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.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Golden Minerals Company
Jerry W. Danni
Sr. Vice President Corporate Affairs