January 24, 2011 / 11:55 AM / in 7 years

UPDATE 1-Almaden says study shows Canada project viable

* Says Elk mine life is 7 years

* Says mine could produce 139,000 ounces of gold

Jan 24 (Reuters) - Almaden Minerals Ltd AMM.TO said preliminary results of a study at its Elk project in British Columbia showed that the project is viable with a mining life of seven years.

The mineral explorer, which also has property interests in Canada and Mexico, said the results indicated that the project would produce about 139,000 ounces of gold at estimated cash operating costs of C$528 per troy ounce.

The company said initial capital expenditure would be C$9.9 million ($9.97 million) .

Shares of the company closed at C$4.03 on Friday on the Toronto Stock Exchange. ($1=.9932 CANADIAN DOLLAR) (Reporting by Aftab Ahmed in Bangalore; Editing by Sriraj Kalluvila) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

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