Ms. Karen Winkler reports

GOLDEN MINERALS REPORTS 2012 YEAR-END RESULTS

Golden Minerals Co. has released its 2012 year-end results. For the period Jan. 1, 2012, through Dec. 31, 2012, Golden Minerals recorded revenue of $26.1-million and costs of metals sold of $33.4-million for a negative gross margin of $7.3-million from the sale of metals at Velardena operations in Mexico. For the same period, the company recorded a total net loss of $92-million, which includes the negative gross margin at Velardena operations and $58.5-million associated with a non-cash goodwill impairment charge, $57.2-million of which was recorded previously in the third quarter. The net loss also includes $7.9-million for project expenses and mine development costs related to Velardena operations, $10-million in non-cash depreciation and amortization-related expenses, $7.1-million in corporate general and administrative expenses, $7-million in exploration expenses, and $5.1-million in expenses associated with the El Quevar project. These expenses were partially offset by other operating income of $2.5-million related primarily to net gains on the sale of certain fixed assets and non-strategic mineral properties, and interest and other income of $2.5-million related primarily to the sale of the Platosa net smelter royalty. The company's cash and cash equivalents balance totalled $44.4-million at Dec. 31, 2012, compared with $48.6-million at Dec. 31, 2011. The $4.2-million decrease in cash and cash equivalents during 2012 resulted primarily from the cash operating expenditures described above, plus $9.6-million in capitalized property and plant expenditures, incurred primarily at Velardena operations, offset by the company's receipt of approximately $37-million related to a public offering and private placement of units comprising common stock and warrants in September, 2012, plus $5.1-million received in net proceeds from asset sales.

                                                                                        
                   CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)                                
                           (expressed in thousands of United States dollars)     
                                            
                                                Year ended Dec. 31,   Year ended Dec. 31,  Year ended Dec. 31,
                                                               2012                  2011                 2010
Revenue:
Sale of metals                                            $  26,086              $  1,836                    -
Management service fees                                           -                     -               11,216
Costs and expenses
Cost of metals sold (exclusive of depreciation
shown below):                                              (33,369)               (6,086)                    -
Costs of services                                                 -                     -              (2,566)
Exploration expense                                         (7,009)              (17,774)             (13,353)
El Quevar project expense                                   (5,115)              (27,342)             (15,755)
Velardena project and development expense                   (7,912)                 (587)                    -
Administrative expense                                      (7,063)               (8,729)              (8,600)
Severance and acquisition-related costs                           -               (7,171)                    -
Stock-based compensation                                    (2,588)               (5,541)              (3,281)
Reclamation expense                                           (226)                 (231)                    -
Reversal of impairment of long live assets                        -                     -                  873
(Impairment) of goodwill                                   (58,484)                     -                    -
Other operating income, net                                   2,482                   660                  311
Depreciation, depletion and amortization                   (10,012)               (2,792)              (1,095)
Total costs and expenses                                  (129,296)              (75,593)             (43,466)
(Loss) from operations                                    (103,210)              (73,757)             (32,250)
Other income and expenses:
Interest and other income                                     2,543                11,615                  178
Royalty income                                                  373                   396                  314
Interest and other expense                                    (257)               (1,254)                    -
Gain (loss) on foreign currency                                 512               (1,326)                 (89)
(Loss) on extinguishment of debt                                  -                 (474)                    -
Other total income and expenses                               3,171                 8,957                  403
(Loss) from operations before income taxes                (100,039)              (64,800)             (31,847)
Income taxes benefit (expense)                                8,014                 2,129              (1,427)
Net (loss)                                                 (92,025)              (62,671)             (33,274)
Other comprehensive gain (loss):
Unrealized gain (loss) on securities, net of tax                 32                 (287)                   11
Comprehensive (loss)                                       (91,993)              (62,958)             (33,263)