Golden Minerals Company

Company Description

Golden Minerals Company is a Delaware corporation and our common stock is publicly traded on the Toronto and the New York MKT Stock Exchanges. Golden Minerals owns the Velarde� and Chicago precious metals mining properties (the "Velarde� Properties") in the State of Durango, Mexico, the El Quevar advanced exploration silver property in the Salta province of northwestern Argentina, and a diversified portfolio of precious metals exploration properties located in or near historical precious metals producing regions of Mexico and Argentina. Our total company resources are estimated at approximately 64.6 million silver equivalent ounces in the Measured and Indicated category, plus an additional 65.8 million silver equivalent ounces in the Inferred category.*The Velarde� Properties were acquired in September 2011 and consist of two mines and two processing facilities. Velarde� contains high-grade silver and gold plus lead and zinc base metals, and the resource remains open at depth. During 2012, payable production reached approximately 843,000 silver equivalent ounces, consisting of approximately 457,000 ounces silver and 6,450 ounces gold (using a 60:1 ratio for gold to silver). Additionally, the company produced approximately 1.0 million pounds of payable lead and 1.4 million pounds of payable zinc. In the first half of 2013, payable production reached approximately 395,000 silver equivalent ounces, consisting of 251,000 ounces silver and 2,400 ounces gold. Due primarily to continuing depressed market prices of silver and gold, the company suspended mining operations at Velarde� on June 19, 2013 and placed the properties on a care and maintenance program. The suspension of production was carried out in order to best conserve the asset until operating plans and silver and gold prices indicate a sustainable cash margin for operations. Golden used the operating down time to conduct a 9,000-meter drilling program and to develop a new mining plan.