In addition to El Quevar, Golden Minerals controls an exploration portfolio of approximately 40 properties located primarily in various traditional precious metals producing regions of Mexico and South America. During 2012 and the first quarter 2013, the Company completed exploration property sales totaling approximately $9.0 million and relinquished other properties that were no longer of interest, thus reducing our portfolio from about 80 properties at the beginning of 2012 to about 40 properties as of early March, 2013. We expect to continue our efforts to sell and divest approximately half of our remaining exploration properties during 2013, and plan to focus future exploration efforts on a few selected targets in Argentina and Mexico.
During 2013, Golden expects to incur exploration expenditures of approximately $5.0 million, a reduction of approximately 75 percent from 2011 levels.
None of these properties have established proven or probable ore reserves.