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 is a mining company that owns the Velardeņa and Chicago precious metals mining properties (the "Velardeņa 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 60 million silver equivalent ounces in the Measured and Indicated category, plus an additional 67 million silver equivalent ounces in the Inferred category.*
The Company is focused primarily on efforts to optimize mining and processing activities at the Velardeņa Properties. The Company is also focused on establishing a second group of mining assets, which may include those recently acquired assets in the Parral area of Chihuahua Mexico, and on obtaining oxide feed from outside sources to enable restart of our idled oxide plant in order to generate sufficient revenue, along with revenue from the Velardeņa Properties, to fund continuing business activities. The Company is continuing its exploration efforts on selected properties in its portfolio of 30 exploration properties located primarily in Mexico. It continues to hold its El Quevar property on care and maintenance and to reduce holding costs until it can find a partner to further advance the project. The Company is also reviewing strategic opportunities, focusing primarily on development or operating properties in North America, including Mexico.
Golden has no debt and no hedging on its books. The Company reported a balance of approximately $6.1 million cash and equivalents as of March 31, 2015.
The Golden Minerals management team has a proven track record in all areas of mineral resource development, including acquisition and exploration, permitting, construction, ramp-up and optimization of production, commissioning all aspects of operations, mine reclamation and closure. Our executive team has held positions with major mining companies throughout the world.
*Silver equivalents include only silver and gold and are calculated using a ratio of 70:1 gold to silver. Resources as per Canadian National Instrument 43-101 ("NI-43-101") Technical Reports dated June 2012 (Velardeņa and El Quevar) and April 2015 (Santa Maria). Figures exclude the San Diego joint venture property. See "Resources and 43-101 Reports" page for complete details.