GOLDEN, Colo., Oct. 11, 2012 /PRNewswire/ -- Golden Minerals Company (NYSE MKT: AUMN); (TSX: AUM) ("Golden Minerals" or "the Company") today provided production results from the Velardena Operations for the quarter ending September 30, 2012.
Payable production for the third quarter was approximately 120,000 ounces of silver and 1,900 ounces of gold, 28% higher for silver and 27% for gold, as compared to the second quarter, and 18% and 19% higher for silver and gold, respectively, as compared to the average quarterly payable production for the first half of 2012. For the first three quarters payable production was approximately 325,000 ounces of silver and 5,100 ounces of gold. Additionally, Velardena produced approximately 290,000 pounds of payable lead and 320,000 pounds of payable zinc in the third quarter and 700,000 pounds of lead and 930,000 pounds of zinc for the the first three quarters of 2012.
Jeffrey Clevenger, President and Chief Executive Officer, commented, "Our target for operationally positive cash flow beginning next year is on track with all of the equipment on site to achieve our mining ramp-up goals. Third quarter production is indicative of the progress being made by the team at Velardena."Mine development and ramp-up to the 850 tonne per day combined oxide and sulfide plant throughput is proceeding as planned, with a steady state run-rate of 850 tonnes per day anticipated in the third quarter of 2013. Engineering studies are also underway for the phased expansion to 1,150 ore tonnes per day.
About Golden Minerals Golden Minerals Company is a Delaware corporation based in Golden, Colorado, primarily engaged in silver and gold mining at its Velardena Operations in Mexico and advancement of the evaluation stage El Quevar project in Argentina.