RESOURCES

NI 43-101 Resource – Velardeña District

Note: Silver Equivalent data calculated using pricing as outlined in Micon NI 43-101 technical report dated January 20, 2009. Prices include Ag $14, Au $775, Pb $0.9 and Zn $1.28. Figures do not include San Diego.

Resource Grade
Ag	179 g/t
Au	3.2 g/t
Pb	1.37%
Zn	1.69%		Micon NI 43-101 Technical Report dated January 20, 2009

Resource Discussion

A technical report for the Resource Estimate has been filed on SEDAR. The Resource Estimate was audited by MICON International Limited ("MICON").

Our objective in our exploration campaign has been to convert some of our Mineral Potential into the Inferred category. This was successfully done and we now have an inferred mineral inventory of 391 million oz and measured and indicated of 40 million oz of silver equivalent establishing Velardeña among the larger silver and gold projects in Mexico.

The growth of our mineral resource has shown remarkable advance. Exploration efforts at Velardeña have consistently yielded excellent results with several veins still open laterally and at depth. It is worthwhile to note that about 66% of our mineral inventory is comprised of precious metals. The high content of both gold and silver highlights the significance of this resource as a primary precious metal project."

Many of the veins and vein packages at Velardeña have demonstrated reliable evidence of lateral continuity in both directions and at depth. We are able to quantify this additional potential by providing an estimate of mineral potential ("Mineral Potential") which has been reviewed by MICON.

This Mineral Potential has been estimated on a silver and gold basis only and does not include any silver equivalent estimates derived from base metal values. A mineral potential is not a mineral resource, is conceptual in nature and must be stated as a range since it cannot be estimated to the same accuracy as a mineral resource. Disclosure of the Mineral Potential is compliant with NI 43-101 disclosure requirements and reflects the potential lateral and downward extensions of veins identified in the Resource Estimate.

Golden Minerals believes that the potential to increase mineral resources at Velardeña continues to be substantial. While the Mineral Potential is not included in the Resource Estimate, MICON has reviewed and approved the conceptual nature of the Mineral Potential.

The material increase in the Resource Estimate and the Mineral Potential was based solely on veins included in this resource estimation and does not incorporate other known veins identified through historical data within Velardeña, nor does it include the mineralized skarns. Insufficient data has been collected to estimate mineral resources in these other veins.

The Resource Estimate is based on 46 veins and includes the sum of mineral resources from the main Velardeña Property, the Chicago Property and 50% of the joint venture San Diego Property. All of these properties are within close proximity to each other. Additional veins at Velardeña, which are well known and have been identified through surface sampling and/or underground workings, require further evaluation. It is anticipated that more veins exist in the Velardeña Properties based on past geological mapping.

A cut-off value of US$45 per tonne (166 grams per tonne) was used for the narrow veins and was based on information derived from previous mining activities on the main Velardeña Property. A cut-off value of US$25 per tonne (92 grams per tonne) was used for the bulk tonnage vein packages and was based on previous bulk mining tests completed by ECU Silver. In determining the silver equivalent value, the Net Smelter Return ("NSR") value was calculated for each commodity based on metallurgical recoveries from the most recent tests and contracts for mineral concentrates treated from the mining activities on the Velardeña Property.

The qualified persons within the meaning of NI 43-101 responsible for the evaluation of the Resource Estimate are William J. Lewis, B.Sc., P. Geo., a senior geologist with MICON based in Toronto, Canada, and Michel Roy, P. Geo., the Chairman and CEO of ECU Silver at the time.

Cautionary Statements:
Readers are cautioned that there are no assurances that all or any part of the Resource Estimate or that all or any part of the Mineral Potential will be economically viable and although the information in this press release is based on the best available data the Company has collected to date, a material difference between the actual results and the Company's expectations may arise once further exploration is completed.

Until a prefeasibility study is completed, there are no assurances the release of an updated mineral resource will be economically viable.

The mineral potential of the Velardeña District property is conceptual in nature and there has been insufficient exploration conducted within the mineral potential evaluation to define a mineral resource. It is also uncertain if further exploration will result in the targets being delineated as mineral resources.