Golden Minerals Begins Mining Operations at Velardeña Silver-Gold Properties
Golden Minerals Begins Mining Operations at Velardeña Silver-Gold
Properties
GOLDEN, Colo.--(BUSINESS WIRE)--January 23, 2024--Golden Minerals Company (“Golden
Minerals,” “Golden” or the “Company”) (NYSE-A: AUMN and TSX: AUMN) is pleased to
announce that on December 18, 2023, it began silver-gold mining operations at its Velardeña
Properties, located in Durango State, Mexico.
The Company has begun mining in six stopes and is steadily ramping up daily production to
reach a rate of approximately 150 tonnes per day (“tpd”) in March, and ultimately a full
production rate of approximately 325 tpd in the second quarter.
The restart of mining operations follows the Company’s announcement in November 2023 that it
had also begun producing gold-rich pyrite flotation concentrates from Velardeña. The
concentrates come from material that has been stockpiled at the Velardeña Properties since the
fourth quarter of 2015, when the mines were last operational. At that point, mining activities
were suspended when a combination of low metals prices, mining dilution and metallurgical
challenges rendered operations unprofitable. The Company elected to preserve the asset for
future use, and since that time has evaluated a number of mining methods and processing
alternatives that could enable sustainable profitable operations. The December 2023 restart of
mining represents the culmination of that work. The Company anticipates continuing to produce
the pyrite concentrates until such time that mine production can sustain continuous operation of
the flotation plant to produce the three concentrates, lead-silver, zinc, and pyrite-gold from newly
mined material.
About Golden Minerals
Golden Minerals is a gold and silver mining company based in Golden, Colorado. The Company
is primarily focused on ramping up production at its Velardeña Properties and advancing its
Yoquivo property in Mexico, and, through partner-funded exploration, advancing its El Quevar
silver property in Argentina. The Company is also focused on acquiring and advancing selected
mining properties in Mexico, Nevada and Argentina.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and applicable Canadian securities legislation, such as statements regarding the
Velardeña Properties, including tpd production projections in February 2024 and by the end of
the first quarter of 2024, plans to continue processing previously stockpiled pyrite concentrates
until such time that mine production can sustain continuous operation of the flotation plant to
produce concentrates from newly mined material. These statements are subject to risks and
uncertainties, including increases in costs and declines in general economic conditions; changes
in current payable terms for gold and silver bearing pyrite concentrates; changes in political
conditions, in tax, royalty, environmental and other laws in Mexico and other market conditions;
unanticipated variations in grade; challenges associated with our proposed mining plans,
including difficulties in controlling grade dilution and interruptions in mining; and variations in
the anticipated costs to restart Velardeña, Golden Minerals assumes no obligation to update this
information. Additional risks relating to Golden Minerals may be found in the periodic and
current reports filed with the Securities & Exchange Commission by Golden Minerals, including
the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
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For additional information, please visit http://www.goldenminerals.com/
Contacts
Golden Minerals Company
Karen Winkler, Director of Investor Relations
(303) 764-9170