Contact Information: CONTACT: Golden Minerals Company Jerry W. Danni (303) 839-5060 Sr. Vice President Corporate Affairs
Golden Minerals to Commence Trading on the Toronto Stock Exchange
| Source: Golden Minerals Company
DENVER, CO--(Marketwire - July 15, 2009) - Golden
Minerals Company ("Golden Minerals" or the "Company") (TSX : AUM )
announced today that its common stock has been approved for listing on the
Toronto Stock Exchange (the "TSX") under the ticker symbol "AUM". The
Company's common stock will commence trading on the TSX at the opening of
the market on Thursday, July 16, 2009. Canaccord Capital Corporation acted
as sponsor to Golden Minerals for the TSX listing application.
Golden Minerals Chairman, President and CEO, Jeffrey Clevenger, commented,
"We are pleased to commence trading on the TSX, the preeminent global stock
market for mining equities. We believe that the TSX listing will further
enhance our profile and liquidity in the capital markets."
Golden Minerals is a Delaware corporation based in Golden, Colorado,
primarily engaged in the advancement of its exploration projects and in
providing mine management services. The Company has a robust portfolio of
exploration projects, primarily located in Argentina, Peru and Mexico. The
El Quevar Project in northern Argentina is in an advanced stage of
exploration. The Company's experienced management team has proven in house
ability to explore, develop and operate mining projects. Golden Minerals
operates the San Cristobal mine in Bolivia for Sumitomo Corporation under a
Management Services Agreement. The Company also plans to actively pursue
growth through strategic opportunities, including acquisitions, joint
ventures and asset consolidations, and by utilizing its experienced
management team to provide mine services for fees and equity interests.
The Company has no debt and receives revenue from the San Cristobal
Management Services Agreement, royalties, and income from investments.
El Quevar Project
The El Quevar Project, located in the Salta Province in northwestern
Argentina, is characterized by silver-rich veins and disseminations hosted
in volcanic and intrusive rocks of Tertiary age. A total of 141 holes have
been drilled to date totaling about 26,000 meters of drilling. Of the 101
holes for which the Company has assays, 73 holes have intersected
significant silver mineralization of better than 100 grams per tonne. The
Company believes there are 14 potential zones of mineralization within the
65,000 hectare project area, including the Yaxtche zone, the focus of the
Company's current drilling program. Drilling of the Yaxtche zone has
established the presence of high-grade silver mineralization in parallel
structures aggregating more than 1.6 kilometers in length.
Recent intercepts in the Yaxtche zone include hole QVD-86, drilled
approximately 350 meters west of the previously defined central part of the
Yaxtche zone, where the Company intercepted 8 meters averaging 748 grams
per tonne silver from 218 meters to 226 meters, including one meter grading
2,666 grams per tonne silver, and QVD-087, drilled an additional 100 meters
west of QVD-086, where the Company intersected 11 meters averaging 351
grams per tonne silver from 298 meters to 309 meters down hole, including
one meter grading 1,466 grams per tonne silver. Drill holes QVD-079 and
QVD-080 were drilled approximately 150 meters and 350 meters east,
respectively, of the previously defined main zone and intersected one to
three meters averaging between 230 to 250 grams per tonne silver. Many of
the assay results from holes drilled further east and west of those
reported here and as infill holes in the main zone are pending. The
Company believes that true widths of the intercepts reported are from 75%
to 90% of the reported interval. Complete drill results can be found on
the Company web site, www.goldenminerals.com.
The Yaxtche zone remains open to the east and west, and at depth. Current
drilling has focused on extending the Yaxtche zone laterally and also on
in-fill drilling. The Company plans to commence a pre-feasibility study in
the fourth quarter 2009. The El Quevar Project is a joint venture with
Hochschild Mining, a Peruvian mining company. Golden Minerals currently
owns 65% of the Project and can earn up to an 80% interest by completing a
feasibility study by November 2010 and commencing production within two
years following completion of the feasibility study.
Quality Assurance and Control: To date, all drill samples are from diamond
core holes. Samples are sawn to obtain half core. The samples are shipped
directly in security sealed bags to an independent preparation facility in
Mendoza, Argentina (ISO 9001 certified). Samples shipped include regular
standards and blanks. Pulp samples are subsequently shipped to an
independent laboratory in Vancouver, Canada for analysis. Extra pulp
samples of each tenth sample are also prepared and are analyzed by a second
independent laboratory (ISO 9001 certified) as a check against the original
analysis.
The qualified person under National Instrument 43-101 of Canada responsible
for all technical data reported in this news release is Mr. Robert
Blakestad, P.Geo., Senior Vice President, Exploration for Golden Minerals.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning
of Section 27A of the Securities Act and Section 21E of the Exchange Act,
including statements regarding the commencement of trading on the TSX on
July 16, 2009, the belief that trading on the TSX will enhance the
Company's profile and capital markets liquidity, results of exploration
activities, planned commencement of a pre-feasibility study at El Quevar,
the possibility of earning an additional interest in El Quevar, the
continued management of the San Cristobal mine by Golden Minerals Company,
and the components of the Company's business strategy including its plan
to pursue growth opportunities. These statements are subject to risks and
uncertainties, including trading in the Company's common stock on the TSX
and trading of equities generally in the Company's business, financial
market conditions, whether operations will continue at the San Cristobal
mine and under the Management Services Agreement, increases in costs of
materials and supplies used in mining and exploration activities, future
results of exploration and the pre-feasibility study at El Quevar, and the
ability and success of the Company in raising adequate capital and
implementing its plans to pursue growth opportunities. Golden Minerals
Company assumes no obligation to update this information. Additional risks
relating to Golden Minerals Company may be found in the periodic and
current reports filed with the Securities Exchange Commission by Golden
Minerals Company, including the Annual Report on Form 10-K of its
predecessor for reporting purposes, Apex Silver Mines Limited, for the year
ended December 31, 2008.