Golden Minerals controls an extensive exploration portfolio of more than 80 properties. During 2012, the company will look for opportunities to strategically monetize a number of these exploration assets as we intensify our focus on production and near-production. Monetization is expected to both create value for the company and reduce our exploration expenditures going forward.

• 83 total properties in exploration portfolio
• Approximately 535 claims and concessions
• Approximately 664,000 hectares in Argentina, Mexico, Peru and Chile

Exploration properties include the Advanced Exploration stage Zacatecas project. Other properties include:

Atlas (Argentina)

• Located in the Deseado Massif area near Cerro Vanguardia
• Epithermal veins up to 10 meters in width, with up to 10 g/t Au in outcrop samples

Cochabamba (Peru)

• Veins and breccias in Tertiary volcanic rocks
• Near the San Luis deposit controlled by Silver Standard
• Sampling has returned up to 14 g/t Au and 450 g/t Ag

None of these properties have established proven or probable ore reserves.