Golden Minerals Announces Start of New Drill Program at Santa Maria
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GOLDEN MINERALS COMPANY
350 Indiana Street – Suite 800 – Golden, Colorado 80401 – Telephone (303) 839-5060 – Fax (303) 839-5907
4384613.1
GOLDEN MINERALS ANNOUNCES START OF NEW DRILL PROGRAM AT SANTA MARIA
Golden, Colorado ‐ (GLOBE NEWSWIRE) ‐ September 7, 2017 – Golden Minerals Company (NYSE
American and TSX: AUMN) (“Golden Minerals”, “Golden” or “the Company”) is pleased to announce
the start of a new drill program at its Santa Maria silver and gold project located near Santa
Barbara in Chihuahua State, Mexico.
The drill program targets extensions of the vein deposit described in the previous Preliminary
Economic Assessment (“PEA”) and resource update reported March 30, 2017.
Drilling commenced August 25, 2017. Two holes have been completed to date, SM17 ‐01 and
SM17 ‐15, both with visible mineralized intercepts. These two holes bracket the western and
eastern limits of the strike extent of the vein currently being tested. Assay results are pending
and initial results are expected to be available early in the fourth quarter 2017.
Golden Minerals recently acquired the right to purchase claims that cover the eastward
extension of the Santa Maria vein, as reported in August 2017. The new claims provide a 600
meter potential extension to the strike length of the vein system and add substantial downdip
expansion potential. Surface exposures of the vein on the new claims have yielded values of
silver and gold over potentially minable widths of a magnitude similar to the existing resource
grade.
The drill program now underway is designed to expand the current resource by drilling at least
eight holes totaling 1,500 meters along 400 meters of the projected strike extension of the vein
system adjacent to and east of the existing resource. Golden has begun this drill program with
the goal of at least doubling the size of the existing resource.
Santa Maria Mineral Resource Estimate Dated March 30, 2017
Indicated and Inferred mineral resource estimates as previously reported and dated March 30, 2017 for
Santa Maria are shown as follows:
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GOLDEN MINERALS COMPANY
350 Indiana Street – Suite 800 – Golden, Colorado 80401 – Telephone (303) 839-5060 – Fax (303) 839-5907
Property Title and Ownership
Golden has the right to acquire the Santa Maria property under an option agreement that requires
approximately $1.4 million more in payments over the next four years, a portion of which will be
subject to a two percent Net Smelter Return royalty on production.
Cutoff Grade Ag toz Au toz AgEq toz
Recovered
AgEq g/t (M) (k) (M)
Indi ca ted 175 180,000 304 1.4 404 1.73 8.1 2.31 10%
Infe rred 175 120,000 343 1.0 411 1.37 3.9 1.64 19%
Notes:
(1) Mi ne ra l re s ource s ar e re porte d as dilut ed Tonnes and grade;
(2) Cutoff grade and Ag equivalent ca l cul a te d using metal prices of $17.30 and $1,222 per troy ounce of Ag and Au with a
ra ti o of 70.6:1, the three ye a r t r ailing av er age as of the end of December 2016;
(3) Cutoff applied to dilut ed Ag equiv alent blocks grades using re cove ri e s of 90% and 80% Ag and Au;
(4) Reported indic at ed mineral re s ource s ar e equivalent to miner alized material under SEC Industr y Guide 7, i nfe rre d
mineral re s ource is not a re cogni ze d ca tegory under SEC Industr y Guide 7; and
(5) Col umns may not tota l due to rounding.
Dilution%Classification Tonnes Ag g/t Au g/t AgEq g/t
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GOLDEN MINERALS COMPANY
350 Indiana Street – Suite 800 – Golden, Colorado 80401 – Telephone (303) 839-5060 – Fax (303) 839-5907
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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 Velardena
processing plants.
Cautionary Note to U.S. Investors concerning Estimates of Mineral Resources
This press release uses the terms “mineral resources”, “indicated mineral resources” and “inferred
mineral resources” which are defined in, and required to be disclosed by NI 43‐101. We advise U.S.
investors that these terms are not recognized by the SEC. The estimation of measured resources and
indicated resources involves greater uncertainty as to their existence and economic feasibility than the
estimation of proven and probable reserves. Mineral resources are not mineral reserves, and U.S.
investors are cautioned not to assume that mineral resources will be converted into reserves. The
estimation of inferred resources involves far greater uncertainty as to their existence and economic
viability than the estimation of other categories of resources. U.S. investors are cautioned not to assume
that estimates of inferred mineral resources exist, are economically mineable, or will be upgraded into
measured or indicated mineral resources.
Cautionary Statement regarding Mineralized Material
“Mineralized material” as used in this press release, although permissible under the SEC’s Industry Guide
7, does not indicate “reserves” by SEC standards. We cannot be certain that any deposits at the Santa
Maria project will ever be confirmed or converted into SEC Industry Guide 7 compliant “reserves”.
Investors are cautioned not to assume that all or any part of the disclosed mineralized material estimates
will ever be confirmed or converted into reserves or that mineralized material can be economically or
legally extracted.
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 regarding expectations for the Santa
Maria drill program, including expected timing of initial drill results, expansion potential for the existing
resource, and additional possible East extension, estimates of mineral resources for the Santa Maria
project, and other expectations regarding the Santa Maria project, including title and ownership matters.
These statements are subject to risks and uncertainties, including: changes in interpretations of
geological, geostatistical or metallurgical information; unexpected variations in mineral grades, types and
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GOLDEN MINERALS COMPANY
350 Indiana Street – Suite 800 – Golden, Colorado 80401 – Telephone (303) 839-5060 – Fax (303) 839-5907
metallurgy; fluctuations in silver and gold metal prices; failure of mined material or veins mined to meet
expectations; increases in costs and declines in general economic conditions; and changes in political
conditions, in tax, royalty, environmental and other laws in Mexico, 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 SEC 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