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Golden Minerals is a junior silver producer with a strong growth profile, listed on both the NYSE Amex and TSX.

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Message: What does 2000 share of ECU buy?

At today's ecu closing share price of $0.64, 2000 shares costs $1280. This amount of money will buy 1 ounce of gold or 64 ounces of silver at $20 per ounce.

ECU currently has 307,286,733 shares outstanding. The 2000 shares thus represents 0.0006508% ownership of the company and its resource.

Based on ECU's December 2008 NI43-101 report, the mineral resource contains the following amounts of gold and silver (million ounces)

Measured & Indicated - 0.293 MO gold, 16.13 MO silver

Inferred - 1.757 MO gold, 135.41 MO silver

Potential min - 3.794 MO gold, 277.50 MO silver

Potential max - 5.775 MO gold, 468.17 MO silver

If we add the measured & indicated plus inferred plus maximum potential, we have 7.825 million ounces of gold and 619.71 million ounces of silver. For anyone new to this company, these are not pie in the sky numbers. These numbers were estimated by the engineering firm Micon. ECU's veins have shown great continuity,and the actual grades are better than the drill core asseys. The precious metal grades and widths also continue to improve at depth. Also right before the resource report was released, ECU discovered massive suphides at depth, and these metals are not included in the resource report. Last, the precious metal prices used in the 2008 resource report were $775 for gold and $14 for silver. The current prices of $1256.50 for gold and $19.17 for silver mean previously marginal mineral veins are now profitable and the resource is even larger.

Based on the total resource of 7.825 million ounces of gold and 619.71 million ounces of silver, the purchase of 2000 shares of ECU represents ownership of 50.9 ounces of gold plus 4033 ounces of silver. The value of these metals at current prices is $141,268. This represents leverage on the 2000 share purchase price costing $1,280, in the amount of 110.36x. This means ECU is selling at less than 1% of its likely precious metal resource. Regards,

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