Golden Minerals Reports Year-End 2016 Results

http://www.irdirect.net/prviewer/release/id/2359471

GOLDEN, Colo., Feb. 28, 2017 /PRNewswire/ — Golden Minerals Company (“Golden Minerals”, “Golden” or the “Company”) (NYSE MKT and TSX: AUMN) has today announced financial results for the full year ending December 31, 2016.

2016 Highlights

  • Generated a positive net operating margin (defined as lease revenue less lease costs) of $4.4 million in 2016 from the Velardena oxide plant lease compared to a negative net operating margin of $2.0 million in 2015 from a combination of the Velardena oxide plant lease and mining activities
  • Granted Hecla Mining Company (“Hecla”) the right to extend the oxide plant lease through the end of 2018
  • Generated an additional $1.8 million in other operating income related to sales and farm-outs of non-strategic property and equipment
  • Spent $3.7 million in exploration expenses to advance exploration properties including Santa Maria and Rodeo:
    • At the Santa Maria property:
      • Completed test mining and processing and sold concentrates containing silver and gold for approximately $0.3 million, which offset  exploration costs for the year
      • Began a mineral resource estimate and Preliminary Economic Assessment which were completed in February 2017
    • At the Rodeo property, completed a 2,100-meter drilling program and began a mineral resource estimate which was completed in January 2017
  • Electrum Global Holdings (“Electrum”) began exploration drilling in December 2016 on Golden’s farmed-out Celaya silver and gold property through their 100 percent-owned subsidiary
  • Cash and cash equivalents of $2.6 million with zero debt as of December 31, 2016, as compared to $4.1 million and $5.0 million face value convertible debt, respectively, as of December 31, 2015
  • Net loss of $0.13 per share in 2016 compared to net loss of $0.48 per share in 2015

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