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Golden Minerals is a junior silver producer with a strong growth profile, listed on both the NYSE Amex and TSX.

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Message: Last report I have from TD with $1.50 target for ECU

Thought I would post this section of the TD update from Dec, 2010, ECU has a $1.50 target and associated with some good companies on this list. I aplogoze for the Tables but the PDF format doesn't easily copy. This just shows that TD still follows the company and I know they will respond with a higher target once drill data starts to flow and the scoping study is published.

Action Notes

December 8, 2010

Equity Research

2 of 14

Exhibit 2. TD Newcrest Target Price and Rating Changes

Target Price Return to Recommendation

Old New Target Old New

Large caps

Barrick Gold $61.00 $65.00

20.9% BUY BUY

Goldcorp $59.00 $62.00

32.9% AL BUY AL BUY

Kinross Gold $24.00 $24.00 29.6% BUY BUY

Agnico-Eagle Mines $75.00 $80.00

-5.5% HOLD HOLD

Eldorado Gold C$21.00 C$21.00 13.8% BUY BUY

Yamana Gold $14.00 $16.00

29.4% BUY BUY

IAMGOLD C$25.00 C$25.00 46.4% BUY BUY

Mid/small cap producers

Silver Wheaton $29.00 $42.00

6.5% HOLD HOLD

Franco-Nevada C$39.00 C$39.00 17.0% HOLD HOLD

Centerra Gold C$19.00 C$20.00

-6.0% HOLD HOLD

Pan American Silver $46.00 $49.00

23.9% BUY BUY

New Gold $8.50 $10.00

2.9% HOLD HOLD

Alamos Gold C$20.00 C$22.00

8.2% BUY BUY

San Gold C$4.00 C$4.00 17.3% HOLD HOLD

Lake Shore Gold C$5.00 C$5.00 22.5% BUY BUY

Northgate Minerals $3.50 $3.50 15.1% HOLD HOLD

Gammon Gold C$6.50 C$7.50

-3.2% HOLD HOLD

Jaguar Mining C$7.00 C$7.50

1.4% HOLD HOLD

Minefinders C$8.50 C$9.50

-11.6% HOLD HOLD

Primero C$8.50 C$8.50 61.9% BUY BUY

Developers

Osisko Mining C$16.00 C$16.00 4.6% HOLD HOLD

Detour Gold C$39.00 C$39.00 19.4% Spec. BUY Spec. BUY

Andean Resources C$7.00 C$7.00 4.6% HOLD HOLD

Rubicon Minerals C$10.00 C$10.00 76.1% Spec. BUY Spec. BUY

Nevsun Resources C$4.50 C$6.00 -9.1% HOLD HOLD

Ventana Gold ------------------------------------Restricted------------------------------------

Guyana Goldfields C$13.00 C$13.00 32.9% Spec. BUY Spec. BUY

International Minerals C$7.00 C$8.00 13.2% HOLD HOLD

Extorre Gold Mines C$8.00 C$10.00 56.0% Spec. BUY Spec. BUY

Exeter Resource C$8.50 C$8.50 44.3% HOLD HOLD

Continental Gold C$13.00 C$13.00 30.3% Spec. BUY Spec. BUY

Canaco Resources C$8.00 C$8.00 41.6% Spec. BUY Spec. BUY

ECU Silver Mining C$1.00 C$1.50 13.6% HOLD HOLD

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