GOLDEN, Colo., Nov. 16, 2015 /CNW/ — Golden Minerals Company (NYSE MKT: AUMN; TSX: AUM) (“Golden Minerals” or “the Company”) announced today that it has acquired the mining rights for the Santa Rosa vein in the San Luis del Cordero Project in Durango State, Mexico, pursuant to an exploration and exploitation agreement signed with the wholly-owned Mexican subsidiary of Prospero Silver Corp. (TSXV: PSL) (“Prospero”).
The Santa Rosa vein is approximately two meters wide and as currently defined extends for about 400 meters on strike. In its October 1, 2014 NI 43-101 Report on the Initial Resource Estimate for the San Luis del Cordero Project, Prospero reported Santa Rosa vein indicated and inferred resources as at October 1, 2014 totaling approximately 31,000 tonnes and 218,000 tonnes, respectively, with grades of approximately 825 and 715 grams per tonne silver, and stated that the vein remains open along strike to the west. Records show that the Santa Rosa vein has been mined previously to a depth of about 100 meters and can be partially accessed from the historic underground workings.