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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: IR response to questions

From: Michel Roy <mroy@ecu.ca>
Subject: RE: ECU Press Release
To: "'MARK BUTLER'" <
mark_butler@rogers.com>
Date: Tuesday, August 31, 2010, 7:11 PM

Hi Mark

Here are the answers:

The vein is oxide mineralization in that portion, however, past metallurgical tests on oxides from that area have yielded excellent recover of precious and base metals. So we will have the options of processing that material in either of our current mill.

Effectively when including this in a resources estimates, we would dilute it to 1 meter as we assume it would be mined by the shrinkage mining method. If we were to calculate the resources using a “resuing” mining method, we would dilute the cut by 20% only but we have not been using this method in studies so far even if we tested it underground.

Hope it answers the questions!

Best

Michel

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