GOLDEN, CO ‐ /PRNEWSWIRE/ ‐ May 9, 2017 – Golden Minerals Company (“Golden Minerals”, “Golden” or “the Company”) (NYSE MKT and TSX: AUMN) today provided a business update and financial results for the first quarter ended March 31, 2017. First Quarter Business Update  The lease of the Company’s Velardeña oxide mill to Hecla Mining Company (“Hecla”), which began in July 2015, was further lengthened in March 2017 when Hecla exercised its right to extend the lease by an additional 18 months, until December 31, 2018. Hecla began work to expand the tailings impoundment at Velardeña in early 2017, as part of an earlier agreement related to its continued use of the facility. That expansion work has been substantially completed with sufficient capacity expected to accommodate Hecla’s planned production through 2018 plus additional capacity reserved for Golden’s future use.  Cash was $2.1 million at March 31, 2017.  Subsequent to March 31, 2017, the Company received the final payment of $750,000 for the sale of excess mining equipment and $300,000 for the farm out of a non‐strategic exploration property that occurred in 2016, increasing cash on hand by almost $1.1 million.  The Company is currently forecasting a cash balance of $1.5 million at the end of 2017.  In February 2017, a Preliminary Economic Assessment (“PEA”) was completed on the Company’s behalf for the Santa Maria mine in Chihuahua, Mexico. Also during the first quarter an environmental impact assessment was approved by SEMARNAT for the potential mining operation as considered in the PEA. During the remainder of 2017, the Company intends to continue work related to optimizing mining plans for the project.  The Company is also developing exploration plans to potentially expand the deposit. No development decision has yet been made with respect to the project.    Subsequent to the 2,000‐meter core drilling program completed on the Rodeo property in 2016, an estimate of mineralized material for Rodeo, prepared pursuant to Canadian National Instrument 43‐101 (“43‐101”), was completed on the Company’s behalf in January 2017. During the remainder of 2017, Golden plans to continue work related to economic evaluation of mining the mill‐grade material with processing at its Velardeña mill, metallurgical studies and potential expansion of the deposit.    At Golden’s Celaya property, which is subject to an earn‐in agreement with a subsidiary of Electrum Global Holdings, L.P., Electrum has conducted extensive geologic mapping and sampling on the property and has been drilling since late December 2016 to test newly identified targets.

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