20:46:50 EDT Sat 21 Jul 2018
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Golden Minerals Company
Symbol C : AUMN
Shares Issued 95,083,517
Close 2018-07-12 C$ 0.38
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Golden Minerals samples 1.88 g/t Au at Santa Maria

2018-07-12 18:40 ET - News Release

Mr. Warren Rehn reports

GOLDEN MINERALS DISCOVERS ADDITIONAL HIGH-GRADE VEINS AT SANTA MARIA RESULTS UP TO 1.88 G/T AU AND 648 G/T AG

Golden Minerals Company's surface mapping and sampling have identified the eastern extension to the Santa Maria vein system and discovered additional high-grade veins on the adjacent Cervantes property that was acquired by Golden Minerals in August, 2017.

The veins were discovered during a project-wide mapping and sampling program conducted during 2017 and 2018 in which a total of 542 samples were collected, and this program has identified several high-grade silver-gold and base-metal veins located outside of the current resource area as defined in the March 30, 2017, preliminary economic assessment (PEA) and National Instrument 43-101 technical report (full report available on the Golden Minerals website). The results from the surface sampling program are summarized in the attached table.

Mapping identified the eastern continuation of the Santa Maria veins 600 metres along strike from previous drilling. Surface samples have returned assays up to 0.57 gram per tonne gold, 347 g/t silver and 1.2 per cent zinc. The vein occurs as a series of quartz-calcite veins with widths of up to 4.75 metres. The company is hopeful that additional high-grade shoots could be found along the eastern continuation of the Santa Maria vein.

A new vein, the North vein, was discovered 400 metres to the northeast of the current resource. It occurs as a banded epithermal quartz-calcite vein up to 2.2 metres in width. It has been mapped for a 300-metre strike length, and a total of 38 samples were collected. Initial results returned assays of up to 3.01 g/t Au, 196 g/t Ag, 0.4 per cent lead and 1.08% Zn, which indicate potential for this vein to host high-grade mineralization.

A set of quartz-calcite epithermal veins was found approximately 800 metres east of the current resource area. This vein system (the Cervantes system) consists of multiple north/northwest-striking quartz veins that have been mapped and sampled for a 700-metre strike length, and have returned assays of up to 1.58 g/t Au, 207 g/t Ag, 0.24 per cent copper, 5.6 per cent Pb and 19.5 per cent Zn over widths up to 1.3 metres.

"The promising initial results from our systematic exploration program have led to the discovery of several previously unknown veins which have returned high-grade silver-gold and base-metal mineralization," stated Warren Rehn, president and chief executive officer of Golden Minerals, "and we believe additional high-grade mineralization may well be discovered at Santa Maria. I want to emphasize that Golden Minerals is a debt-free and well-funded company intent on advancing our projects in Mexico and Argentina. In addition to the forthcoming PEA update for Santa Maria, we expect to issue a positive PEA on El Quevar within the next few months."

       SELECTED RESULTS FROM THE 2018 SANTA MARIA SURFACE SAMPLING PROGRAM

Sample ID                Vein   Width (m)  Au g/t   Ag g/t   Cu ppm   Pb ppm   Zn ppm

129726              Cervantes       0.35     0.96      124    1,300   37,400   21,700
129727              Cervantes       0.42     1.01      185    2,300   56,300  195,200
129728              Cervantes       0.43     0.34      105      900   28,400   31,500
SM-651              Cervantes       0.58     1.58      130    1,100   38,400   12,500
SMS-17              Cervantes       0.99     0.57      134    2,400   32,700     3500
129327        Santa Maria Dos        1.4     0.31       55      100    3,500   32,900
SMS-93        Santa Maria Dos        0.8     0.63      349      100      800    1,900
SMS-93        Santa Maria Dos        1.4     0.46      404      100      100    1,400
SMS-94            Santa Maria        1.3     1.88      648      500    5,000    2,700
SMS-95        Santa Maria Dos        0.6     0.91      252      200    2,400    1,300
SMS-29            Santa Maria       1.85     0.57      111      100      200      200
SMS-30            Santa Maria       2.95     0.12       57        0      300   11,900
SMS-33            Santa Maria        1.3     0.26      347      100    1,400    1,000
SMS-80            Santa Maria        1.1     4.09       89      400    6,400    2,900
SMS-81            Santa Maria        1.0     1.17      420      400    9,100    2,600
SMS-85            Santa Maria        2.0     0.72      250      400    3,600    1,600
SMS-87            Santa Maria        1.1     0.40      275      100    1,500    1,200
SMS-91            Santa Maria       0.55     2.30      118      500    5,800    2,000
129538                  North       0.42     3.01       26        0      100      200
SMS-01                  North        1.2     0.31      196      250    4,100   10,850
SMS-104                    SW        0.8     0.23      694      138      780      287
SM-661             West Splay       0.85     2.67      107      500   17,200   35,300
SM-662             West Splay       0.71     0.83      148      200   51,900   42,600

Complete results are available on the Golden Minerals website, as are more detailed surface maps. A table with complete assay results by vein can be found on the Golden Minerals website.

Next steps

Golden Minerals intends to continue surface exploration and mapping at Santa Maria to define additional targets for future drill testing. Additionally, the company is currently updating the March, 2017, PEA to incorporate results of its 2017/early 2018 drilling program and estimates completing the PEA during the third quarter of 2018.

About Santa Maria

Golden holds an option to purchase ($1.2-million remaining to acquire 100 per cent, with the Cervantes properties subject to a 2-per-cent net smelter return royalty) the Santa Maria project located near the Parral district in southern Chihuahua state, Mexico. The company has defined Canadian NI 43-101-compliant resources of 300,000 tonnes grading 320 g/t Ag and 1.2 g/t Au, and completed a 7,500-ton test mining program from Santa Maria since 2015, with average grades of 338 g/t Ag and 0.7 g/t Au. The company issued a PEA and technical report prepared in accordance with Canadian NI 43-101 in March, 2017. In August, 2017, Golden purchased 77 hectares covering the eastward extension of the Santa Maria vein, with the goal of expanding the existing resource to improve the overall economics reported in the PEA.

Review by qualified person and quality control

The technical contents of this press release have been reviewed by Warren M. Rehn, MSc, a qualified person for the purposes of Canadian National Instrument 43-101. Mr. Rehn has over 33 years of mineral exploration experience, and is a QP member of the Mining and Metallurgical Society of America.

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 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 preparation (crushing and pulverizing) is performed at an independent ISO 9001:2001-certified laboratory in Chihuahua or Zacatecas, Mexico. Prepared samples are direct shipped to an ISO 9001:2001-certified laboratory in Canada.

About Golden Minerals Company

Golden Minerals is a Delaware corporation based in Golden, Colo. The company is primarily focused on advancing its El Quevar silver property in Argentina, and in acquiring and advancing mining properties in Mexico with emphasis on areas near its Velardena processing plants.

We seek Safe Harbor.

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