Golden Minerals Announces Drill Program at Mogotes Property and Additional Project Activities
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GOLDEN MINERALS COMPANY
350 Indiana Street – Suite 800 – Golden, Colorado 80401 – Telephone (303) 839-5060 – Fax (303) 839-5907
4387791.1
GOLDEN MINERALS ANNOUNCES DRILL PROGRAM AT MOGOTES PROPERTY AND
ADDITIONAL PROJECT ACTIVITIES
GOLDEN, CO, September 15, 2017 (GLOBE NEWSWIRE) ‐‐ Golden Minerals Company (“Golden Minerals”,
“Golden” or “the Company”) (NYSE American and TSX: AUMN) is pleased to share a business update,
including:
1,500 meter initial drill program at its Mogotes property (Durango, Mexico) is scheduled to start
the week of September 18, 2017
Dewatering of El Quevar underground workings is planned to accommodate a potential drill
program (Salta, Argentina)
A re‐modeling of El Quevar’s silver deposit resource is underway to identify a potentially economic
resource in the core of the Yaxtché deposit
Argentina Value Added Tax (“VAT”) refunds received totaling US$1.1 million in second and third
quarters of 2017
Further to the Company’s September 7, 2017 news release announcing the start of a new drill
program at its Santa Maria property (Chihuahua, Mexico), three holes totaling 700 meters have
been completed as of September 11, 2017, with drilling ongoing
Golden Minerals President and Chief Executive Officer Warren M. Rehn commented, “We are dedicated
to unlocking the full value of our existing resources and infrastructure in Mexico and Argentina. The drill
program at Mogotes is a first test of an extensive altered area that shows signs of being a productive
epithermal system hosted in volcanic rocks within a few kilometers of our existing mills at Velardeña.
Surface values from channel samples show strongly anomalous gold, arsenic and antimony values
associated with hydrothermal breccia veins and silicification along a major fault structure.
“Further geologic investigation underpinned by a re‐logging effort at El Quevar has led us to re‐model the
higher grade portion of the existing silver resource with the goal of identifying a smaller but higher grade
and potentially economic silver resource at current metal prices. This project is ongoing and we expect
to report results around year end. We now have the financial resources to move the El Quevar project
forward to the next step ourselves. The improved business investment climate in Argentina underscores
the timeliness of this focus.
“Lastly, I want to reiterate that our financial resources continue to improve and allow us to increase
spending on our exploration programs. We reported a cash balance at the end of June of $2.7 million and
have recently reported the receipt of an additional $2.0 million from Hecla securing the option to continue
the oxide plant lease, and finally the VAT refunds from Argentina reported here.”
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GOLDEN MINERALS COMPANY
350 Indiana Street – Suite 800 – Golden, Colorado 80401 – Telephone (303) 839-5060 – Fax (303) 839-5907
Mogotes
Golden Minerals has contracted to start a 1,500 meter drill program on its Mogotes property next week
on the El Mogote claim located 7 kilometers southeast of the town of Velardeña, Durango, Mexico. The
drill program is planned to test an area of silicifcation and breccias hosted in andesitic volcanic rocks. The
altered area is exposed over a strike length of 1.5 kilometers and a width of about 500 meters. The
breccias are interpreted to be a combination of fault breccias and hydrothermal breccias associated with
strong silicification controlled in part by a northwest striking southwest dipping normal fault that
juxtaposes Tertiary volcanics west of the fault against Cretaceous limestone east of the fault. The altered
area has a strong geochemical signature of widespread anomalously high arsenic and antimony with
erratic values of gold up to 1.8 ppm from surface rock samples.
Golden plans to drill seven holes totaling 1,500 meters in this initial test of the Mogotes East target. The
Company is targeting veins and breccias that may be associated with the exposed hydrothermal alteration
and anomalous geochemistry, and expects to encounter sulfide mineralization at depths of less than 200
meters below surface.
The Mogotes property was purchased from Silver Standard Resources in 2015 and is wholly owned by one
of Golden Minerals’ Mexican subsidiaries, subject to a 2 percent Net Smelter Return royalty to Silver
Standard and a pre‐existing finder’s fee agreement (2 percent of direct exploration and development
expenditures, capped at $270,000).
El Quevar
The company has applied for a permit to dewater the underground mine workings at its El Quevar silver
project located in Salta, Argentina, to evaluate the possibility of exploration drilling from underground in
conjunction with a current project to re‐model the existing silver resource at the Yaxtché deposit. Based
on the previous resource model results and using a higher cutoff grade for silver, Golden is evaluating the
potential to define a smaller but higher grade silver resource in the core of the previously defined Yaxtché
deposit that could be amenable to potentially profitable underground mining and flotation processing.
Argentina VAT Refund
Golden is pleased to report that since April 2017, the Company has received US$1.1 million in refunds of
previous VAT payments made in Argentina during 2012 and 2013. The refunds, available through certain
provisions in the Argentina Mining Investment Law, have been pending for several years, but were only
recently approved for payment by the Argentine tax authority. The added cash allows Golden more
flexibility in advancing its exploration projects, particularly at El Quevar.
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GOLDEN MINERALS COMPANY
350 Indiana Street – Suite 800 – Golden, Colorado 80401 – Telephone (303) 839-5060 – Fax (303) 839-5907
About Golden Minerals
Golden Minerals is a Delaware corporation based in Golden, Colorado. The Company is primarily focused
on acquiring and advancing mining properties in Mexico with emphasis on areas near its Velardeña
processing plants.
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, including statements relating to expectations regarding
future drilling plans at Mogotes, and the timing and expectations of evaluation activities at El Quevar.
These statements are subject to risks and uncertainties, including changes in interpretations of geological,
geostatistical, metallurgical, mining or processing information and interpretations of the information
resulting from future exploration, analysis or mining and processing experience, new information from
drilling programs or other exploration or analysis, unexpected variations in mineral grades, types and
metallurgy, fluctuations in silver and gold metal prices, increases in costs and declines in general economic
conditions, and changes in political conditions, in tax, royalty, environmental and other laws in Mexico or
Argentina, and financial market conditions. 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 and Exchange Commission by Golden Minerals, including the Company’s Annual
Report on Form 10‐K for the year ended December 31, 2016.
For additional information please visit http://www.goldenminerals.com/ or contact:
Golden Minerals Company
Karen Winkler
Director of Investor Relations
(303) 839‐5060
SOURCE: Golden Minerals Company