Thank you for your analysis of the many woes of Golden Minerals, most, but not all of which I agree with. Here is a bit more "truth" for you.

You have made a very strong case that the management of this company does not listen to good advice and that precisely is the reason they are in the shape they are, all other "bad luck" issues notwithstanding, of which this outfit seems to have more than its share. They also, as you pointed out, have a fairly lengthy record of doing the wrong thing because they have disregarded the advice. They could have all the silver in the world but if management is deaf to good advice, some points regarding which you yourself made, and does not understand what to do and consequently does the wrong thing, what good exactly does this do shareholders? As you will be aware, management is a critical part of the occasion and many good projects have failed because of poor or dysfunctional or deaf or arrogant management. This management issue has been brought up many times on this board and not only by myself so it is obviously a point of concern, as well it should be.

I do believe they made a grievous error in attempting to transition to a producer before more work had been done on the exploration side and I am not the only one who shares that view. They have flat out wasted most of their working capital despite having a small amount relatively left in the bank. At the present rate of burn, how long do you think this can last?

The price of gold and silver are going to rise. That is a given. Silver has outperformed gold over the month of August but there has been no response of noteable trend change in the share price of Golden. Just when it seems to be 'taking off' it quickly resumes it lackluster performance, reverting back, so far, to lower levels.

El Quevar may hold geological promise, we don't really know, do we, but we believe or have been led to believe that it does? What we do know is that it is in a politically difficult location and if it were ever developed into a going concern, I am sure this fact would not escape the watchful eye of Kirchner, ever vigilant for whatever she can parasitize and steal from at shareholders' expense. After all, why do the work yourself when you can let some sucker gringo company do it and then expropriate it?! Sounds like a great idea from her perspective. This is a major concern and should not be taken lightly.

As for the Micon issue, this perhaps is the poster boy for demonstrating the poor quality of management in making what can only be designated a foolish move; in your words, "really stupid." I totally agree. Such moves bring neither happiness nor good fortune. Combine enough of them in the right order and presto, you have no company.

Time is wearing thin for this outfit, which is by far the weakest sister in my portfolio and I suspect others on the board as well, and unless they, Golden, start to show a change in attitude and adopt clever moves instead of dumb, they are not going to survive the cull of marginal junior explorers which is just beginning. Yes, we all do wish that Golden would sooner rather than later begin to display behaviour that will propel the share price upward for you will recall we are now behind the economic 8 ball, the share price having steadily fallen from $20 at the ECU acquisition to less than $2. But we also know that if wishes were horses, then beggars would ride.

All IMHO.

GLTA.