Golden Minerals Company (NYSE: AUMN / TSX: AUM) (“Golden Minerals” or the “Company”) is pleased to provide an update on its recent exploration property activities and the Velardena oxide plant lease.
Highlights
- Performing additional metallurgical testing at Santa Maria, prior to completing an updated resource estimate and issuing a Preliminary Economic Assessment (“PEA”) in the first quarter 2017
- Completed a 2,080-meter drill program at the Rodeo project during the fourth quarter 2016; results to date are encouraging and a resource estimate is in preparation for release in Q1 2017
- Lease of Velardena’s oxide mill to Hecla Mining continues to perform as expected, with net cash of $4.5 million expected for the full year 2016; Hecla has exercised its option to lease the mill through mid-2017 and has the right to extend the lease through 2018