Dear Clients,
On Friday June 24, 2011, ECU Silver Mining, Inc (ECU) and Golden Minerals Company announced a definitive agreement to combine the two companies, representing a merger of equals and, "creating a new leading junior silver mining company with a portfolio of growth projects, primarily in Mexico and Argentina. The company combined will retain the Golden Minerals name and remain headquartered in Golden, Colorado."

For many months, ECU President, Steve Altmann has sought a business combination in order to strengthen the company and enhance shareholder value.

In my opinion, this is an extremely positive development and provides the following benefits to ECU and its shareholders:

1. Removes the $16 million debt from ECU’s balance sheet.
2. Golden Mineral’s $104 million cash position allows ECU the capital to further develop mines and expand production at Valardena.
3. Golden Mineral adds a highly qualified production management team to ECU’s equally-talented exploration team.
4. Since ECU shares (currently valued near $1/sh.) will be converted into Golden Mineral’s shares (currently valued near $20/sh.) on a 20:1 basis, it will remove the massive float of ECU’s 317 million shares outstanding which allowed the hedge funds to manipulate the stock via naked-short positions.
5. The combination will allow much greater access to the capital markets for future growth.
6. The merger will provide much greater institutional and analytical support.
7. The combined company will now be listed on both the NYSE AMEX and the TSX providing increased liquidity and visibility.
8. Golden Mineral’s mine portfolio contains a (potentially) world-class El Quevar Project in Argentina which provides further geographical diversification to ECU’s Mexican-based mines.

The transaction is supported by both Boards of Directors as well as major shareholders of both companies. It is expected to close in late August-early September, and proxies will be mailed to shareholders for voting in July 2011.

Wistar W. Holt
June 27, 2011

wholt@holtshapard.com