GOLDEN, Colo., Jan. 25, 2013 /PRNewswire/ – Golden Minerals Company (NYSE MKT: AUMN; TSX: AUM) ("Golden Minerals" or "the Company") is pleased to provide positive results from a recent drill program at El Quevar. This drilling was not included in the 8 June 2012 43-101 Resource Estimate report. El Quevar is located in the Salta Province of northwestern Argentina.
The program included 16 core holes totaling approximately 2,400 meters. The Company has received results from drill hole QVD-378 located one kilometer (km) east of the previously defined Yaxtche deposit. The new drill hole intersected eight meters (drill width) with an average grade of 779 grams per tonne silver (25 ounces per ton: 779 parts per million (ppm)) from 25 meters to 33 meters. The intercept is located along the Yaxtche mineralized trend and may represent a significant extension of the deposit. A resource was reported at Yaxtche dated 8 June 2012 containing an indicated resource of 32 million oz of silver and an inferred resource of 30 million ounces of silver in a high sulfidation, structurally controlled deposit along a 1.5 km strike length. True widths are not definitive but the drill hole crossed the mineralized zone at a high angle. QVD 378 is north of previous drilling designed to evaluate the projected strike continuation of the Yaxtche zone in this area. More drilling is needed to establish the continuity and grade, both laterally and to depth.The Company has also received positive results from a drill hole which is a 475 meter step out along the Quevar North structure that hosts the previously-described Sharon target, located approximately 5 km north of the Yaxtche deposit. Drill hole QVD-383 cut a three meter interval (drill width) grading 374 grams per tonne silver (12 ounces per ton: 374 ppm) from 27 meters to 30 meters within a broader zone of six meters averaging 229 ppm silver from 24 meters to 30 meters. The true width is not definitive although the core appears to cut mineralized structures at a high angle, indicating that true widths are approximately 70 to 90% of observed thicknesses. This new hole demonstrates the possible continuation of mineralization found in hole QND-002, drilled in 2010 at the Sharon target. This older drill hole cut mineralization from 63 meters to 91 meters, with 28 meters averaging 1,302 ppm silver (41.8 ounces per ton) and containing higher grade intervals of six meters of 3,113 ppm silver between 63 meters and 69 meters and five meters of 2,572 ppm silver from 85 meters to 90 meters. The Company believes the mineralized zone at Quevar North to be similar in structural control to the Yaxtche zone.