussion and analysis is November 8, 2004. Additional information on the Company is available on SEDAR at www.sedar.com.

Business of Almaden

Almaden is an exploration stage company engaged in the acquisition, exploration and development of mineral properties of merit in Canada, the United States and Mexico with the aim of developing them to a stage where they can be exploited at a profit or to arrange joint ventures whereby other companies provide funding for development and exploitation.  

Forward looking statements

Certain information included in this discussion may constitute forward-looking statements. Forward-looking statements are based on current expectations and entail various risks and uncertainties. These risks and uncertainties could cause or contribute to actual results that are materially different than those expressed or implied. The Company disclaims any obligation or intention to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.  

Exploration Projects – Canada

Elk (Siwash) Gold Project, BC

The 2004 diamond drill program in the Siwash Gold Mine area of the Elk property was completed in late October for a total of 10,265 meters of NQ drilling in 44 holes.  The Elk property hosts a number of mesothermal high grade gold bearing quartz veins and is located in the Okanagan area of southern British Columbia, approximately three hours by road east of Vancouver. This year’s program focused on extending the known limits of the WD vein along strike and to depth in 50m step-outs.  The vein was intersected in all holes and now has a drill tested strike length of 710m and a down dip length of 430m.  The WD vein is located 200m north of the B vein system which was mined by open pit and underground methods in the early 1990’s. Five holes were drilled to test the projection of a southwest trending gold shoot in the B vein below the existing mine workings.  The vein was intersected at the projected locations in all holes extending the down dip length of the known vein to 450m. Four holes were drilled into the Bullion Creek vein located 600m north of the B vein to test the continuity of the zones intersected in 2003.  Veins were intersected in all holes. Two holes successfully tested the continuity and grade of the B vein in the area of a proposed open pit to increase the sample density to 25m.  Sample results and check assays are in progress and will be reported when completed.  All samples were analyzed at Acme Analytical Labs in Vancouver using wet geochemical, fire assay and metallics techniques.  Duplicate and blank samples as well as standards were included in all sample shipments sent to Acme to confirm procedural quality.  Check assays will be carried out by ALS Chemex Labs in Vancouver.

Mor, Cabin Lake and Caribou Creek Gold-Silver-Copper-Zinc-Lead Projects, Yukon

These projects have been optioned to Kobex Resources Ltd. (Kobex). Kobex has informed the Company that it has completed an IP geophysical survey over the Mor property which defined an 800 meter long linear chargeability anomaly that remains open along strike. This anomaly is coincident with significant mineralization identified in trenches and anomalous soil geochemistry. Kobex conducted a two hole diamond drill program that tested this feature in August 2004. Both drill holes identified massive to semi massive sulphides over intervals of up to five meters. Hole MO004001 had the best instersection which included 4.9 meters from 18 to 22.9 meters depth, that assayed 0.69% copper, 1.31% zinc, 39.7 g/t silver, 0.82 g/t gold and 0.15% lead. The results are considered very encouraging and are indicative of a volcanogenic massive sulphide environment similar to that of the nearby Kudz ze Kayah and Wolverine deposits, owned by Teck Cominco and Expatriate Resources respectively. Almaden is awaiting to hear Kobex’s plans for future work.

Prospect Valley (PV) Gold-Silver Project, BC

The PV property is under option to Consolidated Spire Ventures Ltd. (Spire). Earlier in 2004 the property was expanded to include the former NIC claims covering an important gold-silver vein discovery.  During the Quarter, Spire conducted grid soil sampling in the NIC area and detailed silt sampling of the major drainage basin within the central property area.  These programs have generated a number of gold and multi-element geochemical anomalies.  Several of the more prominent anomalies are currently the subject of a follow-up program comprising grid and contour soil geochemistry, prospecting and hand trenching.

Sam Gold-Silver Project, BC

An initial exploration program consisting of soil and silt geochemistry, prospecting and hand trenching was conducted by Company personnel on the SAM claims during September-October 2004. Sample results are pending.

Regional Exploration, B.C.

Substantial reconnaissance prospecting and geochemical sampling have been carried out in southern British Columbia, focussing on the search for gold-silver deposits.  Several priority targets have been identified, resulting in two new property acquisitions in the Kamloops and Nicola Mining Divisions.  

Exploration Projects – Mexico

Caballo Blanco Gold-Copper Property, Veracruz

This property is optioned to Comaplex Minerals Ltd. (Comaplex). Comaplex has completed a large field program over both the Highway and Northern zones of the property, the centres of which are located roughly 7 kilometers apart.  The work by Comaplex has defined several prominent drill targets. A drill program that was to have commenced earlier in the year has been delayed due to additional permitting requirements, shortage of drilling equipment, difficulties in road building and the summer rainy season. Almaden anticipates that drilling will commence in the autumn of 2004, after the end of the rainy season.

Galeana Gold-Silver Project, Chihuahua

This project is optioned to Grid Capital Corp. (Grid). In 2003 and 2004, Grid completed rock sampling, soil geochemistry and IP geophysical programs which have defined significant drill targets on the vein systems. Drilling was delayed in the spring of 2004 due to difficult road building conditions, drill availability and the onset of the rainy season. Grid has reported that road building is complete and the main targets will be drilled at the end of the rainy season, in 2004.

El Pulpo Gold-Copper-Silver Project, Sinaloa

This property is optioned to Ross River Minerals Ltd. (Ross River). Ross River has informed Almaden that it has completed a large program of geologic mapping, rock and soil sampling and IP and magnetics geophysics on the project. In June, Ross River completed a 20 hole drill program that tested the Papaya and Trucha vein targets only. Almaden will release the results of this program as soon as it has received them from Ross River. Ross River has also informed Almaden that it plans a large field program in the autumn of 2004 which will include drilling on the Cerro Colorado porphyry target.

Bufa Gold-Silver Project, Chihuahua

This project is optioned to Grid. The property surrounds the town and mining camp of Guadalupe y Calvo.   where gold was discovered in 1835 and subsequent production was sufficiently large that a mint was built in 1844. The small historic central portion of the Guadalupe camp is held by an unrelated third party, Mexgold Resources Inc. A major vein structure has been traced from the Guadalupe camp over a 1.4 kilometer distance onto the Bufa property. Grid has reported that results of prospecting on the NW portion of the Bufa claim are currently being compiled and that a drill program is planned for the autumn, 2004.

San Carlos Copper-Gold-Silver Project, Tamaulipas

This project has been optioned to Hawkeye Gold and Diamond Inc. (Hawkeye).  Hawkeye has initiated a field program designed to develop drill targets. The program includes geologic mapping, rock and soil sampling and ground geophysics.

BHP Billiton Joint Venture

Almaden and BHPB have completed a regional exploration program designed to identify new copper-gold deposits in Mexico. At present BHPB is reviewing the results of the exploration program and can elect to acquire an interest in any of the properties.  

Regional Exploration

Almaden is currently planning a helicopter and truck based regional exploration program to focus on gold, silver and copper systems in Mexico. This work will commence early in 2005.

Selected quarterly financial information

The following selected financial information is derived from the unaudited consolidated interim financial statements of the Company prepared in accordance with Canadian generally accepted accounting principles (“GAAP”).

	For the quarters ended (unaudited)
	Sept 30 2004	Jun 30 2004	Mar 31 2004	Dec 31 2003	Sep 30 2003	Jun 30 2003	Mar 31 2003	Dec 31 2002
Total revenues	$40,516	$89,902	$62,682	$59,106	$3,592	$35,825	$ 11,707	$17,255
Net loss	725,410	258,688	324,218	567,215	260,373	223,008	432,609	502,217
Net loss per share	0.02	0.01	0.01	0.03	0.01	0.01	0.02	0.02
Total assets	11,238,229	10,695,340	10,591,469	10,341,770	6,834,870	5,300,783	5,584,450	5,635,752

Results of operations

The Company’s operations during the quarter ended September 30, 2004 produced a net loss of $725,410 or $0.02 per share compared to a net loss of $260,373 or $0.01 per share for the same quarter last year. Operations during the nine month period ended September 30, 2004 produced a net loss of $1,308,316 or $0.04 per share compared to a net loss of $945,090 or $0.04 per share for the same nine month period last year.  

The Company has no revenue from mining operations. For the quarter ended September 30, 2004 the Company had revenue of $40,516 compared to $3,592 during the same quarter last year. Total revenue for the nine month period ended September 30, 2004 was $216,479 compared to $51,124 for the same period last year. The increase in revenues is due to an increase in proceeds received from mineral properties option agreements in excess of the properties carried value, increased interest income and value-added tax recoveries in Mexico.

General and administrative costs remained consistent during the quarter ended September 30, 2004 compared to the same quarter last year. The most significant increase in general and administrative costs during the nine month period ended September 30, 2004 compared to the same period last year was in travel and promotion.  The Company participated in investment conferences in New York, Las Vegas and Vancouver and the Prospectors and Developers Association Conference in Toronto.  The Company also engaged Roth Investor Relations Inc. of New Jersey to introduce senior management to various fund managers in eastern United States.

The significant increase in general exploration costs in the quarter and nine month period ended September 30, 2004 compared to last year is due to the purchase of satellite imagery and data maps.

Liquidity and capital resources

At September 30, 2004, the Company had working capital of $5,325,508 and cash and cash equivalents of $4,807,114 compared to working capital of $5,100,785 and cash and cash equivalents of $4,838,914 at December 31, 2003, the Company’s most recent year-end. In addition, the market value of the Company’s inventory of 1,597 ounces of gold bullion at September 30, 2004 was $848,224 - $573,456 above book value. The market value of investments at September 30, 2004 was $865,468 - $324,520 above book value. These values differ from the GAAP valuation on the balance sheet which is at the lower of cost or market. The Company expects its level of cash resources to be sufficient to meet its working capital and mineral exploration requirements for at least the next year.

Cash used for operating activities during the quarter ended September 30, 2004 was $272,973 compared to cash from operating activities of $32,233 during the same quarter last year, after adjusting for the non-cash activities of properties interests write-downs, loss on marketable securities and changes in working capital components. Cash used for operating activities during the nine month period ended September 30, 2004 was $897,105 compared to $465,914 during the same period last year after adjusting for the same non-cash activities.

Cash flows from financing activities during the quarter ended September 30, 2004 were $1,238,791 compared to $1,593,187 during the same quarter last year. Cash flows from financing activities during the nine month period ended September 30, 2004 were $2,021,497 compared to $1,816,235 during the same period last year. During the current period the Company completed two private placements.  One for 270,000 flow-through shares at a price of $2.25 per share for gross proceeds of $607,500 less share issue costs of $62,264 and one for 150,000 flow-through shares at a price of $2.25 per share for gross proceeds of $337,500 less share issue costs of $11,226. 27,000 warrants were issued to an agent in consideration of its services exercisable for non-flow-through shares for a period of one year at $2.25. The funds will be used for the ongoing drill program on the Elk property and general exploration.

During the quarter and nine month period ended September 30, 2004, cash was used to purchase marketable securities compared to cash proceeds received from the sale of securities in the same periods last year. Little investment was made in property, plant and equipment during the current quarter as compared to the same quarter last year and investment during the nine month period to September 30, 2004 was less than the same period last year. The most significant exploration expenditures during the quarter ended September 30, 2004 were incurred on the drill program on the Elk property. During the nine month period ended September 30, 2004, exploration expenditures of $734,721, prior to the receipt of shares issued pursuant to various option agreements, were made on mineral properties compared to $578,922 during the same period last year. Significant expenditures made on mineral properties during the current nine month period include $499,249on the drill program at Elk, $62,253 of primarily claim surveys and maintenance expenditures at Yago prior to the write-down of the property’s carrying value by $300,000 and expenditures on various other mineral claims which include the staking of several new claims in Mexico and geological work undertaken. Most exploration currently being undertaken on the Company’s properties is being done by third parties who are earning their interests in the Company’s projects.

During the nine month period ended September 30, 2004, the carrying value of the Mor, Cabin Lake and Caribou Creek properties decreased on the receipt of shares issued pursuant to the property option agreement with Kobex. The carrying value of Rock River Coal decreased on the refund of lease payments made in previous periods on the application of work credits.  The carrying value of Caballo Blanco decreased on the recovery of exploration expenditures incurred by the Company in prior periods. The carrying value of the El Pulpo property has been reduced to $1 on the receipt of shares issued pursuant to the option agreement with Ross River and on the recovery of exploration expenditures incurred by the Company in prior periods, with the excess being charged to mineral properties revenue. The carrying values of the San Carlos and Galeana properties decreased on the receipt of shares issued pursuant to option agreements with Hawkeye and Grid, r espectively.

Contractual commitments

The Company is committed under an operating lease for its office premises with the following aggregate minimum lease payments to the expiration of the lease on January 31, 2009.  All property option payments on the Company’s projects not listed below have been assumed by third parties who are earning their interests in the projects.  The Siwash North lease rental payment is due annually.  The Rock River Coal leases are renewable on  three year terms.  The ATW lease rental payments are due annually and the total acquisition cost for the As de Oro property in Mexico is US$50,000 over four years of which US$10,000 has been paid.  The commitment recorded below is at the September 30, 2004 based on an exchange rate of C$1.2699 to US$1.00.

	2004	2005	2006	2007	2008	Balance
Office lease	$9,313	$37,251	$37,251	$37,251	$37,251	$3,104
Mineral property payments
-Siwash North lease payment	-	1,500	1,500	1,500	1,500	Ongoing
-Rock River Coal lease rental	-	9,385	18,770	4,712	9,385	Ongoing
-ATW lease rental	-	2,889	2,889	2,889	2,889	Ongoing
-As de Oro property option payments	-	12,699	12,699	25,398	-	-

Off-balance sheet arrangements

The Company has no off-balance sheet arrangements other than the lease related to its office premises as disclosed above.

Critical accounting estimates

A detailed summary of all the Company’s significant accounting policies is included in note 2 to the annual consolidated financial statements for the year ended December 31, 2003.  

Significant estimates used in the preparation of these consolidated financial statements include, amongst other things, depreciation, determination of net recoverable value of assets, determination of fair value on taxes, contingencies and share compensation.

Changes in accounting principles

Stock-based compensation

At December 31, 2003, the Company early adopted the Canadian Institute of Chartered Accountants stock option compensation and other stock based payments accounting standard. The consolidated interim financial statements for the nine months ended September 30, 2003 reflect this and the change has been applied retroactively and the consolidated interim financial statements for the nine months ended September 30, 2003 have been restated. The effect of this change was to increase the net loss for the nine months ended September 30, 2003 by $186,000 for a net loss of $945,090.

Asset retirement

The CICA issued a new standard relating to asset retirement obligations effective for fiscal years beginning on January 1, 2004. The standard requires the recognition in the financial statements of the liability associated with the net present value of future site reclamation costs when the liability is incurred. These obligations are initially measured at fair value and subsequently adjusted for the accretion of discount and any changes to the underlying costs. The asset retirement cost is to be capitalized and amortized into operations over time. The Company is currently assessing these requirements to ensure it complies with the new standards starting in 2004.

Outstanding share data

The Company is authorized to issue 100,000,000 common shares without par value. As at September 30, 2004, there were 31,083,267 outstanding common shares compared to 27,627,079 outstanding shares at December 31, 2003. The increase reflects the success of the Company in raising a total of $3,731,886 through the issue of new shares and the exercise of options and warrants to September 30, 2004.    

In January 2004, the Company completed a private placement of 1,300,000 common shares raising proceeds of $1,699,435 net of issue costs. These funds were received prior to December 31, 2003 and were recorded as a subscription for shares.

Directors, officers, employees and contractors are granted options to purchase common shares under the Company Stock Option Plan. This plan and its terms and outstanding balance are disclosed in note 7 to the consolidated interim financial statements to September 30, 2004.

Related party transactions

A total of $82,800 was paid to a company controlled by Duane Poliquin, the President of the Company, for geological consulting services and web-site management services during the nine months ended September 30, 2004. A total of $51,267 was paid to a company controlled by Morgan Poliquin, a Director of the Company, for geological consulting services during the nine months ended September 30, 2004. These amounts are included in general exploration and mineral property costs. A total of $42,838 was paid to Dione Bitzer, an Officer of the Company for accounting services during the nine months ended September 30, 2004.  This amount is included in professional fees.

Trends

The mineral exploration industry has been through a very difficult period with low prices for both precious and base metals. Lack of interest led to low market capitalizations and large companies found it was easier to grow by purchasing companies or mines than to explore for them. This led to downsizing of large company exploration staffs and many professionals took early retirement or left the industry to pursue other careers. As a result of these trends, there are few good gold-silver projects in the pipeline and a developing shortage of experienced explorationists. With improving metal prices and increasing demand, especially from Asia, supply difficulties may occur in the future and there is a discernible need for good exploration projects based on sound geological work.  As junior companies (many of which are staffed by former large company geologists) find it easier to raise funds, they are beginning to seek properties of merit to e xplore.  Metal prices are difficult to predict, but the Company’s exploration efforts are largely based on the expectation that gold prices will stay at close to current levels or increase.

Risks and uncertainties

The Company is subject to a number of risks and uncertainties, the more significant of which are discussed below. Additional risks and uncertainties not presently known to the Company may impact the Company’s financial results in the future.

Industry  

Almaden is engaged in the exploration for and development of mineral properties which involves significant risks that even a combination of careful evaluation, experience and knowledge may not eliminate. There is no assurance that the Company’s exploration efforts will result in discoveries of commercial mineral deposits. The geological focus of the Company is on areas in which the geological setting is well understood by management. Technological tools are regularly used to better focus exploration efforts.

Reserve and mineralization estimates

The estimation of reserves and mineralization is a subjective process and the accuracy of any such estimates is a function of the quality of available data and of engineering and geological interpretation and judgement. No assurances can be given that the volume and grade of reserves recovered and rates of production will not be less than anticipated.  

Gold and metal prices

The price of gold is affected by numerous factors beyond the control of the Company including central bank sales, producer hedging activities, the relative exchange rate of the U.S. dollar with other major currencies, demand, political, economic conditions and production levels. In addition, the price of gold has been volatile over short periods of time due to speculative activities. The price of other metals and mineral products that the Company may explore for, all have the same or similar price risk factors.

Cash flows and additional funding requirements

Almaden currently has no revenues from operations. If any of the Company’s exploration programs are successful and optionees of properties complete their earn-in, the Company would have to provide it’s share of ongoing exploration and development costs in order to maintain it’s interest in the projects, or be reduced to a royalty interest. Additional capital would be required to put a property into commercial production. The sources of funds currently available to the Company are the sale of its inventory of gold, sale of marketable securities, sale of equity capital or the offering of an interest in its projects to another party. Although the Company presently has sufficient financial resources to undertake all of its currently planned exploration programs and has been successful in the past in obtaining financing, there is no assurance that it will be able to obtain adequate financing in the future or that suc h financing will be advantageous to the Company.

Exchange rate fluctuations

Fluctuations in currency exchange rates, principally the Canadian/U.S. dollar exchange rate, can significantly impact cash flows. The exchange rate has varied substantially over time. Most of the Company’s exploration expenses in Mexico are denominated in U.S. dollars. Fluctuations in exchange rates may give rise to foreign currency exposure, either favourable or unfavourable, which may impact financial results. The Company does not engage in currency hedging to offset any risk of exchange rate fluctuation.

Environmental

Almaden’s exploration and development activities are subject to extensive laws and regulations governing environment protection.  The Company is also subject to various reclamation-related conditions. Although the Company closely follows and believes it is operating in compliance with all applicable environmental regulations, there can be no assurance that all future requirements will be obtainable on reasonable terms. Failure to comply may result in enforcement actions causing operations to cease or be curtailed and may include corrective measures requiring capital expenditures.  

Laws and regulations

Almaden’s exploration activities in each country where it is active are subject to extensive federal, provincial and local laws and regulations governing prospecting, development, production, exports, taxes, labour standards, occupational health and safety, mine safety and other matters.  Such laws and regulations are subject to change, can become more stringent and compliance can therefore become more costly.  The Company applies the expertise of its management, its advisors, its employees and contractors to ensure compliance with current laws.

Title to mineral properties

While the Company has investigated title to it’s mineral properties, this should not be construed as a guarantee of title. The properties may be subject to prior unregistered agreements or transfers and title may be affected by undetected defects. Unresolved native land claim issues in British Columbia and the Yukon Territory may affect the Company’s properties in these jurisdictions in the future.

Competition

There is competition from other mining exploration companies with operations similar to those of the Company's. Many of the mining companies with which the Company competes have operations and financial strength greater than that of the Company.

Dependence on management

The Company strongly depends on the business and technical expertise of its management and there is little possibility that this dependence will decrease in the near term.  

Outlook

Almaden currently has thirteen active joint ventures including nine joint projects in which other companies are working to earn an interest in the projects by carrying all costs and making significant exploration expenditures.  Almaden is waiting for BHP Billiton to complete their review of the results of the joint venture copper-gold regional exploration program in Mexico that was conducted by the Company, after which further work may be planned. The Company ended 2003 with a cash position that will enable it to continue its own exploration efforts in Mexico and Canada seeking to identify new projects through early stage grass roots exploration and managing risk by forming joint ventures in which partner companies explore and develop such projects in return for the right to earn an interest in them.  

EX-99

Almaden Minerals Ltd.

1103-750 West Pender St. Vancouver, B.C., Canada V6C 2T8 ph. 604 689-7644 facs. 604 689-7645

NEWS RELEASE  November 18, 2004

Trading Symbol: AMM -TSX

www.almadenminerals.com

Progress Report on the PV Project, B.C.

Almaden has optioned the PV project, located in southwest British Columbia to Consolidated Spire Ventures Ltd. (Spire). Spire can earn a 60% interest in property by issuing 1.1 million shares of Spire to Almaden and expending C$1.3 Million on the property. The property covers gold prospects discovered by Almaden in an area not previously known for epithermal gold mineralisation. Reconnaissance prospecting has found numerous surface boulders of quartz veins and breccias. Grab samples from these have returned values ranging up to 43.3 grams per tonne (g/t) Au. Almaden has carried out early stage work including a small IP geophysical survey. Hand trenching on the Discovery Showing exposed a quartz vein/breccia in bedrock that returned significant values including 7.7 g/t Au over 0.5 meters (m). 

Spire in a news release dated November 16, 2004 announced that an 831 sample soil survey on the NIC grid in the northeastern portion of the property has outlined prominent gold-in-soil anomalies. Earlier work in this area had identified a new epithermal gold system where 40 reconnaissance grab and chip samples from float and outcrop returned gold analyses averaging 1.63 g/t. These included 20 samples with gold and silver values ranging from 0.10 to 23.60 g/t Au and from 1 to 180 g/t Ag. Channel samples from bedrock included 9.24 g/t Au over 0.5m, 3.72 g/t Au over 0.7 m and 2.70 g/t Au over 1.4 m. (see Spire news release of July 12, 2004). This new NIC soil survey covered 5.7 sq. km. on a 200 by 25 m grid. Of the 831 samples collected 149 returned gold values greater than 10 parts per billion (ppb) and 85 returned gold values greater than 20 ppb. Values ranged up to a maximum of 205 ppb Au. Spire reported that the distribution of these anomalies will allow focusing of continuing exploration efforts and that further plans call for a program of trenching guided by the gold-in-soil anomalies to aid in defining drill targets.

Spire also reported that elsewhere on the large 88 square kilometer property, work has resumed with crews investigating the clusters of gold and pathfinder stream sediment anomalies recently discovered to the west and southwest of the NIC grid area. The four clusters occur in an area of 6 by 2 kilometers. Anomalous gold values range from 5 to 254 ppb. Significantly, the anomaly clusters define a northeast trending zone along a prominent linear structure that projects toward the PV area gold mineralization to the southwest and parallels the NIC area gold mineralization to the east (see Spire news release of October 21, 2004). Spire reported that ongoing field investigations are aimed at discovering additional significant zones of gold mineralization. This work includes hand trenching, bedrock sampling and reconnaissance soil sampling. Spire noted that results from this work will be reported as assays are received and compiled.

George Gorzynski, P.Eng., a Qualified Person under the meaning of Canadian National Instrument 43-101 and a director of Spire, approved the technical information in the Spire news release. All samples were shipped to Acme Analytical Laboratories in Vancouver BC where they were analyzed for 36 elements by ICP-MS spectrometry, on a 30-gram sub-sample. Spire has informed Almaden that future work plans for the PV property include data compilation and further field work with the aim of defining drill targets for 2005.

Almaden currently has thirteen active joint venture projects including nine in which a partner is earning an interest in an Almaden property through spending, and a regional exploration joint venture with BHP Billiton World Exploration Inc. (BHPB) underway to explore for copper-gold deposits in Mexico.

ON BEHALF OF THE BOARD OF DIRECTORS

“Morgan J. Poliquin”

___________________________

Morgan J. Poliquin, M.Sc., P.Eng.

Director

The Toronto Stock Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release which has been prepared by management.  Statements contained in this news release that are not historical facts are forward looking statements as that term is defined in the private securities litigation reform act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company's filing with the Securities and Exchange Commission.

EX-99

Almaden Minerals Ltd.

1103-750 West Pender St. Vancouver, B.C., Canada V6C 2T8 ph. 604 689-7644 facs. 604 689-7645

NEWS RELEASE November 17th, 2004

Trading Symbol: AMM -TSX

www.almadenminerals.com

Diamond Drilling Program Underway at the Galeana Project, Mexico

Almaden has been informed by its joint venture partner Grid Capital Corp (Grid) that Grid has commenced a diamond drill program on the Galeana gold-silver property in Chihuahua State, Mexico. Under terms of the joint venture with Almaden, Grid can earn a 60% interest in the Galeana property by spending US$2,000,000 and issuing 400,000 shares to Almaden.

Grid has informed Almaden that the drill program will test one of the vein systems identified on the property, the Miguel Ahumada zone. The Galeana property hosts three major classic epithermal banded quartz-adularia vein systems, the San Miguel-Ahumada-Estrella de Oro, the Faldo Norte and the San Geronimo. All have had limited historic production prior to the Mexican revolution when all mining activity ceased. Mapping, sampling and alteration mineralogic and petrographic analyses of the veins in the Galeana area has resulted in the interpretation that the exposed veins represent a high level within the original hydrothermal system. This interpretation coupled with the identification of high gold grades in fragments found in breccia bodies identified as part of the Miguel Ahumada vein system, suggest that the potential to identify high grade gold and silver ore shoots in the veins may increase with depth.

The drill program on the Galeana property by Grid is under the direction of Mr. Juan Caelles, Ph.D., P.Geo. a qualified person within the meaning of National Instrument 43-101. Samples will be sent to ALS Chemex Labs in North Vancouver for analysis.

Almaden currently has thirteen active joint venture projects including nine in which a partner is earning an interest in an Almaden property through spending, and a regional exploration joint venture with BHP Billiton World Exploration Inc. (BHPB) to explore for copper-gold deposits in Mexico.

ON BEHALF OF THE BOARD OF DIRECTORS

“Morgan J. Poliquin”

_____________________________

Morgan J. Poliquin, M.Sc., P.Eng.

Director

The Toronto Stock Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release which has been prepared by management.  Statements contained in this news release that are not historical facts are forward looking statements as that term is defined in the private securities litigation reform act of 1995. Such forward -looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company's filing with the Securities and Exchange Commission.

EX-99

Form 52-109FT2 - Certification of Interim Filings during Transition Period

I, DUANE POLIQUIN, President and Chief Executive Officer of Almaden Minerals Ltd.  certify that:

1. I have reviewed the interim filings (as this term is defined in Multilateral Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings) of Almaden Minerals Ltd. for the interim period ending September 30, 2004.

2. Based on my knowledge, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings;

3. Based on my knowledge, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date and for the periods presented in the interim filings;

November 9, 2004

“Duane Poliquin”

DUANE POLIQUIN

President and Chief Executive Officer.

EX-99

Form 52-109FT2 - Certification of Interim Filings during Transition Period

I, DIONE BITZER, Chief Financial Officer of Almaden Minerals Ltd., certify that:

1. I have reviewed the interim filings (as this term is defined in Multilateral Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings) of Almaden Minerals Ltd. for the interim period ending September 30, 2004.

2. Based on my knowledge, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings;

3. Based on my knowledge, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date and for the periods presented in the interim filings;

November 9, 2004

“Dione Bitzer”

DIONE BITZER

Chief Financial Officer