Golden Minerals Company
PROJECTS – Project Pipeline

Golden Minerals owns mine operations in Durango State, Mexico. The Velardeņa Properties were acquired in September 2011 and contain a significant high-grade silver and gold resource with associated base metals that remains open at depth. Velardeņa achieved payable production of approximately 843,000 silver equivalent ounces during 2012 and 395,000 silver equivalent ounces in 2013 through the quarter ending June 30, 2013. (Production includes only silver and gold, with equivalents calculated using a 60:1 ratio for gold to silver.) On June 19, 2013, production was suspended primarily due to depressed precious metals prices. The property was put onto care and maintenance until such time as precious metals prices plus mining and processing plans support a cash positive outlook for the properties.

Further production potential comes from the Advanced Exploration stage El Quevar project in the Salta Province of Argentina, a 100 percent-controlled, 55,000-hectare silver project with District potential. In addition, Golden controls a portfolio of roughly 30 exploration properties located in or near historical precious metals mining areas in Mexico and Argentina.

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