AUMN, Golden Minerals. Was looking to understand the 2012 production decrease forecast, as I was thinking of adding yesterday. I called and spoke with Jerry Danni, Exe VP Below is a cut and paste of my near current note sheet with updates from the conversation. I was told, the hold up of equipment would not in itself effect the previous 2013 production forecast, but that depending on cash, they may delay some of the expansion and that would effect the 2013 numbers. 600TPD current with 800 - 850tpd by EOY.

They will NOT be going to the market for cash and should be cash flow positive by EOY. Q1 results will be out this week with the most current cash position.

They are sticking with the strategy of moving from explorer to producer and will be brooming some more of their 80 properties. Particularity, their operation in Mexico will bring some real dollars to the company. I have a feeling, if they got enough cash, they might push the expansion to 2000tpd sooner.

I like their strategy to grow organically. They have more ounces than just about anybody, so they can afford to trade that for mill expansion CAP EX at VELARDEÑA


Below is just my updated notes to share.

Market Cap per AgEq M Oz .48 based on 213m MC

Large resource base 4 Properties
• 49M Oz M&I plus 443M Oz Inferred AgEq*
Attractive production/ growth profile

• Zero debt
45mill cash as of EOY 2012

VELARDEÑA NI-43 Update Q4 12
325 mill oz Ag eg 179gpt
2 mil oz Au 3.2gpt
Add Lead and Zinc
430 mil oz AgEq from 50% of property

Current Prod 600tpd 5-8-2012 Increasing to 800 -850tpd EOY
Production forcast

2012 740k Ag 9kAu 1.4mil Ag eq
2012 Revised 5/7/12 590,000 ounces


early 2013 1300tpd rate
Silver – 2 million ounces
Gold – 29,000 ounces
2013 3.6m Ag eq

2014 4.2m Ag eq

New exp to 2000tpd after

Checkmate28

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