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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: Tale of the tape

The current numbers for gold and silver expressed in Ag Eq are:

M&I(M oz) Inf(M oz)
Velardena 27.6 32.3
El Quevar 32 30.2
Totals 59.6 62.5

The numbers for San Diego were not included and probably won't be until the revised resource estimate is done at the current target date of October 2012. That revised estimate was due this April but Golden Tag announced a delay to incorporate more results. I suspect another reason is the fact that the previous resource estimate was reviewed by Micon and contained a methodology now considered unacceptable by AUM. Micon also reviewed the ECU resource estimate in 2009 which appears to have overestimated the potential of the Velardena property. There are at least 2 unusual aspects of those Micon reports. The estimates were not done by Micon, they audited resource numbers calculated by ECU. Secondly, they don't appear to have used 3D models with kriging geostatistics to validate the distances from drill intercepts to constrain how far you could count resource for the different categories. The new estimate appears to have done this although I need to see the report to confirm. There is still significant upside possible for AUM when you review the new exploration potential expressed as a range. If I've calculated that range correctly into AgEq I get from a low value of 86 to a high end of 340 M Ag Eq Oz. Normally you need to convert this potential into at least inferred resources by drilling but they point out in the latest press release that it's neither cost effective nor practical to do this. The CAM analysis, which has a much stronger technical basis now, indicates a significant silver resource is likely present. A bigger concern is the price of silver, will it be determined by the supply/demand fundamentals or paper trading.

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