Mr. Jeffrey Clevenger reports

GOLDEN MINERALS REPORTS POSSIBLE EXTENSIONS OF MINERALIZED ZONES AT EL QUEVAR, SALTA, ARGENTINA

Golden Minerals Company has provided positive results from a recent drill program at El Quevar. This drilling was not included in the June 8, 2012, National Instrument 43-101 resource estimate report. El Quevar is located in the Salta province of northwestern Argentina.

The program included 16 core holes totalling approximately 2,400 metres. The company has received results from drill hole QVD-378 located one kilometre (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 or 779 parts per million (ppm)) from 25 metres to 33 metres. 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 June 8, 2012, containing an indicated resource of 32 million ounces of silver and an inferred resource of 30 million ounces of silver in a high-sulphidation, structurally controlled deposit along a 1.5-kilometre 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-metre step out along the Quevar North structure that hosts the previously described Sharon target, located approximately five kilometres north of the Yaxtche deposit. Drill hole QVD-383 cut a three-metre interval (drill width) grading 374 grams per tonne silver (12 ounces per ton or 374 ppm) from 27 metres to 30 metres within a broader zone of six metres averaging 229 ppm silver from 24 metres to 30 metres. 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 per cent to 90 per cent 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 metres to 91 metres, with 28 metres averaging 1,302 ppm silver (41.8 ounces per ton) and containing higher-grade intervals of six metres of 3,113 ppm silver between 63 metres and 69 metres, and five metres of 2,572 ppm silver from 85 metres to 90 metres. The company believes the mineralized zone at Quevar North to be similar in structural control to the Yaxtche zone.

Targets in the Quevar South and Quevar North areas were selected based on surface samples and geology in the search for additional silver resources. Results have been received for 13 of the 16 drill holes. Results from drill holes QVD-373 to QVD-377, QVD-379 to QVD-382 and QVD-384 to QVD-385 returned no significant values. Results from three holes are pending. Final results will be posted to the company's website once received and verified. Golden Minerals controls approximately 55,000 hectares of mineral rights in the El Quevar district located 150 kilometres northwest of Salta, Argentina.

Jeffrey Clevenger, chairman, president and chief executive officer, noted, "We are delighted with the results of the recent reconnaissance drill program at El Quevar as it supports our long-standing thesis that El Quevar exhibits characteristics of an emerging new silver district."

Review by qualified person and quality control

The technical contents of this press release have been reviewed by Robert Blakestad, MSc, PGeo, LPG, a qualified person for the purposes of Canadian National Instrument 43-101. Mr. Blakestad has over 42 years of mineral exploration experience, and is a professional geoscientist and a member of the Society for Mining Metallurgy and Exploration.

To ensure reliable sample results, Golden Minerals uses a quality assurance/quality control program that monitors the chain of custody of samples, and includes the insertion of blanks, duplicates and certified reference standards in each batch of samples. Core is photographed and sawn in half, with one-half retained in a secured facility for verification purposes. Sample analysis is performed at an independent ISO 9001:2001-certified laboratory in Mendoza, Argentina. Pulp splits of mineralized intervals are reassayed at certified independent referee laboratories in Chile and Canada.

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