About Golden Minerals
Golden Minerals is a Delaware corporation based in Golden, Colorado, primarily engaged in the ramp-up and expansion of existing production at the Velardena Operations in Mexico and advancement of the evaluation stage El Quevar project in Argentina.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, and applicable Canadian securities laws, including statements regarding of the timing of anticipated mine development and production ramp-up at the Velardena Operations, anticipated production at the Velardena Operations for the third quarter 2012, anticipated annualized production rates at the Velardena Operations at 850 tonnes per day and 1,150 tonnes per day throughput rates, estimates of capital mine development costs for the ramp-up to 850 tonnes per day throughput and preliminary estimates of capital and mine development costs for the potential expansion to 1,150 tonnes per day throughput, preliminary estimates of cash operating cost per ounce at the Velardena Operations at 1,150 tonnes per day throughput rate, the timing of anticipated opening of new stopes for mining, plant optimization efforts, the sufficiency of mobile mining and other equipment on site for mine development activities, the potential expansion of Velardena Operations throughput rates to 1,150 tonnes per day using autoclave processing and the possible timing and processing components of such an expansion; the requirement for external funding for the ramp-up to 850 tonnes per day and for the planned expansion to 1,150 tonnes per day. These statements are subject to risks and uncertainties, including, as previously reported, the fact that, without external funding, the Company expects that its cash and investments will be depleted in the first quarter 2013; timing and availability of external funding to complete the ramp-up to 850 tonnes per day throughput and the planned expansion to 1,150 tonnes per day throughput; unexpected events at the Velardena Operations, including further delays or problems in mine development and plant optimization; operational changes or problems; variations in ore grade and relative amounts, grades and metallurgical characteristics of oxide and sulfide ores; delays or failure in receiving required board or government approvals or permits; technical, permitting, mining, metallurgical or processing issues; failure to achieve anticipated production and improvements in head grades, recoveries and concentrate production and quality at the Velardena Operations; delays in or failure to realize anticipated benefits of plant optimization efforts; failure to realize anticipated gold production increases from the addition of the bulk flotation process being commissioned at the oxide plant; failure to realize anticipated production or increases in production from the anticipated increase in mine development and the commencement of mining in new stopes; loss of and inability to adequately replace skilled mining and management personnel; possible disputes with customers or joint venture partners; failure of undeveloped ore or veins to meet expectations; interpretations and changes in interpretations of geologic information; volatility or other changes in the U.S. and Canadian securities markets; availability and cost of materials, supplies and electrical power required for mining operations and exploration; fluctuations in silver, gold, zinc and lead prices, costs and general economic conditions; changes in political conditions, tax, environmental and other laws; and diminution of physical safety of employees in Mexico, and other conditions in the countries in which the Company operates. 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 for the year ended December 31, 2011.Non-GAAP Financial Measures In this press release, we use the term "cash operating cost per ounce" which is considered a Non-GAAP financial measure as defined in SEC Regulation S-K Item 10 and applicable Canadian securities law and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). There are material limitations associated with the use of such non-GAAP measures. Since these measures do not incorporate revenues, changes in working capital and non-operating cash costs, they are not necessarily indicative of operating profit or cash flow from operations as determined under GAAP. Changes in numerous factors including, but not limited to, mining rates, milling rates, ore grade, recoveries, costs of labor, consumables and mine site general and administrative activities can cause these measures to increase or decrease. We believe that these measures are similar to the measures of other silver mining companies, but may not be comparable to similarly titled measures in every instance.
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