Ms. Karen Winkler reports

GOLDEN MINERALS REPORTS 2014 YEAR-END RESULTS

Golden Minerals Company has released its financial results for the full year ending Dec. 31, 2014.

For the year ending Dec. 31, 2014, Golden Minerals recorded revenue of $200,000 and costs of metals sold of $1.7-million at the Velardena properties in Mexico, for a negative gross margin of $1.5-million. Included in the cost of metals sold is a $1.2-million writedown of finished goods inventory to estimated net realizable value. Revenue and cost of sales figures reflect approximately two months of testing the refurbished plant and the processing of low-grade material primarily mined for development. Mining recommenced in July, 2014, and processing in November, 2014, after mining activity was suspended in June, 2013. The company recorded a 2014 net loss of $18.8-million.

In addition to the negative gross margin noted above, the net loss includes the following expenditures: $5.5-million on exploration expenses; $4.6-million on administrative expenses; $3.1-million on project expenses at Velardena incurred during the start-up of mining and processing activities; $3.1-million on non-cash depreciation and amortization-related expense; $2.5-million related to the Velardena shutdown, care and maintenance activities prior to the resumption of mining activities in June, 2014; and $1.6-million of expense associated with the El Quevar project. These expenses were partially offset by: other operating income of $700,000, related primarily to the sale of certain exploration properties in the third quarter 2014; $1.6-million related to the reduction of a tax liability contingency; and $1.7-million related to the reduction of a warrant derivative liability.

The company's cash and cash equivalents balance totalled $8.6-million at Dec. 31, 2014, compared with $19.1-million at Dec. 31, 2013. The company expects to end 2015 with a cash balance of approximately $2-million, which takes into account the Dec. 31, 2014, cash balance and positive gross margin during 2015 from the Velardena properties of approximately $2.5-million, reduced by expenditures during 2015 of approximately $3-million for exploration activities, $1-million for El Quevar, $4.5-million for general and administrative costs, and $600,000 for sustaining capital and increased working capital related to the Velardena properties. In arriving at the forecast of positive gross margin for Velardena, the company assumed a price for silver and gold of $17 and $1,250 per ounce, respectively.

              CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
                      (in thousands of U.S. dollars, except per-share data)

                                                                                 Year ended Dec. 31,
                                                                              2014             2013
Revenue
Sale of metals                                                    $            235   $       10,680
Costs and expenses
Cost of metals sold (exclusive of depreciation shown below)                 (1,655)         (17,534)
Exploration expense                                                         (5,528)          (4,575)
El Quevar project expense                                                   (1,597)          (2,628)
Velardena project expense                                                   (3,126)          (3,052)
Velardena shutdown and care and maintenance costs                           (2,457)          (6,374)
Administrative expense                                                      (4,642)          (5,610)
Stock-based compensation                                                      (926)          (1,555)
Reclamation expense                                                           (199)            (184)
Impairment of long-lived assets                                                  -         (243,985)
Impairment of goodwill                                                           -          (11,666)
Other operating income, net                                                    691            3,526
Depreciation, depletion and amortization                                    (3,128)          (6,927)
Total costs and expenses                                                   (22,567)        (300,564)
(Loss) from operations                                                     (22,332)        (289,884)
Other income and (expenses)
Interest and other income                                                    1,708              444
Warrant derivative income                                                    1,693                -
Gain (loss) on foreign currency                                                108             (626)
Other total income and (expenses)                                            3,509             (182)
(Loss) before income taxes                                                 (18,823)        (290,066)
Income taxes benefit                                                             -           49,686
Net (loss)                                                        $        (18,823)  $     (240,380)
Other comprehensive gain
Unrealized gain on securities, net of tax                         $              -   $           90
Comprehensive (loss)                                              $        (18,823)  $     (240,290)
Net (loss) per common share -- basic and diluted
(Loss)                                                            $          (0.41)  $        (5.61)

We seek Safe Harbor.