El Quevar

Drill Results
The infill program finished December 2009 achieved nominal spacing of approximately 25 to 30 meters for intercepts in the main zone and 50 to 100 meters on the east and west extensions. The drill holes are generally angle holes oriented perpendicular to the interpreted trend of the mineralized zone. Prior to the current drilling program, the Yaxtche mineralized zone had been defined along about 725 meters of strike length, and to a depth of 150 to 250 meters down-dip. The current drilling has confirmed that the Yaxtche mineralization continues at least 950 meters west of the previously defined central zone. Drill holes QVD-079 and -080, reported previously, have confirmed that the Yaxtche zone also extends at least 600 meters east of the central zone. The total strike length of the Yaxtche zone is now more than 2.2 kilometers, remaining open laterally and at depth.

The Company has also identified, but not yet tested, additional target areas on the El Quevar project area. An initial nine hole drilling program totaling approximately 630 meters was conducted on the Viejo Campo target, located about six kilometers to the north of the Yaxtche zone. Silver intersections from the drilling program included 7.8 meters with 200 grams per tonne and 1.9 meters with 395 grams per tonne. An additional program of drilling designed to test the structures at greater depth is planned for early 2010.

Our work has identified at least 13 potential zones of mineralization, including the Yaxtché zone. We plan to continue to advance these targets and expect to drill test several of them in 2010.

Golden Minerals provided to CAM a Yaxtché database with 195 diamond core drillholes containing over 31,000 one-meter assay composites, plus 37 trenches containing 580 one-meter composites. Data from 156 drillholes and 3 trenches were used in the current estimate. Trenches were treated geostatistically as low-angle drillholes. Much of the length of the trenches did not penetrate through overburden, and the trench data thus contain less than 3 percent of the mineralized composites.

The initial database was filtered to exclude drillholes and trenches outside the Yaxtché model boundaries, and those which were drilled too far north or south, or too shallow to pass through overburden, and thus did not intercept the zone.

The procedures utilized for handling of core, preparation and assaying of samples, and QA/QC protocols were reviewed by CAM and found to be fully compliant with NI 43-101 standards, and the database is believed by CAM to be appropriate for estimation of mineral resources.

Summary of Indicated Resources, Yaxtché Central and West Zones	Summary of Inferred Resources, Yaxtché Central and West Zones

Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. The quantity and grade of reported inferred resources in this estimation are conceptual in nature. There has been insufficient exploration to define an indicated mineral resource on the property, and it is uncertain if further exploration will result in discovery of an indicated or measured mineral resource on the property.

The mineral resources in this estimate were calculated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council on December 11, 2005.

Viejo Campo
Viejo Campo is located approximately 6 km north of the Yaxtche target. We have two structures identified (bodies of hydrotherman breccias).

One structure is Jenna with a strike zone of +600 meters and 5 meters wide. Out of the 45 samples, 36 returned an average of 164 g/t silver. 7 meteres returned 846 g/t silver in surface sampling.

The other structure is Pamela, with a 150 meters strike zone (outcropping) and 5 meters wide. From surface samples we obtained an average of 148 g/t silver and values up to 505 g/t silver and 1.27% lead.

A initial 9-hole drill program totaling 630 meters was conducted. Silver intersections from the drilling program included 7.8 meters with 200 grams per tonne and 1.9 meters with 395 grams per tonne. An additional program of drilling designed to test the structures at greater depth is planned for early 2010.

Maps

Assay and Drill Results

El Quevar Project — 43-101 Compliant Technical Reports

Under standards promulgated by the SEC, a deposit reported as "mineralized material" does not qualify as a reserve until comprehensive evaluation, based upon unit costs, grade, recoveries, and other factors concludes economic and legal feasibility. The Yaxtché deposit may never be classified as reserves under SEC standards and it may not be economically feasible to extract any portion of the deposit.

Cautionary Note regarding Estimates of Measured, Indicated and Inferred Resources: The United States Securities and Exchange Commission permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this presentation, such as “indicated” and “inferred resources” that the SEC guidelines strictly prohibit us from including in our filings with the SEC. US investors are cautioned not to assume that any or all of measured, indicated or inferred resources are economically or legally mineable or that these resources will ever be converted into reserves. US investors are urged to consider closely the disclosure in our Form 10-K and other SEC filings. You can review and obtain copies of these filings from the SEC’s website at http://www.sec.gov/edgar.shtml.