AUM: El Quevar Is Main Focus

CHRIS THOMPSON, Haywood Securities (11/09/2010)
"With an aggressive US$5M resource-expansion drill program currently underway to justify a district-scale operation, El Quevar remains Golden Minerals' main short-term focus and a key value driver The El Quevar project is host to the Yaxtche deposit, for which a revised resource was released this past summer, delineating a NI 43-101 global resource of some 60.5 Moz. silver (indicated resource of 0.9 Mt. grading 310 g/t silver and an inferred resource of 4.8 Mt. grading 336 g/t gold). The development of a production-grade portal is ongoing to allow for underground drilling and bulk sampling for metallurgical testing; 12 additional regional targets, identified for further exploration, provide the potential to expand the project resources and scope of mining operations.

For the remainder of 2010 at El Quevar, look for results from exploration and resource drilling, in addition to metallurgical test work and advancement of feasibility work. With an experienced management team, estimated treasury of US$135M from a recent financing and a portfolio of prospective properties, Golden Minerals offers investors exposure to grassroots exploration through to development-stage opportunities."

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