Zacatecas

Title and Ownership Rights

In the Zacatecas project, Golden Minerals controls approximately 190 concessions totaling approximately 15,000 hectares. Of these concessions, all but four are 100% owned by us. We hold the remaining four concessions under purchase options with private owners with option payments of $375,000 in 2011 and $204,000 in 2012.

To maintain all of the concessions, we also pay approximately $62,500 per year to the Mexican government.