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 reportedDrill 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