Contact Information: Golden Minerals Company Jerry W. Danni (303) 839-5060 Sr. Vice President Corporate Affairs
Golden Minerals Announces the Sale of Platosa Property
| Source: Golden Minerals Company
GOLDEN, CO--(Marketwire - November 16, 2009) - Golden Minerals Company ("Golden Minerals" or
the "Company") (TSX : AUM ) (PINKSHEETS : GDMN ) today announced the sale of
the Company's remaining 49% joint venture interest in the Platosa property
to Excellon Resources Inc. ("Excellon"), for US $2.0 million in cash and a
1% net smelter return royalty. Previous agreements between the Company and
Excellon, including a 2% net smelter return royalty previously granted,
were terminated in this transaction. Definitive agreements have been
executed, titles to the claims have been transferred and the US $2.0
million cash payment has been made by Excellon.
The Platosa property is located approximately 45 kilometers north of
Torreón, Mexico, outside of Golden Minerals' Zacatecas project and the
Company's strategic area of interest. The Company's Zacatecas Project,
which encompasses about 15,000 hectares and currently includes four main
target areas, is about 250 kilometers southeast of the Platosa property.
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 and the Zacatecas project in Mexico. 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 net smelter return on metals produced
from the mineral claims in Mexico sold by the Company to Excellon Resources
Inc. These statements are subject to risks and uncertainties, including
uncertainties regarding whether metals will be produced from the Platosa
property subject to the Company's net smelter return, whether net smelter
return payments will be made and future results of exploration drilling at
the Zacatecas project. 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 under
the securities laws, Apex Silver Mines Limited, for the year ended December
31, 2008.
For additional information please visit http://www.goldenminerals.com/ or
contact: