DRILL HOLE NUMBER FROM TO INTERVAL Ag
(meters) (meters) (meters) (grams/tonne)
------------ ------------ ------------ ------------
Central Yaxtché Zone (infill drilling)
------------ ------------ ------------ ------------
QVD-117* 67 78 11.0 470
------------ ------------ ------------ ------------
including 72 75 3.0 890
------------ ------------ ------------ ------------
QVD-125* 65 68 3.0 428
------------ ------------ ------------ ------------
QVD-130* 34 37 3.0 1152
------------ ------------ ------------ ------------
QVD-132* 16 19 3.0 407
------------ ------------ ------------ ------------
QVD-133* 6.3 10.3 4.0 474
------------ ------------ ------------ ------------
QVD-134* 38 40 2.0 705
------------ ------------ ------------ ------------
and 89 93 4.0 913
------------ ------------ ------------ ------------
including 92 93 1.0 2375
------------ ------------ ------------ ------------
QVD-136* 18 27 9.0 595
------------ ------------ ------------ ------------
including 25 26 1.0 2553
------------ ------------ ------------ ------------
QVD-144 47 58 11.0 446
------------ ------------ ------------ ------------
including 51 53 2.0 2063
------------ ------------ ------------ ------------
QVD-145 62 68 6.0 820
------------ ------------ ------------ ------------
including 63 64 1.0 3598
------------ ------------ ------------ ------------
QVD-147 84 87 3.0 433
------------ ------------ ------------ ------------
QVD-150 18 22 4.0 446
------------ ------------ ------------ ------------
including 18 19 1.0 1365
------------ ------------ ------------ ------------
QVD-151 49 51 2.0 716
------------ ------------ ------------ ------------
Western Extension
------------ ------------ ------------ ------------
QVD-141* 254 263 9.0 610
------------ ------------ ------------ ------------
including 255 256 1.0 1847
------------ ------------ ------------ ------------
and 268 276 7.0 430
------------ ------------ ------------ ------------
QVD-158 227 231.2 4.2 1032
------------ ------------ ------------ ------------
including 227 230 3.0 1317
------------ ------------ ------------ ------------
QVD-163 243 246 3.0 2571
------------ ------------ ------------ ------------
including 243 245 2.0 3696
------------ ------------ ------------ ------------
QVD-167 230 242 12.0 2916
------------ ------------ ------------ ------------
including 231 235 4.0 5604
------------ ------------ ------------ ------------
including 231 232 1.0 9659
------------ ------------ ------------ ------------
including 234 235 1.0 9649
------------ ------------ ------------ ------------
including 237 239 2.0 4504
------------ ------------ ------------ ------------
and 247 251 4.0 451
------------ ------------ ------------ ------------
QVD-171 178 195 17.0 508
------------ ------------ ------------ ------------
including 178 181 3.0 1246
------------ ------------ ------------ ------------
including 193 195 2.0 1012
------------ ------------ ------------ ------------
(*) - Drill holes from previous program; results not previously reported
Drill intercept lengths are down-hole lengths reflecting apparent widths of
mineralization with true widths ranging from 75% to 90% of the reported
down-hole lengths.
A drill hole location map and listing of all drill intercepts for the holes
at El Quevar for which we have received and verified results are available
at http://www.goldenminerals.com/.
The El Quevar project is located in Salta Province in northwestern
Argentina, where the Company controls mineral and surface rights to
approximately 64,200 hectares. Golden Minerals' exploration activities and
the majority of drilling to date have been concentrated on the Yaxtché
structure, an east-west trending, northerly dipping zone of mineralization
hosted in volcanic and intrusive rocks of Tertiary age. The Yaxtché zone
is located on mining claims that are part of a joint venture with
Hochschild Mining. Golden Minerals has earned a 65% interest in the joint
venture and can increase this interest to 80% by completing a feasibility
study by year-end 2010 and commencing production by year-end 2012.
The current infill program 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 Yaxtché 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 Yaxtché
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 Yaxtché zone also extends at least 600 meters east of
the central zone. The total strike length of the Yaxtché 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 Yaxtché 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.
PANUCO PROJECT, ZACATECAS, MEXICO
In addition to work at the El Quevar project, the Company continues to
advance several other projects located in Mexico, Peru and Chile. We have
completed a 10 hole drill test of our Panuco silver-gold target, located
north of the city of Zacatecas, Mexico, with encouraging initial results.
The Panuco area is one of several targets identified within our 14,900
hectare property holdings in the area.
The Panuco target area is comprised of two main veins hosted in sedimentary
rocks that outcrop for an aggregate of about five kilometers in a
northwesterly direction. Vein widths range from one to three meters.
Several small pits indicate mining of high-grade silver from oxidized
surface rocks during Colonial times. There has been no modern exploration
at Panuco. The Company has mapped the area in detail and collected
approximately 400 samples from the veins and wall rocks. The sample
results indicated silver values in the range of 30 to 500 grams per tonne
with gold values in the trace to 2.5 grams per tonne range.
The initial ten holes, totaling about 2,300 meters, were drilled on
horizontal spacing of 100 meters or more in order to obtain a generalized
test of the veins over a broad area. Four holes have been drilled on the
Tres Cruces vein and six on the Panuco vein. Once areas of significant
interest are identified, the Company plans to drill more closely spaced
holes to better define the mineralization. Six out of the ten holes drilled
had silver and gold mineralization, with silver values in the mineralized
intercepts ranging from 0.84 meters at 63 grams per tonne to 1.7 meters at
1,588 grams per tonne. Gold values in the mineralized holes ranged from
0.16 to 1.27 grams per tonne. All drill intercepts for the holes at Panuco
for which we have verified results will be available at
http://www.goldenminerals.com/.
Review by Qualified Person, Quality Control and Reports
Results of the Company's drilling programs reported in this press release
have been reviewed, verified, and compiled under the direction of the
Company's Senior Vice President of Exploration, Robert Blakestad, M.Sc.,
P.Geo, L.P.G.; a Qualified Person for the purpose of National Instrument
43-101. Mr. Blakestad has over 35 years of mineral exploration experience,
is a Professional Geoscientist registered in Nova Scotia and a Licensed
Professional Geologist in the state of Washington.
To ensure reliable sample results, Golden Minerals has a QA/QC program in
place that monitors the chain-of-custody of samples and includes the
insertion of blanks, duplicates, and certified reference standards in each
batch of samples. Core is photographed and sawn in half with one half
retained in a secured facility for verification purposes.
About Golden Minerals
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 portfolio of 35
exploration projects, primarily located in Argentina, Peru and Mexico,
including the advanced stage El Quevar project in the Salta Province of
northwestern Argentina. The Company's experienced management team has
proven in house ability to explore, develop and operate mining projects.
Golden Minerals operates the San Cristóbal mine in Bolivia for Sumitomo
Corporation under a Management Services Agreement.
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 exploration results and programs at the
El Quevar and Panuco projects, results and interpretation of results of
exploration activities, planned commencement of a pre-feasibility study at
El Quevar, the possibility of earning an additional interest in El Quevar
and planned exploration activities. These statements are subject to risks
and uncertainties, including financial market conditions, increases in
costs of materials and supplies used in mining and exploration activities,
future results of exploration at El Quevar and Panuco, variations in ore
grade and types, fluctuations in the prices of silver, gold and other
metals, technical and permitting issues, and the ability and success of the
Company in raising adequate capital. 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.
For additional information please visit http://www.goldenminerals.com/ or
contact:
Contact Information: Golden Minerals Company Jerry W. Danni (303) 839-5060 Sr. Vice President Corporate Affairs