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Press release from Marketwire

Golden Minerals Continues to Drill High Grade Silver With Wide Intercepts at the Yaxtche Deposit

Thursday, December 08, 2011

Golden Minerals Continues to Drill High Grade Silver With Wide Intercepts at the Yaxtche Deposit07:30 EST Thursday, December 08, 2011GOLDEN, CO--(Marketwire - December 08, 2011) - Golden Minerals Company </b>(NYSE Amex: AUMN) (TSX: AUM) ("Golden Minerals" or "the Company") is pleased to provide additional assay results from the Company's drilling program at the Yaxtche deposit on the El Quevar project, located in the Salta Province in northwestern Argentina.Recent infill drilling at the west Yaxtche deposit, located on the 58,000 hectare El Quevar project, continues to intersect high grade silver with relatively wide intercepts. Drill hole QVD-344 contained 11 meters of 467 grams per tonne silver, including two meters of 1,204 grams per tonne. Drill hole QVD-348 contained 16 meters of 889 grams per tonne silver, including 11 meters of 1,160 grams per tonne. Drill hole QVD-352 contained 26 meters of 535 grams per tonne silver, including three meters of 1,046 grams per tonne, and an additional six meter intercept of 1,151 grams per tonne.Jeffrey Clevenger, Golden Minerals Chairman, President and CEO, commented, "We continue to be encouraged by the drilling of relatively wide, high grade silver intercepts at the Yaxtche deposit." In addition, Mr. Clevenger noted, "This further suggests that the Yaxtche deposit may be amenable to bulk mining, which data from the current infill drilling program is designed to support."Bulk mining could include a potential open pit on the east and central areas of the Yaxtche deposit, along with bulk underground mining in the west. In addition to the surface infill drilling, an underground drill program has been developed for the east and central Yaxtche deposit, with a 1,300 meter fan drilling program planned for the next several months.The surface infill drilling is part of up to a 50 hole diamond core drilling program on the Yaxtche deposit, which is the main zone at the El Quevar project. The Company has received assay results for 16 holes to date, with assays pending for an additional 13 holes.Select drill intercepts for the 16 drill holes for which assays have been received and quality assurance/quality control ("QA/QC") verified, are provided below. Four of the holes shown on the following table were drilled outside of the mineralized zone and did not show any significant results.---------------------------------------------------------------------------- INTERVAL AgDRILL HOLE NO. FROM (meters) TO (meters) (meters) (grams/tonne)----------------------------------------------------------------------------Yaxtche West Zone--------------------------------------------------------------------------------------------------------------------------------------------------------QVD-337 No significant results----------------------------------------------------------------------------QVD-338 232 243 11 173----------------------------------------------------------------------------Including 235 237 2 513----------------------------------------------------------------------------and 254 258 4 501----------------------------------------------------------------------------QVD-339 266 271 5 207----------------------------------------------------------------------------QVD-340 No significant results----------------------------------------------------------------------------QVD-341 244 246 2 295----------------------------------------------------------------------------and 254 257 3 151----------------------------------------------------------------------------and 268 272 4 220----------------------------------------------------------------------------and 279 281 2 385----------------------------------------------------------------------------and 284 294 10 211----------------------------------------------------------------------------and 309 322 13 440----------------------------------------------------------------------------including 317 321 4 878----------------------------------------------------------------------------and 355 360 5 136----------------------------------------------------------------------------QVD-342 237 262 25 653----------------------------------------------------------------------------including 239 249 10 1168----------------------------------------------------------------------------QVD-343 267 269 2 294----------------------------------------------------------------------------and 277 282 5 215----------------------------------------------------------------------------and 295 312 17 252----------------------------------------------------------------------------including 298 301 3 862----------------------------------------------------------------------------QVD-344 275 277 2 594----------------------------------------------------------------------------and 289 300 11 467----------------------------------------------------------------------------including 293 295 2 1204----------------------------------------------------------------------------and 322 326 4 175----------------------------------------------------------------------------and 353 355 3 327----------------------------------------------------------------------------QVD-345 No significant results----------------------------------------------------------------------------QVD-346 233 243 10 401----------------------------------------------------------------------------and 253 256 3 244----------------------------------------------------------------------------and 272 274 2 285----------------------------------------------------------------------------and 278 279 1 853----------------------------------------------------------------------------and 298 303 5 148----------------------------------------------------------------------------QVD-347 320 329 9 216----------------------------------------------------------------------------and 389 391 2 324----------------------------------------------------------------------------QVD-348 243 248 5 632----------------------------------------------------------------------------and 253 254 1 311----------------------------------------------------------------------------and 262 263 1 1113----------------------------------------------------------------------------and 334 350 16 889----------------------------------------------------------------------------including 339 350 11 1160----------------------------------------------------------------------------and 365 370 5 329----------------------------------------------------------------------------QVD-349 No significant results----------------------------------------------------------------------------QVD-350 297 308 11 285----------------------------------------------------------------------------QVD-351 300 315 15 309----------------------------------------------------------------------------QVD-352 245 271 26 535----------------------------------------------------------------------------including 245 248 3 1046----------------------------------------------------------------------------and 256 262 6 1151----------------------------------------------------------------------------and 268 271 3 158----------------------------------------------------------------------------and 280 281 1 390----------------------------------------------------------------------------and 285 287 2 207----------------------------------------------------------------------------and 299 301 2 289----------------------------------------------------------------------------and 323 328 5 178----------------------------------------------------------------------------and 342 347 5 270----------------------------------------------------------------------------Drill intercepts are based on a 100 gram per tonne silver cut-off with some internal intervals of lower grade for continuity and no upper cut-off. Drill intercept lengths are down-hole lengths reflecting apparent widths of mineralization with true widths ranging from 75% to 95% of the reported down-hole lengths.All drill intercepts for the holes at El Quevar for which the Company has received and verified results are available at http://www.goldenminerals.com/.An updated Canadian National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate on El Quevar is being prepared by the independent consulting firm of Pincock, Allen and Holt (PAH). The updated resource estimate for the El Quevar project is expected about year-end 2011.Review by Qualified Person, Quality Control and Reports </b>Results of the Company's drilling program 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 NI 43-101. Mr. Blakestad has over 35 years of mineral exploration experience and is a Professional Geoscientist and a member of the Society for Mining, Metallurgy and Exploration.To ensure reliable sample results, Golden Minerals uses a quality assurance/quality control program 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. Sample preparation (crushing and pulverizing) is performed at an independent ISO 9001:2001 certified laboratory in Mendoza, Argentina. Prepared samples are direct-shipped to ISO 9001:2001 certified laboratories in Santiago, Chile or Vancouver, B.C. Pulp splits of mineralized intervals are re-assayed at certified independent referee laboratories in Chile and Canada.Velardena Resource</b>The Company previously announced that the independent consulting firm of Chlumsky Armbrust and Meyer (CAM) has been retained to provide an updated NI 43-101 compliant resource estimate for the Velardena Operations, located in the Durango State of Mexico, with completion expected about year-end 2011. As a result of the need to re-assay a significant number of samples to ensure that required quality control and quality assurance is maintained for a NI 43-101 compliant report, the updated resource estimate is now expected to be completed towards the end of the first quarter 2012.About Golden Minerals </b>Golden Minerals is a Delaware corporation based in Golden, Colorado, primarily engaged in the ramp-up and expansion of existing production at the Velardena and Chicago Mines in Mexico and advancement of the evaluation stage El Quevar project in Argentina. The Company has a large portfolio of exploration projects, including the advanced stage Zacatecas project in Mexico and drilling stage projects in Argentina and Peru. The Company's experienced management team has proven in-house ability to explore, develop and operate mining projects.Forward-Looking Statements </b>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 project, including planned and potential exploration and development activities, anticipated timing and scope of further drilling activities, anticipated amenability of the Yaxtche deposit to open pit and underground bulk mining, and possible interpretations of the results of infill drilling; and the timing of completion of the El Quevar and Velardena resource estimate. These statements are subject to risks and uncertainties, including results of exploration, including the additional planned drilling at El Quevar; changes in geological, geostatistical and other interpretations of the Yaxtche and Velardena deposits; unfavorable interpretations of geologic information, including interpretations that the Yaxtche deposit is not amenable to bulk mining; delays in obtaining results of Velardena re-assays and other delays in completing the planned updated Canadian National instrument 43-101 compliant resource estimates for Velardena and El Quevar; availability of drills; unexpected variations in ore grade, types and metallurgy; uncertainties regarding whether the El Quevar and Velardena resource and mine models will be confirmed; fluctuations in silver, gold, zinc, lead and other metal prices; technical and permitting issues; increases in cost or other problems that might negatively affect the Company in conducting planned drilling and exploration activities and otherwise advancing the El Quevar project; and financial market conditions. 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 Company's Annual Report on Form 10-K for the year ended December 31, 2010. For additional information please visit http://www.goldenminerals.com/ or contact:FOR FURTHER INFORMATION PLEASE CONTACT: Jerry W. DanniGolden Minerals Company(303) 839-5060Executive Vice President