In early 2012, Golden Minerals controlled an extensive exploration portfolio that dated from Golden’s days as solely an exploration and development company. We announced in early 2012 that we intended to strategically monetize a number of these exploration assets in order to create value for the company and reduce exploration expenditures going forward. As of January 2012, Golden’s exploration portfolio included:

• Over 80 properties
• Approximately 535 claims and concessions
• Approximately 664,000 hectares in Argentina, Mexico, Peru and Chile

As of early 2013, Golden has generated approximately $9 million in proceeds from the sales of various royalties, subsidiaries, claims and other assets. We have relinquished approximately 200,000 hectares in Peru, Mexico and Argentina, thereby reducing ongoing expenditures. We have also consolidated our exploration management and administrative offices. The monetization process is expected to continue during 2013.

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