MICON International Limited August 2010

GOLDEN MINERALS COMPANY
NI 43-101 TECHNICAL REPORT

AND
UPDATED MINERAL RESOURCE ESTIMATE
FOR THE
YAXTCHÉ SILVER DEPOSIT
EL QUEVAR PROJECT
SALTA PROVINCE, ARGENTINA
August 10, 2010
William J. Lewis, BSc., P.Geo.

Ing. Alan J. San Martin., MAusIMM
SUITE 900 - 390 BAY STREET, TORONTO ONTARIO, CANADA M5H 2Y2
Telephone (1) (416) 362-5135 Fax (1) (416) 362 5763
Table of Contents
Page
1.0 SUMMARY .................................................................................................................... 1

1.1 PROPERTY DESCRIPTION ...................................................................................... 1
1.2 OWNERSHIP .............................................................................................................. 2
1.3 HISTORY ....................................................................................................................3
1.4 GEOLOGY AND MINERALIZATION .....................................................................4
1.5 EXPLORATION ......................................................................................................... 5
1.5.1 Quevar Sur Area .................................................................................................. 5
1.5.2 Quevar Norte Area............................................................................................... 6
1.5.3 Viejo Campo Area ............................................................................................... 6
1.6 UPDATED RESOURCE ESTIMATE FOR THE EL QUEVAR
PROPERTY ................................................................................................................. 7
1.7 UNDERGROUND DEVELOPMENT ........................................................................ 9
1.8 CONCLUSIONS AND RECOMMENDATIONS ...................................................... 9
2.0 INTRODUCTION........................................................................................................ 11
3.0 RELIANCE ON OTHER EXPERTS ........................................................................ 15
4.0 PROPERTY DESCRIPTION AND LOCATION ....................................................16

4.1 MINERAL TITLE IN ARGENTINA........................................................................16
4.2 EL QUEVAR MINERAL CONCESSIONS .............................................................18
4.3 ROYALTIES, AGREEMENTS AND ENCUMBERANCES .................................. 19
4.3.1 Perlite Properties................................................................................................ 25
4.4 ENVIRONMENTAL LIABILITIES AND PERMITTING ...................................... 26
5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES,

INFRASTRUCTURE AND PHYSIOGRAPHY.......................................................28
5.1 ACCESSIBILITY...................................................................................................... 28
5.2 GEOGRAPHIC/PHYSIOGRAPHIC AND CLIMATIC SETTING.........................28
5.3 LOCAL RESOURCES AND INFRASTRUCTURE ................................................31
6.0 HISTORY ..................................................................................................................... 33

6.1 GENERAL EXPLORATION HISTORY ................................................................. 33
6.2 HISTORICAL AND RECENT RESOURCE/RESERVE
ESTIMATES ............................................................................................................. 33
6.3 HISTORICAL MINING AND PRODUCTION ....................................................... 34
7.0 GEOLOGICAL SETTING ......................................................................................... 36

7.1 REGIONAL GEOLOGY...........................................................................................36
7.2 LOCAL GEOLOGY.................................................................................................. 38
8.0 DEPOSIT TYPES ........................................................................................................40
9.0 MINERALIZATION................................................................................................... 41
i
10.0 EXPLORATION.......................................................................................................... 44
10.1 QUEVAR SUR AREA ..............................................................................................44
10.2 QUEVAR NORTE AREA.........................................................................................45
10.3 VIEJO CAMPO AREA ............................................................................................. 46
11.0 DRILLING ...................................................................................................................48

11.1 DRILLING PROCEDURES AND LOGGING......................................................... 48
11.2 QUEVAR SUR AREA ..............................................................................................50
11.3 QUEVAR NORTE AREA.........................................................................................53
11.3.1 Drilling Results Quevar Norte Area (Sharon Zone) .......................................... 56
11.3.2 Drilling Results Quevar Norte Area (Aylapuna and Tetera Zones) .................. 59
11.4 VIEJO CAMPO AREA ............................................................................................. 60
11.4.1 Drilling Results for the Viejo Campo Area ....................................................... 61
12.0 SAMPLING METHOD AND APPROACH ............................................................. 68

12.1 SAMPLING METHOD.............................................................................................68
12.2 ACCURACY OF THE RESULTS ............................................................................68
12.3 SAMPLE PARAMETERS AND QUALITY............................................................69
12.4 SIGNIFICANT OR RELEVANT SAMPLES...........................................................69
13.0 SAMPLE PREPARATION, ANALYSIS AND SECURITY ...................................70

13.1 SAMPLE SECURITY ............................................................................................... 70
13.2 SAMPLE PREPARATION AND ASSAYING METHODS.................................... 70
13.3 QA/QC PROCEDURES ............................................................................................ 73
13.4 QA/QC RESULTS..................................................................................................... 74
13.4.1 Bulk Density Measurements (Specific Gravity) ................................................ 74
13.5 MICON COMMENTS ..............................................................................................75
14.0 DATA VERIFICATION .............................................................................................76

14.1 SITE VISIT................................................................................................................76
14.2 DATABASE AND RESOURCE AUDIT/ESTIMATE ............................................78
15.0 ADJACENT PROPERTIES ....................................................................................... 79
16.0 MINERAL PROCESSING AND METALLURGICAL TESTING........................81

16.1 DAWSON METALLURGICAL REPORT DATED JANUARY 21,
2010 ........................................................................................................................... 81
16.2 DAWSON METALLURGICAL REPORT DATED MARCH 10,
2010 ...........................................................................................................................83
16.3 MEMO FOR THE YAXTCHÉ WEST METALLURGICAL
RESULTS DATED JUNE 14, 2010..........................................................................84
17.0 MINERAL RESOURCE AND RESERVE ESTIMATES ....................................... 86

17.1 YAXTCHÉ SILVER RESOURCE ESTIMATION
METHODOLOGY ....................................................................................................86
ii
17.2 MINERAL RESOURCE ESTIMATION FOR THE YAXTCHÉ
SILVER DEPOSIT .................................................................................................... 87
17.2.1 Geological Interpretation ................................................................................... 87
17.2.2 3D Wireframe Modelling...................................................................................88
17.2.3 Grade Capping ................................................................................................... 88
17.2.4 Sample Composites............................................................................................ 90
17.2.5 Variography ....................................................................................................... 91
17.2.6 Density ............................................................................................................... 92
17.2.7 Block Model....................................................................................................... 93
17.2.8 Resource Classification...................................................................................... 93
17.2.9 Resource Estimation .......................................................................................... 95
17.2.10 Confirmation of Estimate................................................................................... 97
17.3 MICON RESOURCE ESTIMATE COMPARISON WITH CAM
ESTIMATE................................................................................................................ 97
17.4 EL QUEVAR PROPERTY EXPLORATION POTENTIAL ...................................99
18.0 OTHER RELEVANT DATA AND INFORMATION ........................................... 101
19.0 INTERPRETATION AND CONCLUSIONS .........................................................102
20.0 RECOMMENDATIONS...........................................................................................105
20.1 BUDGET FOR FURTHER WORK ........................................................................105
20.2 FURTHER RECOMMENDATIONS......................................................................107
21.0 REFERENCES........................................................................................................... 109
APPENDIX 1 Glossary of Terms At end of Report
APPENDIX 2 Title Opinion for the Mineral Concessions At end of Report
APPENDIX 3 TSL Assay Certificate At end of Report
iii
List of Tables
Page
Table 1.1 Summary of the Mineral Resource Parameters used for the Yaxtché
Deposits..............................................................................................................8
Table 1.2 Indicated and Inferred Mineral Resources for Yaxtché Central and
Yaxtché West Zones at a Silver Cut-off Grade of 100 g/t.................................8
Table 2.1 List of Abbreviations .......................................................................................13
Table 4.1 El Quevar Property Mineral Concessions (As of June, 2010) .........................20
Table 4.2 Agreements for Mineral Concessions on the El Quevar property ...................24
Table 7.1 El Quevar Stratigraphy.....................................................................................38
Table 7.2 El Quevar Alteration Types .............................................................................39
Table 9.1 Selected Minerals of Economic Interest in the Yaxtché Zone.........................42
Table 9.2 Oxidation Classes of Yaxtché Central Mineralization.....................................43
Table 9.3 General Geological Sequence for the Yaxtché Zone .......................................43
Table 10.1 Summary of the Significant Surface Assays for the Quevar North
Area..................................................................................................................45
Table 10.2 Summary of the Significant Surface Assays for the Viejo Campo Area .........46
Table 11.1 Summary of the Additional Drill Holes Completed since Hole QVD-
192....................................................................................................................50
Table 11.2 Significant Assays for the Recent Drilling in the Quevar Sur Area
(West Yaxtché Zone) .......................................................................................54
Table 11.3 Summary of the Early 2010 Drilling Program in the Quevar Norte
Area..................................................................................................................54
Table 11.4 Mineralized Intersections for Drill Hole QND-001 .........................................56
Table 11.9 Summary of the Early 2010 Drilling Program in the Viejo Campo
Area..................................................................................................................61
Table 11.10 Assays for the Mineralized Intersections in Drill Hole VCD-001...................63
iv
Table 13.1 Nominal Assay Values of the El Quevar Standards.........................................74
Table 14.1 Description of the Micon Samples Collected During the Site Visit ................76
Table 14.2 TSL Extraction Techniques used on Micon’s El Quevar Project
Samples ............................................................................................................77
Table 14.3 Assay Results for Micon’s El Quevar Project Samples ...................................77
Table 16.1 P-4111, Golden Minerals Head Analysis.........................................................82
Table 16.2 Summary of Flotation and Leach Silver Recovery ..........................................83
Table 16.3 Summary of Float/Tails Leach Tests ...............................................................84
Table 16.4 Head Grade for the Yaxtché West Composite Sample ....................................84
Table 17.1 Mineralized Zones in the Yaxtché Central and Yaxtché West Deposits .........88
Table 17.2 Summary of the Raw Sample Statistics for the Yaxtché Central and
Yaxtché West Deposits ....................................................................................89
Table 17.3 Summary of the 1 Metre Composite Statistics for the Yaxtché Central
and Yaxtché West Deposits .............................................................................90
Table 17.4 Statistics of the Specific Gravity Test Results .................................................92
Table 17.5 Silver Interpolation Parameters........................................................................93
Table 17.6 Indicated Mineral Resource for Yaxtché Central and Yaxtché West at
Various Silver Cut-off Grades .........................................................................95
Table 17.7 Inferred Mineral Resource for Yaxtché Central and Yaxtché West at
Various Silver Cut-off Grades .........................................................................95
Yaxtché West Zones at a Silver Cut-off Grade of 100 g/t...............................95
Table 17.9 Indicated Resource Test, Input Data vs. Output Blocks ..................................97
Table 17.10 Comparison of CAM and Micon Resource Estimates for the Yaxtché
Central and West Deposits at a Cut-off Grade of 100 g/t Silver .....................99
Table 19.1 Summary of the Mineral Resource Parameters used for the Yaxtché
Deposits..........................................................................................................103
Yaxtché West Zones at a Silver Cut-off Grade of 100 g/t.............................103
Table 20.1 El Quevar Property, 2010 Exploration Budget ..............................................105
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List of Figures
Page
Figure 4.1 Location Map for the El Quevar Property........................................................17

Figure 4.2 Exploitation and Exploration Concession Map for the El Quevar
Property............................................................................................................21
Figure 4.3 Silex Exploitation and Exploration Concession Map for the El Quevar
Property............................................................................................................22
Figure 4.4 Mineral Concession Map for the Yaxtché Area of the El Quevar
Property............................................................................................................23
Figure 4.5 Perlite Operation on the El Quevar Property ...................................................26
Figure 4.6 View of the Reclaimed Copan Zone Trenches ................................................27
Figure 5.1 A View from the National Road 51 of San Antonio de Los Cobres................29
Figure 5.2 View looking Towards the Salar de Pocitos from the Golden Minerals
Camp ................................................................................................................29
Figure 5.3 A Small Herd of Vicuñas on the El Quevar Property ......................................30
Figure 6.1 Historical Stope Workings in the Mani Area of the El Quevar
Property............................................................................................................34
Figure 6.2 Remains of Muck Piles and Equipment in the Mani Area of the El
Quevar Property ...............................................................................................35
Figure 6.3 Remains of a Small Jaw Crusher, Mani Area of the El Quevar
Property............................................................................................................35
Figure 7.1 Regional Geology of the El Quevar Property ..................................................37
Figure 11.1 Drill Hole Collar Set-up for the El Quevar Project..........................................49
Figure 11.2 Drill Hole Locations for the Quevar Sur Area .................................................51
Figure 11.3 Section through Drill Hole QVD-195 ..............................................................52
Figure 11.4 Section through Drill Hole QVD-204 ..............................................................53
Figure 11.5 Location Map for the 2010 Drill Holes in the Quevar Norte Area ..................55
Figure 11.6 View of the Drill Hole Locations and Traces for the Sharon Zone .................57
Figure 11.7 View of the Drill Hole Locations and Traces for the Aylapuna and
Tetera Zones.....................................................................................................59
Figure 11.8 Drill Hole Plan for the Viejo Campo Area.......................................................62
Figure 13.1 Golden Minerals Logging Facility at the El Quevar Camp .............................71
Figure 13.2 Older Core Stored at the El Quevar Camp.......................................................71
Figure 14.1 Collar for Golden Minerals Diamond Drill Hole QVD-138............................77
vi
Figure 15.1 Perlite Concessions in Relation to the Property Boundaries and
Mineralized Zones ...........................................................................................80
Figure 17.1 Location of the Yaxtché Central and Yaxtché West Deposits Zones ..............87
Figure 17.2 Probability Plot of the Yaxtché Central Zone ..................................................89
Figure 17.3 Probability Plot of the Yaxtché West Zone......................................................90
Figure 17.4 Yaxtché Central Variogram for Silver in the Strike Direction (Major
Axis).................................................................................................................91
Figure 17.5 Yaxtché West Variogram for Silver in the Strike Direction (Major
Axis).................................................................................................................92
Figure 17.6 Categorization of the Yaxtché Mineral Resources...........................................94
Figure 17.7 Grade Distribution of the Yaxtché Mineral Resources ....................................96
Figure 17.8 Indicated Resource Input Data Log Normal Histogram ..................................98
Figure 17.9 Indicated Resource Output Blocks Log Normal Histogram ............................98
Figure 20.1 Other Proposed Drill Targets in the Yaxtché Area ........................................106
vii
1.0 SUMMARY
Golden Minerals Company (Golden Minerals) has retained Micon International Limited
(Micon) to provide an independent Technical Report on the El Quevar silver property in
Salta Province, Argentina. This Technical Report is an update of the previous January, 2010,
Chlumsky, Armbrust and Meyer, LLC (CAM) Technical Report.
The current Technical Report discusses an updated resource estimate which reflects the
additional drilling conducted in 2010, a change in the geological interpretation of the
mineralized zones, and new resource parameters. Previous Technical Reports for the El
Quevar property have been posted on the System for Electronic Document Analysis and
Retrieval (SEDAR). SEDAR is the filing system developed for the Canadian Securities
Administrators (CSA).
Golden Minerals has begun to work towards preparing its own resource estimates in-house,
but its employees are still familiarizing themselves with the process. Thus, rather than
auditing Golden Minerals’ in-house estimate as was originally requested, Micon conducted
the current mineral resource estimate from first principles. Micon worked closely with the
chief geologist for the project in the creation of the 3D model shapes of the mineralized
envelopes.
Micon’s resource estimate complies with the Canadian Institute of Mining, Metallurgy and
Petroleum (CIM) standards and definitions, as required by Canadian National Instrument 43-
101 (NI 43-101).
1.1 PROPERTY DESCRIPTION
The El Quevar property is located in northwestern Argentina within the San Antonio de los
Cobres municipality, Salta Province. The project is located close to geographic coordinates
24.3° south and 66.8° west. The project is approximately 300 km northwest of Salta, which
is the provincial capital, with the mineral concessions located within a mountain massif
referred to as “Nevados de Pastos Grandes”, or sometimes as “El Quevar”
The federal, provincial and municipal governments all have input into mining regulations but
the National Mining Code regulates mining activities in Argentina. The code is administered
by the federal government and adhered to by the provinces. However, the natural resources
are owned by the individual provinces which regulate the mining laws within their
boundaries. The provinces grant the various mineral concessions and enforce compliance
through regular investigations.
All concessions are granted by the regulating province either by a judicial or administrative
decision. Exploration concessions are essentially paper locations while exploitation
concessions must be surveyed and marked by the placement of monuments at the corners.
1
In the province of Salta, all concessions are granted by a judge in the Mining Court. Each
property is recorded by number in the Mining Court registry and has its own judicial file.
Additionally the Mining Secretariat records the property in the Land Register Office and
adds the property to a digital map of the area. If a submission is made for an exploration
concession to be changed to an exploitation concession, a survey of the concession must be
conducted prior to granting the change. The survey must be conducted according to specific
procedures and requirements as defined by the law and must include the participation of the
mining office authorities.
In the case of the El Quevar property, the concessions consist of cateos or claims (exploration
concessions) and minas or mines (exploitation concessions).
At this time, the El Quevar property does not have any obvious environmental liabilities or
restrictions placed on it. The El Quevar property lies completely within La Reserva Natural
Los Andes which is classified as a multi-use area (Categoría de Manejo de Uso Múltiple
VIII). The classification allows production/extraction activities including exploration and
mining. The main purpose of the reserve is to provide habitat for vicuñas.
Holders of any mineral concessions in the province of Salta are required to submit an
Environmental Information Report (EIR) prior to commencing exploration or mining
activities and to submit a new report every two years. At this time, all of the El Quevar
concessions are permitted for exploration.
Golden Minerals has adopted a proactive approach towards the environment and has initiated
reclamation activities as an ongoing measure as part of its exploration program. Golden
Minerals has reclaimed a number of trenches on the Copan zone and is considering
reclaiming a number of the old drill pads if they are no longer needed.
1.2 OWNERSHIP
The El Quevar property falls within the jurisdiction of the province of Salta. The property
includes 17 exploitation concessions totalling 13,205.3 ha and 11 exploration concessions
totalling 52,735.7 ha, for a total of 65,941 ha. A total rental payment of US $33,112 will be
assessed on the exploitation concessions in 2010. All previous annual payments have been
made.
The Yaxtché zone is located primarily on the Castor exploitation concession, with the
northwestern portion located on the Toro 1 and Quirincolo 1 concessions.
Surface rights are owned and administered by the province of Salta and, as a result, there are
no agreements required for access. In addition, the El Quevar area has no existing private
properties or infrastructure limiting exploration activities.
Production of metals from any property is subject to a 3% NSR royalty payable to the
province of Salta, which is in addition to any royalties paid to private parties.
2
A number of the concessions are controlled, but not owned outright by Golden Minerals;
however, Golden Minerals has a number of option agreements with various parties to cover
these concessions. Golden Minerals owns 50% of the Castor concession with an option to
purchase 100%.
There are 22 perlite mining concessions inside the perimeter of Golden Minerals’ El Quevar
property. Several of the perlite quarries are in sporadic production. Because perlite is a
construction material under Argentine mining law, it is in a separate legal category from
metal ores. While the perlite properties do not conflict with Golden Minerals’ concessions,
in order to maintain the conditions of the roadbeds and limit access to the project, Golden
Minerals purchased the perlite operations on February 17, 2010 from Perlita Salta S.R.L.
(Perlita Salta) for US $200,000.
The perlite property which was called Cantera Mariana (File No. 15.190) was requested as a
perlite quarry by Perlita Salta on April 25, 1996. The quarry was originally registered as a 10
year concession and the concession was extended for a further ten years in 2006.
Golden Minerals declared that it had discovered silver on the property and, according to the
mining code, applied for a change in the file from a Quarry (Cantera) to a first category mine
(Mina de 1º categoría). The concession has been renamed to Mina Mariana (File No. 15.190)
and has a total area of 26 ha which has been surveyed in compliance with the mining code.
1.3 HISTORY
The following data regarding the history of the project is quoted from the January, 2010,
CAM Technical Report.
“In the 1970’s the government-sponsored Plan NOA-1 was carried out in northwest Argentina,
including the El Quevar area. This program included geological field work and prospecting in
1971 to 1974, some of which was reported by Sillitoe (1975).”
“Recorded systematic exploration on the property began in the mid-1970’s, when the Argentine
government-owned company Fabricaciones Militares drilled 3 or 4 holes, probably in Quevar
Norte. No records of results have been located.”
“Later in the 1970’s BHP-Utah Minerals International drilled 3 holes in the Mani-Copan area
just south of Yaxtché. No data have been located to document this work, which is believed to
have focused on porphyry-copper potential.”
“In the 1990’s, the Mexican company Industrias Peñoles undertook surface sampling in Quevar
Sur. Neither locality data nor assay results from this work are available to Golden Minerals.”
“In 1997, Minera Hochschild completed 6 reverse circulation and diamond core holes in the
Mani and Yaxtché West area, as well as trenching across the Mani structure. Results of this work
are available to Golden Minerals.”
3
“In 1999, Mansfield Minerals collected surface and pit samples at Yaxtché. Golden Minerals has
the results of this work.”
“Beginning in 2004, Golden Minerals (and its predecessor Apex) have undertaken exploration at
El Quevar through its Argentine subsidiary Silex.” These exploration campaigns are ongoing.
Golden Minerals is in the process of driving an adit and decline into the Yaxtché zone to
investigate the continuity of the mineralization and allow access for underground drilling. In
addition, if the current studies underway indicate that the mineralization is potentially
economic, the adit and decline will become the primary underground access for mining the
Yaxtché zone.
1.4 GEOLOGY AND MINERALIZATION
El Quevar is located in the eastern part of the Puna Block, within the Andean Cordillera. The
older bedrock in this area is an Ordovician-Silurian marine sedimentary clastic suite, mainly
shales and sandstones which are now highly-folded greenschist-facies metapelites.
The project area is within the Tertiary age El Quevar volcanic complex, which covers more
than 1,000 square kilometres (km2). It is of shoshonitic affinity (mildly alkalic), and is
thought to have formed in a rift basin of Cretaceous to Paleocene age.
The volcanic complex is bounded by regional 125° striking structures: the Calama-
Olacapato-Toro lineament to the north, and a parallel one to the south. A lesser, secondary
set of regional lineaments, bearing 025°, is interpreted as older and related to folding in the
Paleozoic basement rocks. There is a suggestion on satellite imagery that an ovoid structure
centred on the El Quevar property might be the rim of a caldera; however, it does not appear
on the generalized government map of the area.
The El Quevar volcanic complex formed during Miocene to early Quaternary time, with
main volcanic events dated at 19 to 17 Ma, 13 to 12 Ma, 10 Ma, 7 to 6 Ma and 1 to 0.5 Ma.
The dominant volcanic products were extensive pyroclastic flows (including ignimbrites of
lithic and crystal-lithic tuffs), overlain by rhyolite flows equivalent to the Quirón rhyolite,
followed by intermediate volcanic rocks including andesitic flows and resurgent domes of
dacitic composition. Doming is associated with multiple intrusions of different phases and
mineralizing events.
Post-volcanic erosion has created windows which expose the earlier volcanic phases, with
intrusive domes and areas of extensive hydrothermal alteration. The southern window
includes the Quevar Sur and Quevar Norte mineralized areas, while Viejo Campo is in the
northern window.
Locally, the volcanic rocks interfinger with Miocene to Pliocene age red sandstone that is
correlative to the Pastos Grandes Group. Late Pleistocene glaciation and fluvial and mass-
wasting processes have eroded the complex, creating erosional windows, landslides and
extensive alluvial fans.
4
Mineralization at Yaxtché, and at El Quevar in general, occurs in strongly-altered,
structurally-controlled zones within the older volcanic (and locally intrusive) rocks. Sulphide
minerals occur variously as open space filling and in massive veinlets or clots, and less
commonly as disseminations.
The Yaxtché zone is characterized by strong to moderate silica alteration, and vuggy quartz-
alunite rock. It is bounded by faults in both the hangingwall and footwall of the mineralized
zone. The El Quevar Breccia, a dacitic tuff breccia of probable ash-flow origin, is the
principal host for mineralization at Yaxtché. Mineralized fault breccias and hydrothermal
breccias also occur.
The hypogene silver mineralization occurs mainly as fine-grained black sulphides.
The principal metal value in Yaxtché zone is silver, with lesser amounts of lead, zinc and
copper minerals, and accessory gold and antimony. The principal gangue minerals are
quartz, pyrite and barite.
A large number of minerals have been reported from the Yaxtché zone, many of which are
fine-grained sulphosalts or other minerals difficult to identify in hand specimen. It is likely
that additional investigations at Yaxtché will result in changes and additions.
1.5 EXPLORATION
Golden Minerals and its predecessor Apex Silver Mines Corporation (Apex) have undertaken
exploration on the El Quevar property since late 2004 and, in particular, at the Yaxtché zone.
Exploration data from programs prior to 1997 were not available, although data from
Hochschild and from Mansfield Minerals were available. None of the drilling or sampling
undertaken by Hochschild or Mansfield Minerals was used for resource estimation in this
report.
Golden Minerals’ work was carried in three named exploration areas: Quevar Sur, Quevar
Norte and Viejo Campo. The Yaxtché deposit is in the Quevar Sur area.
The previous exploration programs are discussed in detail in both the February, 2009, SRK
and the January, 2010, CAM Technical Reports.
1.5.1 Quevar Sur Area
Golden Minerals is in the process of conducting a surface exploration program in the areas
located towards the northeast and east, away from the extension of the Yaxtché Este zone.
Surface mapping is being conducted at a 1:500 scale in order to define new mineral targets
for drilling.
5
Since the CAM Technical Report was issued in January, 2010, Golden Minerals has
continued to drill in the area of the Yaxtché deposit. An additional 12 holes have been added
to the database for the Quevar Sur area.
The drill program was focused on extending and further defining strike extensions of the
high-grade Yaxtché mineralized zone, and on providing infill drill intercepts in the west area
to support an update of the resource estimation. Two drills were utilized during this most
recent program.
Drilling indicates that mineralization continues to the west at the Yaxtché zone, beneath the
post-mineral volcanic cover. The drill holes are generally angle holes oriented perpendicular
to the interpreted trend of the mineralized zone.
The Yaxtché zone remains open to the east and west along strike, and up and down dip. Drill
hole QVD-195 indicates that the Yaxtché mineralization continues at least 1,100 m west of
the previously defined central zone. Further, drill holes QVD-194 and QVD-195 have
confirmed that mineralization extends under post-mineral volcanic rocks to the west.
1.5.2 Quevar Norte Area
The following information has been obtained from a June, 2010, Golden Minerals internal
report entitled “Quevar North Report” by Colque Exploraciones.
Up to the time of the June, 2010 report, a total of 1,177 surface and 364 drill core samples
were taken. All of the assays had been completed. The highest silver value found on surface
was 27 kg/t, with high values of arsenic, bismuth and antimony and anomalous lead values.
Six diamond drill holes were drilled in the early portion of 2010 totalling 1,017.1 m. These
holes were drilled to intersect three zones: Sharon (QND 001 to QND 004), Aylapuna (QND
005) and Tetera (QND 006).
Golden Minerals is in the process of evaluating the results from the Quevar Norte area to
define further work for the fall of 2010.
1.5.3 Viejo Campo Area
The following information has been obtained from the June, 2010, Golden Minerals internal
report entitled “Viejo Campo Project Final Report” by Colque Exploraciones.
From 2008 until March, 2010, Golden Minerals, through Silex, has conducted an exploration
program comprised of mapping, surface sampling of trenches and roads, and two drilling
campaigns. The drilling campaigns were conducted in August, 2009 and in February/March,
2010.
6
A total of 1,414.31 m of drilling was conducted in the two drilling campaigns. In addition,
610 m of trenching was completed over 13 trenches.
The main mineralized structure, both by size and surface geochemical results, has been called
the Jenna zone. The zone is located to the northeast with a strike length, identified in the
field, of approximately 600 m. In the centre of the zone the widths are up to 8 m with an
average of 4 to 6 m. The preferred orientation of the zone is northwest-southeast with an
average dip of 72° northeast to sub-vertical. The Jenna zone has various areas where it
exhibits a horsetail design and the ends of the zone appear to be closed.
The other mineralized structure in the Viejo Campo area has been called the Pamela zone,
which is located to the southwest with a strike length of approximately 100 m. The
mineralized zone has a preferential northwest-southeast strike direction and a sub-vertical
dip.
The mineralization is associated with areas where breccia bodies are emplaced, with the
presence of disseminated fine black sulphides (silver sulphosalts, possibly pyrargyrite),
disseminated pyrite, and gangue minerals such as barite filling cavities and thin veinlets and
quartz.
1.6 UPDATED RESOURCE ESTIMATE FOR THE EL QUEVAR PROPERTY
While this report has been prepared not long after the January, 2010, CAM Technical Report,
the updated mineral resource discussed herein is the result of a number of changes to the
geological interpretation of the mineralization and interpretation parameters for the Yaxtché
deposit, rather than a result of a large increase in the drilling results for the project. The
primary differences between the current Micon estimate and the January, 2010, CAM
estimate are:
 The geological interpretation, where Micon used bounding volumes within the
alteration package based on a cut-off of 100 g/t silver and a minimum width of 3 m,
while CAM considered the entire alteration package and did not constrain the model
by the use of bounding volumes.
 The use by Micon of the inverse distance squared (ID2) method, whereas CAM used
the multiple indicator kriging (MIK) method.
 Capping of the silver grades above 3,000 g/t by Micon, versus no capping by CAM.
 Specific gravity of 2.6 g/cm3 used by Micon, versus 2.3 g/cm3 used by CAM.
 Differences in defining the categorization of the mineral resources.
The new interpretation takes into account the extent and relationship of the alteration zone to
the mineralization contained within it, rather than the extent of the mineralization contained
in the various geological units. The mineralization appears to be displaced by fault planes in
7
certain cases and this may account for the choppy and discontinuous nature of the
mineralization in some instances. The new interpretation incorporates the cross-faulting, but
the faulting was not a priority during the creation of the mineralized envelopes. Micon
believes that further information is required to define the fault planes. Table 1.1 summarizes
the parameters used for the mineral resource estimate.
Table 1.1
Summary of the Mineral Resource Parameters used for the Yaxtché Deposits
General Parameters
Description Parameter
Interpretation method Sectional interpretation used to build solids
Resource estimation method Inverse distance squared
Block size 12 m along strike, 3 m across strike, 3 m down dip
Block model rotation Approximate azimuth of 300º in strike direction of deposits
Specific gravity 2.60 g/cm3
Composite length 1 metre
Minimum mining width 3 metres
Grade capping 3,000 g/t silver
Resource cut-off grade 100 g/t silver
Silver Interpretation Parameters

Description Pass 1 Pass 2 Pass 3
X Range (m) 37 74 111
Y Range (m) 63 126 189
Z Range (m) 25 50 75
Min. samples to interpolate 3 5 2
Max. samples to interpolate 6 10 8
Max. samples per hole NA NA NA
Bearing (º) 290 290 290
Plunge (º) 0 0 0
Dip (º) -55 -55 -55
A summary of the updated mineral resource estimate is contained in Table 1.2.
Table 1.2
Indicated and Inferred Mineral Resources for Yaxtché Central and Yaxtché West Zones at a Silver Cut-
off Grade of 100 g/t
Category Tonnage Avg. Silver Grade (g/t) Silver Ounces

Indicated 901,900 310 8,991,000
Inferred 4,768,300 336 51,514,000
The mineral resource statement for the El Quevar property is effective as of August 6, 2010.
The figures in Table 1.2 have been rounded to reflect that the mineral resource estimate is an
approximation. Mineral resources that are not mineral reserves do not have demonstrated
economic viability. There are no mineral reserves presently identified on the El Quevar
property.
8
To the best knowledge of Micon, the stated resources are not materially affected by any
known environmental, permitting, legal, title, taxation, socio-economic, marketing, political
or other relevant issues, unless stated in this report. In addition, there are no known mining,
metallurgical, infrastructure or other factors that materially affect this mineral resource
estimate, at this time.
The Mineral Resource estimate is compliant with the current CIM standards and definitions,
as required by NI 43-101 and is, therefore, reportable as a mineral resource by Golden
Minerals.
Micon reviewed the drilling and sampling procedures undertaken by Golden Minerals at the
El Quevar property. Micon considers that the samples are representative of the geology
encountered in the drilling program and that the samples were taken in such a manner as to
minimize any sampling bias.
1.7 UNDERGROUND DEVELOPMENT
Golden Minerals is in the process of driving a drift into the Yaxtché zone from surface to
access the mineralization for further testing. Golden Minerals plans to conduct underground
drilling and to develop along the mineralization to determine both the continuity and strike
length of the individual mineralized shoots.
1.8 CONCLUSIONS AND RECOMMENDATIONS
Following upon the general success of its 2009 exploration program, Golden Minerals
continues to explore the various mineralized zones located on the El Quevar property in
2010. The total expenditure for the 2010 exploration and drilling program is estimated to be
approximately US $2,500,000.
As part of its continuing exploration program on the Yaxtché zone, Golden Minerals will
conduct two phases of infill drilling to further assist in defining the mineralization prior to
conducting preliminary economic studies. In addition, Golden Minerals will be conducting
drilling on other targets in the Quevar Sur area, such as the Mani, Carman, Yaxtché East and
Puntana zones.
The Quevar Norte drilling was completed in early 2010. Following its review of the results,
Golden Minerals has plans to follow up on the drilling conducted on the Sharon zone later in
2010, since this zone appears to be the best current target to expand on the mineralization
already intersected. Golden Minerals has not yet prepared a further budget for the follow-up
drilling.
All of the intersected mineralization in the Quevar Norte area was between the 5,030 and
5,080 m elevations and the objective for the next drilling program will be to intersect
mineralization at greater depths and attempt to define the morphology of the mineralized
zones.
9
In the Viejo Campo area, Golden Minerals is in the process of evaluating the drilling results
and it believes that there are two possibilities for not having encountered the outcropping
zones at depth:
1) The zones or structures are closed both at depth and longitudinally.
2) The zones are located close to the Quevar Norte area and the same pattern of
mineralization, along with a strong structural influence, is repeating in the Viejo
Campo area.
Once Golden Minerals has completed its evaluation of the drilling results, it may conduct
further exploration programs in the Viejo Campo area.
Micon has reviewed Golden Minerals’ proposal for further exploration on its El Quevar
property and recommends that the exploration program be conducted as proposed, subject to
funding and any other matters which may cause the program to be altered in the normal
course of business activities, or alterations which may affect the program as a result of
exploration activities themselves.
Through its exploration of the El Quevar property, Golden Minerals is continuing to identify
the extent of the mineralization contained therein and believes that it will be able to expand
the mineral resource base for the property beyond the area containing the Yaxtché deposit.
Micon has reviewed Golden Minerals’ proposal for further work and has conducted a new
resource estimate for the project. Micon makes the following recommendations to assist
Golden Minerals in its exploration and resource estimation processes:
1) Micon considers that Golden Minerals’ exploration programs are conducted to

rigorous standards concerning the exploration data collection. However, Micon
recommends that Golden Minerals personnel review the August, 2000, CIM Best
Practices Guidelines for exploration programs and make any necessary adjustments to
ensure that it is conducting its exploration programs within the guidelines.
2) Micon recommends that all of Golden Minerals exploration QA/QC procedures and
practices be compiled into one document. This document can not only be used for
training purposes for new personnel, but is also a record of all QA/QC procedures and
practices which can be appended to any report in the future.
3) Micon recommends that Golden Minerals conducts a preliminary assessment

(scoping study) on the El Quevar property in order to determine the potential
economics of the project.
10
2.0 INTRODUCTION
At the request of Mr. Robert B. Blakestad, Senior Vice President Exploration and Chief
Geologist of Golden Minerals Company (Golden Minerals), Micon International Limited
(Micon) has been retained to provide an independent Technical Report for the El Quevar
silver property in Salta Province, Argentina. This Micon Technical Report is an update of
the previous January, 2010 Chlumsky, Armbrust and Meyer, LLC (CAM) Technical Report.
The current Technical Report discusses an updated mineral resource estimate which reflects
the additional drilling conducted in 2010, a change in the geological interpretation of the
mineralized zones, and new resource parameters. Previous Technical Reports for the El
Quevar property have been posted on the System for Electronic Document Analysis and
Retrieval (SEDAR). SEDAR is the filing system developed for the Canadian Securities
Administrators (CSA).
chief geologist for the project in the creation of the 3D model shapes of the mineralized
envelopes.
Micon’s resource estimate complies with the Canadian Institute of Mining, Metallurgy and
Petroleum (CIM) standards and definitions, as required by Canadian National Instrument 43-
101 (NI 43-101).
The geological setting of the property, mineralization style and occurrences, and exploration
history were described in reports that were prepared by CAM (2010, 2009a and 2009b), SRK
Consulting (SRK) (2009) and in various government and other publications listed in Section
21 “References”. The relevant sections of those reports are reproduced herein.
Golden Minerals is the successor to Apex Silver Mines Corporation (Apex). Many
documents cited in this report were prepared by, or addressed to, Apex. The Argentine
exploration company, Silex Argentina, S.A. (Silex), was formerly a wholly-owned subsidiary
of Apex, and is now a wholly-owned subsidiary of Golden Minerals. References in this
report to Golden Minerals may be construed as references to Apex in early 2009 and in prior
years, or to Silex.
The term “El Quevar property” refers to the El Quevar concessions where Golden Minerals
conducted its exploration program and resource estimate. The term “El Quevar project”
refers to the entire land package acquired or held by Golden Minerals or its subsidiary Silex,
in the province of Salta, Argentina.
All currency amounts are stated in US dollars or Argentinean pesos, as specified, with costs
and commodity prices typically expressed in US dollars. Quantities are generally stated in
11
metric (SI) units, the standard Canadian and international practice, including metric tons
(tonnes, t) and kilograms (kg) for weight, kilometres (km) or metres (m) for distance,
hectares (ha) for area, grams (g) and grams per metric tonne (g/t) for gold and silver grades
(g/t Au, g/t Ag). Wherever applicable, any Imperial units of measure encountered have been
converted to Système International d’Unités (SI) units for reporting consistency. Precious
metal grades may be expressed in parts per million (ppm) or parts per billion (ppb) and their
quantities may also be reported in troy ounces (ounces, oz), a common practice in the mining
industry. Table 2.1 is a list of the various abbreviations used throughout this report.
Appendix 1 contains a glossary of mining terms.
Micon’s initial site visit to Golden Minerals’ El Quevar property was conducted from May
10 to 15, 2010. Micon was accompanied during the visit by Mr. Bob Blakestad, Senior Vice
President Exploration and Chief Geologist for Golden Minerals and Mr. Juan Carlos James,
Manager of Technical Services for Silex. During the initial site visit, two surface grab and
six reject samples from the core were taken to independently verify the mineralization on the
property. The results of this sampling program are contained in Section 14 of this Technical
Report.
During the initial site visit the offices of Silex were also visited in Salta, where further review
covered various aspects related to the exploration program and resource database for the
mineral resource estimate.
Micon returned to Salta for a second visit from June 26 to 30, 2010. During the second visit
Micon verified the data included in the updated database and assisted Golden Minerals with
the creation of a new interpretation for the mineralized solids upon which the updated
resource estimate for the Yaxtché deposit is based.
The review of the El Quevar property was based on published material researched by Micon,
as well as data, professional opinions and unpublished material submitted by the professional
staff of Golden Minerals or its consultants. Much of the data came from reports prepared and
provided by Golden Minerals or from previous operators and government reports.
Micon is pleased to acknowledge the helpful cooperation of Golden Minerals’ management

and personnel, all of whom made any and all data requested available and responded openly
and helpfully to all questions, queries and requests for material.
The Qualified Persons responsible for the preparation of this report and the opinion on the
propriety of the proposed exploration program are William J. Lewis, B.Sc., P.Geo., a senior
geologist and Ing. Alan J. San Martin, MAusIMM, mineral resource modeller, both with
Micon in Toronto. Mr. Lewis and Mr. San Martin conducted the initial site visit to the El
Quevar property where various documents, the 2009 and 2010 exploration programs and
database for the resource estimate were reviewed. Mr. San Martin conducted the second visit
to Salta.
12
Table 2.1
List of Abbreviations
Description Abbreviation Description Abbreviation

Alex Stewart Laboratories Alex Stewart Micon International Limited Micon
Apex Silver Mines Corporation Apex Million tonnes Mt
Argentinean Peso AR$ Milligram(s) mg
Chlumsky, Armbrust and Meyer, LLC CAM Millimetre(s) mm
Canadian Institute of Mining, Metallurgy and Petroleum CIM Net present value NPV
Canadian National Instrument 43-101 NI 43-101 Net smelter return NSR
Centimetre(s) cm Not available/applicable NA
Cubic metres per day m3/d Parts per billion ppb
Dawson Metallurgical Laboratories Dawson Metallurgical Parts per million ppm
o
Degree(s) Percent(age) %
o
Degrees Celsius C Quality Assurance/Quality Control QA/QC
Dollar(s), Canadian and US $, CDN$ and US$ Quantec Geoscience Argentina S.A. Quantec
Electromagnetic EM Salta Exploraciones, S.A. SESA
Environmental Information Report EIR Second s
13
Geostats Pty Ltd. Geostats Silex Argentina, S.A. Silex

Gram(s) g Specific gravity SG
Grams per metric tonne g/t Square kilometres km2
Golden Minerals Company Golden Minerals SRK Consulting SRK
Hectare(s) ha Système International d’Unités SI
Hochschild Mining plc Hochschild Tonne t
Litre(s) L Tonne per day t/d
Kilogram(s) kg Total Magnetic Intensity TMI
Kilometre(s) km Universal Transverse Mercator UTM
Mansfield Minerals Mansfield Vertical-Axis Time Domain Electromagnetic VTEM
Metre(s) m
Micon does not have nor has it previously had any material interest in Golden Minerals or
related entities. The relationship with Golden Minerals is solely a professional association
between the client and the independent consultant. This report is prepared in return for fees
based upon agreed commercial rates and the payment of these fees is in no way contingent on
the results of this report.
This report includes technical information which requires subsequent calculations or

estimates to derive sub-totals, totals and weighted averages. Such calculations or estimations
inherently involve a degree of rounding and consequently introduce a margin of error.
Where these occur, Micon does not consider them to be material.
14
3.0 RELIANCE ON OTHER EXPERTS
Micon has reviewed and analyzed data provided by Golden Minerals, its consultants and
previous operators of the property, and has drawn its own conclusions therefrom, augmented
by its direct field examination. Micon has not carried out any independent exploration work,
drilled any holes or conducted any extensive program of sampling and assaying on the
property. However, during the site visit Micon did collect six rejects from the core samples
and two grab samples from the mineralized zone located on the El Quevar property. The
results of this sampling are contained in Section 14 of this Technical Report.
While exercising all reasonable diligence in checking, confirming and testing, Micon has
relied upon Golden Minerals’ presentation of its project data and that of the previous
operators of the El Quevar property in formulating its opinion.
The various agreements under which Golden Minerals holds title to the mineral claims for
this project have not been reviewed by Micon and Micon offers no legal opinion as to the
validity of the mineral title claimed. A description of the property, and ownership thereof, is
provided for general information purposes only. Micon has received a letter from Golden
Minerals’ lawyers in Salta which expresses the opinion that all the mineral properties held by
Golden Minerals are in good legal standing, and are not subject to any judicial or arbitration
proceedings against either Silex or Golden Minerals. A copy of the letter is contained in
Appendix 2.
Comments on the state of environmental conditions, liability and remediation have been
made where required by NI 43-101. Micon offers no opinion on the state of the environment
on the property. The statements are provided for information purposes only.
The descriptions of geology, mineralization and exploration used in this report are taken from
reports prepared by various companies or their contracted consultants. The conclusions of
this report rely on data available in published and unpublished reports supplied by the various
companies which have conducted exploration on the property, and information supplied by
Golden Minerals. The information provided to Golden Minerals was supplied by reputable
companies or government agencies and Micon has no reason to doubt its validity.
Some of the figures and tables for this report were reproduced or derived from historical
reports written on the property by various individuals and supplied to Micon by Golden
Minerals. The majority of the photographs were taken by the authors of this report during
the Micon site visits. In the cases where photographs, figures or tables were supplied by
other individuals or Golden Minerals they are referenced below the inserted item.
15
4.0 PROPERTY DESCRIPTION AND LOCATION
The El Quevar property is located in northwestern Argentina within the Antonio de los
Cobres municipality, Salta Province (Figure 4.1). The project is located close to geographic
coordinates 24.3° south and 66.8° west. The UTM coordinates for the Yaxtché zone are
approximately 3,418,000 E, 7,307,000 N.
The project is approximately 300 km northwest of Salta, which is the provincial capital, with
the mineral concessions located within a mountain massif which is referred to as “Nevados
de Pastos Grandes”, or sometimes as “El Quevar”
4.1 MINERAL TITLE IN ARGENTINA
Argentina is a federal republic which is composed of 23 provinces and one autonomous city
(Buenos Aires). The federal, provincial and municipal governments all have input into
mining regulations but the National Mining Code regulates the mining activities in
Argentina. The code is administered by the federal government and adhered to by the
provinces. However, the natural resources are owned by the individual provinces which
regulate the mining laws within their boundaries. The provinces grant the various mineral
concessions and enforce compliance through regular investigations.
There are four types of mineral properties; three are various types of exploration concessions
and the other is mine or exploitation concession.
 A cateo or claim (exploration concession).

 An air survey permit (exploration concession).
 An underground survey (exploration concession).
 A minas or mines (exploitation concession).
All concessions are granted by the regulating province either by a judicial or administrative
decision. Exploration concessions are essentially paper locations while exploitation
concessions must be surveyed and marked by the placement of monuments at the corners.
In the province of Salta, all concessions are granted by a judge in the Mining Court. Each
property is recorded by number in the Mining Court registry and has its own judicial file.
Additionally, the Mining Secretariat records the property in the Land Register Office and
adds the property to a digital map of the area. If a submission is made for an exploration
concession to be changed to an exploitation concession, a survey of the concession must be
conducted prior to granting the change. The survey must be conducted according to specific
procedures and requirements as defined by the law and must include the participation of the
mining office authorities.
In the case of exploration concessions, the air and underground surveys are seldom used and
such concessions are predominantly cateos. In the case of the El Quevar property, the
concessions consist of cateos and minas.
16
Figure 4.1
Location Map for the El Quevar Property
Figure supplied by Golden Minerals Company.
17
All exploration concessions are granted for a limited surface area and period of time. The
concessions are divided into surface units of 500 ha with each concession allowed to contain
a maximum of 20 units or 10,000 ha. A 500 ha concession can be held for 150 days with an
increase of 50 days for each additional unit of 500 ha for a maximum of 1,100 days for a
10,000 ha concession. Unless the concessionaire declares the property to be a mine and
applies for an exploitation concession, the total hectares must be reduced incrementally at
300 days and 700 days after the exploration concession is granted.
The maximum number of exploration concessions which can be held by a single entity or
individual per province is 20 or 200,000 ha. Exploration concessions are subject to a yearly
rental payment (canon), which is fixed for a given year by the National Ministry of
Economy.
Landowners within a concession area must be notified but cannot oppose the concession;
however, they can request a bond from the concessionaire. Exploration activities cannot be
conducted near crops and gardens, buildings and facilities and require acceptance by the
property owner. Other areas excluded from exploration activities are cemeteries,
infrastructure including roads, pipelines and railroads, public water or any public facilities.
Each individual concession requires the filing of an exploration plan which must be
implemented, with failure to do so possibly resulting in the termination of the concession. In
addition, prior to any activity, an environmental report must be filed with, and approved by,
the provincial mining authority. Additional environmental reports are required on a bi-
annual basis as long as the exploration concession is valid. Upon the termination of
expiration of the exploration concession, all data and documentation from the exploration
activities must be filed with the provincial mining authority.
Exploitation concessions are granted if any mineral discovery is made by either the
concessionaire or third parties within the area and term of the concession. Exploitation
concessions have annual payments which are fixed by the National Ministry of Economy.
While there are no fixed time limits associated with the exploitation concessions, the duration
can be affected by the following three conditions:
 Timely payment of annual fees.

 An appropriate and reasonable capital investment.
 Continuous workflow.
According to the laws of the province of Salta, metal mines are subject to a 3% net smelter
return (NSR) royalty.
4.2 EL QUEVAR MINERAL CONCESSIONS
The El Quevar property falls within the jurisdiction of the province of Salta. The property
includes 17 exploitation concessions totalling 13,205.3 ha and 11 exploration concessions
totalling 52,735.7 ha, for a total of 65,941.00 ha. A total rental payment of US $33,112 will
18
be assessed on the exploitation concessions in 2010. All previous annual payments have
been made.
The Yaxtché zone is located primarily on the Castor exploitation concession, with the
northwestern portion located on the Toro 1 and Quirincolo 1 concessions.
Table 4.1 summarizes the exploration and exploitation concessions contained within the El
Quevar property. Figures 4.2, 4.3 and 4.4 are claim maps indicating the locations of the
various claims in relation to one another and the Yaxtché zone.
4.3 ROYALTIES, AGREEMENTS AND ENCUMBERANCES
Surface rights are owned and administered by the province of Salta, and as a result there are
no agreements required for access. In addition, the El Quevar area has no existing private
properties or infrastructure limiting exploration activities.
Production of metals from any property is subject to a 3% NSR royalty payable to the
province of Salta which is in addition to any royalties paid to private parties.
The concessions controlled, but not owned outright, by Silex are listed in Table 4.2. The
terms for each concession are also contained in the table. Silex owns 50% of the Castor
concession and has an option agreement to acquire 100% interest in this concession.
The following agreements have been entered into between Golden Minerals and various
parties:
1) A joint venture with Hochschild Mining plc. (Hochschild) was signed in 2006, with
respect to five Hochschild exploitation concessions (Castor (50% owned by
Hochschild), Vince, Armonia, Quespejahuar and Toro I) and five Silex controlled
exploitation concessions which are 50% owned by Salta Exploraciones S.A. (SESA),
a company not affiliated with Silex or Golden Minerals, (Quirincolo, Quirincolo II,
Quevar II, Castor and Nevado I).
Golden Minerals and Hochschild formed the company Minera El Quevar, 65% owned
by Golden Minerals and 35% by Hochschild, and all properties mentioned in the last
paragraph were transferred into that company. In early January, 2010, Golden
Minerals acquired Hochschild’s 35% interest and consolidated ownership of the
Minera El Quevar joint venture.
2) The Viejo Campo agreement with SESA stipulates that Golden Minerals can earn
60% interest in the Viejo Campo property after concluding a US $600,000 initial
payment and a US $1,000,000 investment. After the initial payment and investment
Golden Minerals can do either of the following:
19
Table 4.1
El Quevar Property Mineral Concessions (As of June, 2010)
Expedient Number Property Number of Hectares Type of Concession Owner Date Granted By The Mines Department Annual Payment (Canon) AR$ Annual Payment (Canon) US$*
18036 Quirincolo I 3,500,00 Mine Silex 03-Jun-05 28,000 7,107
18037 Quirincolo II 3,500.00 Mine Silex 03-Jun-05 28,000 7,107
3902 Castor 384.10 Mine 50% SESA, 50% Silex 19-Dec-05 3,200 812
17114 El Quevar II 330.03 Mine SESA (100% option to Silex) 29-May-06e 3,200 812
1578 Vince 44.72 Mine Silex 07-Aug-96 400 101
1542 Armonia 17.90 Mine Silex 26-Jul-04 160 41
12222 Quespejahuar 18.00 Mine Silev 02-Feb-04 240 61
18332 Toro I 436.60 Mine Silex 28-Aug-28 4,000 1,015
18359 Nevado I 2,161.39 Mine Saravia C.A. and Rodriguez S.R. (100% option Silex) 19-Oct-06 16,800 4,264
18745 Quevar I 3,313.00 Cateo Silex 07-Mar-08 none 0
19534 Quevar Primera 2,626.20 Claim (Provisory) Silex In process none 0
20215 Quevar Novena 1,313.00 Claim Silex In process none 0
18784 Quevar III 3,997.82 Cateo Silex 12-Mar-08 none 0
19557 Quevar Tercera 3,995.63 Claim (Provisory) Silex In process none 0
20219 Quevar Decima 1,997.82 Claim (Provisory) Silex In process none 0
18786 Quevar IV 3,988.86 Cateo Silex 12-Mar-08 none 0
19558 Quevar Cuarta 3,977.72 Claim (Provisory) Silex In process none 0
20240 Quevar Decimo Primera 1,988.86 Claim (Provisory) Silex In process none 0
18785 Quevar V 4,242.74 Cateo Silex l2-May-08 none 0
19617 Quevar Quinta 2,242.74 Claim (Provisory) Silex In process none 0
20359 Quevar Decimo Segunda 1,121.37 Claim (Provisory) Silex In process none 0
19136 Quevar VI 4,493.52 Cateo Silex 10-Dec-08 none 0
19992 Quevar Sexta 2,493.53 Claim (Provisory) Silex In process none 0
19195 Quevar VII 6,641.75 Cateo Silex. 11-Apr-09 none 0
20319 Quevar Septima 2,301.01 Cateo Silex 06-May-10 none 0
18079 Viejo Campo 3,000.00 Claim (Provisory) SESA (option to Silex) In process 24,000 6,091
15190 Mariana 25.96 Mine Silex 29-Apr-10 60 15
18080 Arjona 2,786.58 Mine Silex 13-May-10 22,400 5,685
Total Hectares 65,940.97 Annual Payment (Canon) in Argentine Pesos and US $ 130,460 33,112
Table supplied by Golden Minerals Company.
* The conversion from the Argentinean Peso to the US$ uses the official exchange rate of 3.94 pesos per US$ dollar.
20
Figure 4.2
Exploitation and Exploration Concession Map for the El Quevar Property
21
Figure 4.3
Silex Exploitation and Exploration Concession Map for the El Quevar Property
22

Figure 4.4
Mineral Concession Map for the Yaxtché Area of the El Quevar Property
23

Table 4.2
Agreements for Mineral Concessions on the El Quevar property
Remaining Work
Remaining Payments
No. of Type Of Contract Commitment
Owner File No. Property Type % Acquired
Hectares Contract Term Expiry Amount
Due Date Amount US$
Date US$
50% of Castor,
CASTOR 100% of Quevar II, 1% NSR to
exploration 16-Mar-06
3902 (50% interest) 101.79 Mine SESA, on 50% of production from 16-Mar-10 500,000
with purchase to 16-Mar- none none
17114 EL QUEVAR 329.08 Mine Castor and 100% production from 16-Mar-11 1,100,000
option 11
SESA II El Quevar II; Silex can buy 50% of
total NSR for US$ 1,000,000.
exploration 27-Oct-10 100,000 27-0ct 10 250,000
VIEJO 27-Oct-08
1807 3,000 Mine with purchase 60% 27-Oct-11 200,000 27-0ct 11 350,000
CAMPO to 27 Oct-12
option 27-Oct-12 200,000 27-0ct 12 1,000,000
Saravia,
100%
Carlos
exploration 22-Jun-07 1% NSR to owner, Silex can buy it 22-Jun-10 200,000
Alberto
18359 NEVADO I 2,161.39 Mine with purchase to 22 June out for US$ 1,000,000 within first 2 22-Jun-11 300,000 none none
option 12 years of beginning commercial 22-Jun-12 750,000
Rodriguez,
production.
Silvia Rene
24
a) Form a joint venture with SESA, in which Golden Minerals will have a 60%
interest. Upon the formation of any joint venture, SESA has 90 days to agree to
enter into the joint venture or to convert its 40% interest into either:
 3% NSR (First NSR) on precious metals produced from Viejo Campo.
 1% NSR (Second NSR) on any other metals produced from Viejo Campo.
Should SESA elect to exchange its 40% for the NSR’s discussed above, Golden
Minerals has a right to purchase, within the first 3 years of commercial
production, 50% of the First NSR for US $2,000,000 and 50% of the Second NSR
for US $1,000,000. To maintain these options for 3 years after the
commencement of production, Golden Minerals must make an annual payment of
US $100,000 to SESA. This annual payment will be allocated to the final price of
the option if Golden Minerals exercises it within 3 years.
b) Acquire an additional 20% interest in Viejo Campo, for a total of 80%, by a

payment of US $250,000 and initiating a feasibility study at Viejo Campo within
3 years from the exercise of the option.
3) The Castor-Quevar II agreement with SESA requires additional staged payments by

Golden Minerals in 2010 and 2011, totalling US $1,600,000, to acquire all of SESA’s
interest in the two properties. The concessions in this agreement are also subject to a
1% NSR royalty to SESA for any production from the Quevar II concession and for
50% of the production from the Castor concession. Fifty percent of the total NSR to
SESA can be bought by Golden Minerals for $1,000,000, within two years of
production.
4) The Nevado I agreement with Mr. Carlos Alberto Saravia calls for a series of annual
payments (Table 4.2), to acquire 100% of the rights to Nevado I. There is also 1%
NSR royalty on production which may be bought out within the first 2 years of
commercial production for US $1,000,000.
4.3.1 Perlite Properties
Perlite is an altered volcanic rock which expands upon heating and is used in the expanded
form as an insulator and soil conditioner.
There are 22 perlite mining concessions inside the perimeter of Golden Minerals’ El Quevar
property. Several of the perlite quarries were in sporadic production (Figure 4.5). Because
perlite is a construction material under Argentine mining law, it is in a separate legal
category from metal ores.
25
Figure 4.5
Perlite Operation on the El Quevar Property
While the perlite properties did not conflict with Golden Minerals’ concessions, in order to
maintain the conditions of the roadbeds and limit access to the project, Golden Minerals
purchased the perlite operations in February 17, 2010. The perlite operations were purchased
from Perlita Salta S.R.L. (Perlita Salta) by Silex for US $200,000.
The perlite property, which was called Cantera Mariana (File No. 15.190), was requested as a
perlite quarry by Perlita Salta on April 25, 1996. The quarry was originally registered as a 10
year concession and the concession was extended for a further ten year in 2006.
Golden Minerals declared that it had discovered silver on the property and, according to the
mining code, applied for a change in the file from a Quarry (Cantera) to a first category mine
(Mina de 1º categoría). The concession has been renamed to Mina Mariana (File No. 15.190)
and has a total area of 26 ha which has been surveyed in compliance with the mining code.
4.4 ENVIRONMENTAL LIABILITIES AND PERMITTING
At this time, the El Quevar property does not have any obvious environmental liabilities or
restrictions placed on it. The El Quevar property lies completely within La Reserva Natural
26
Los Andes which is classified as a multi-use area (Categoría de Manejo de Uso Múltiple
VIII). This classification allows production/extraction activities including exploration and
mining. The main purpose of the reserve is to provide habitat for vicuñas.
Holders of any mineral concessions in the province of Salta are required to submit an
Environmental Information Report (EIR) prior to commencing exploration or mining
activities and to submit a new report every two years. There are three levels of permitting:
 Prospecting requiring an EIR Stage 1.

 Drilling and exploration requiring and EIR Stage 2.
 Production requiring an EIR Final Stage.
At this time, all of the El Quevar concessions are permitted for exploration.
Golden Minerals has adopted a proactive approach towards the environment and has initiated
reclamation activities as an ongoing measure as part of its exploration program. Golden
Minerals as reclaimed a number of trenches on the Copan zone (Figure 4.6) and is
considering reclaiming a number of the old drill pads if they are no longer needed.
Figure 4.6
View of the Reclaimed Copan Zone Trenches
27
5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE
AND PHYSIOGRAPHY
5.1 ACCESSIBILITY
The El Quevar property is accessed from Salta (capital of Salta Province) by following
National Road 51 (NR51) to the turnoff to Provincial Road 27 (PR27) for approximately 226
km. From Salta to San Antonio de los Cobres, NR51 consists of either a paved or well
maintained gravel surface. Beyond San Antonio de los Cobres, NR51 is a well maintained
gravel road to the junction with PR27. From the intersection, the El Quevar property is
accessed by driving south for approximately 30 km to the junction with the access road and
then east, with the camp currently located approximately 10 km from the junction. Driving
time from Salta to the project camp is 4 to 5 hours. Figure 5.1 is a view of San Antonio de
los Cobres.
Salta is accessed by a number of highways and roads which connect it with the rest of
Argentina as well as Chile and Bolivia. Salta has a major airport with daily flights to Buenos
Aires as well as a number of other Argentinean and Bolivian cities.
A railway which connects Salta with the city of Antofagasta in Chile passes within 5 km of
the project area. This government-owned railway is currently undergoing maintenance and
restoration which is expected to take 1 to 2 years. Currently the railroad runs from Salta to
San Antonio de los Cobres as a tourist venue known as the “Train to the Clouds”.
5.2 GEOGRAPHIC/PHYSIOGRAPHIC AND CLIMATIC SETTING
The El Quevar project lies in northwestern Argentina near latitude and longitude 24.3 °S and
66.8 °W, within the tundra-like puna or altiplano region of the central Andes. This region is
dominated by extensive arid flats at 3,700 to 4,200 m above sea level, punctuated by peaks,
usually of volcanic origin, rising to 5,000 m or more. The property is on the western slope of
a volcanic massif which is dominated by the two peaks, Nevado de Queva (6,130 m) and
Cerro El Azufre (5,840 m). The canyons draining the project area descend to the west to an
extensive complex of alluvial fans grading into the salt flats, Salar de Pocitos (elevation
3,700 m) to the southwest, Rincon (3,800 m) to the west, and Cauchari (3,900 m) to the
northwest. Most of the mineralized areas are located between 4,500 to 5,100 m above sea
level, with the Yaxtché zone located between at 4,800 to 4,900 m. The camp facilities are
located west of the resource area where the canyon opens up into a large alluvial fan at an
elevation of 4,000 m. Figure 5.2 is a view towards the Salar de Pocitos from the camp.
The El Quevar project lies in the physiographic region of the Puna Block, an extension of the
Bolivian antiplano which is marked by high plateaus and broad valleys flanked by even
higher mountains. The Puna in this area has a median elevation of 3,800 m with a further
2,470 m of vertical relief between the Salar de Pocitos and the peak of Nevado de Pastos.
28
Figure 5.1
A View from the National Road 51 of San Antonio de Los Cobres
Figure 5.2
View looking Towards the Salar de Pocitos from the Golden Minerals Camp
29
The El Quevar project is located within the Domino Andino-Patagónico (Andean Patagonian
Domain) biogeographical province of Argentina. In Argentina this province parallels and
includes the Andes Mountains from north to south and it extends from the mountains across
Argentina to the Atlantic Ocean at approximately 45° S latitude. The Andean Patagonian
Domain is dominated by mineral soils consistent with arid, low moisture environments
showing no diagnostic horizon development. The soils which are classified as aridisols and
entisols, support limited vegetation characteristic of steppe climates adapted to harsh
conditions. In the project area vegetation is sparse consisting of mainly clumps of spiny
grass known as coirón or ichu with no native trees or large shrubs. Most of the project area
consists of barren outcrop, talus, alluvium and landslide blocks.
Wildlife is not always conspicuous in the project area, due to the altitude and aridity. The
name “El Quevar” means in Spanish “place of quevas” or “queva nest”, the queva (a.k.a.
quiula) being a heavy-bodied wild fowl which lives in the mountains. The queva species in
this area is Tinamotis pentlandii (a.k.a. Nothoprocta pentlandii), known in English as the
“puna tinamou”, a member of the tinamou family of birds. The only large native mammals
known to be present are the vicuña (Vicugna vicugna) and the mountain lion (Felis
concolor). Domesticated burros, sheep, cattle, llamas and alpacas are occasionally seen as
well. Figure 5.3 shows a small herd of vicuñas on the El Quevar property.
Figure 5.3
A Small Herd of Vicuñas on the El Quevar Property
30
5.3 LOCAL RESOURCES AND INFRASTRUCTURE
The project area is sparsely populated, but the town of Pocitos lies 20 kilometres southwest
of the camp. It is on the rail line to Chile and at a road junction at the north end of the Salar
de Pocitos salt flat. Originally a community of herders and railroad workers, the town at
3,700 m elevation has shrunk from over 200 people in 2000 to about 80 now, since the
railroad has been inoperative until recently and subsistence herding is no longer attractive to
most Argentines. Currently the town has a church, a medical clinic, a school, two general
stores, and a natural-gas compressor plant. The compressor plant belongs to a borate
operation located about 100 km to the south, at Salar del Hombre Muerto. Compressed
natural gas is trucked to that operation for processing of borate brines. Substantial office and
housing buildings and switching facilities exist at the train station, but only a few railroad
caretakers live in Pocitos.
The next closest community is San Antonio de los Cobres, about 90 km to the southeast of El
Quevar, on the road to Salta. San Antonio is the seat of the local departmental government
(similar to a county in North America), and a substantial town of about 4,000 people. At
3,750 m, it is the highest departmental seat in Argentina. Modest supplies and services are
available, including a Level II hospital.
Salta, the capital of the province, has about 500,000 inhabitants, all major services and is the
main supply depot for the region.
Natural gas is available at Pocitos via the Gasoducto Minero pipeline, which runs from Salta
to Pocitos. Gas is available for projects in Salta province, specifically mining projects. The
high-pressure pipeline passes through the El Quevar concession, about 5 km west of the Silex
camp. It has a capacity of 210,000 cubic metres per day (m3/d).
Grid electricity is potentially available from a 354-kV high-voltage power line which passes
30 km north of Yaxtché. It is owned by Termo Andes. There is currently no external electric
power to El Quevar.
Water for camp use is pumped from a 100 m deep well in the alluvial fan at the camp. It has
a capacity of 29 m3/d. Additional water could be supplied by drilling more wells.
Manpower for exploration activities comes from various places in Salta province, with
professionals (mainly geologists) from various places in South America. Mining employees
would be primarily hired from within Argentina.
Infrastructure in the project vicinity is currently sparse, but is sufficient for exploration
needs, and can be readily improved to support a mining project. There are a few ruined
adobe buildings, formerly used seasonally by herders or prospectors, in some of the major
canyons below 4,500 m.
31
Camp facilities are owned by Silex, with services provided by a contractor at a modular camp
on the alluvial fan north of Salar de Pocitos, at 4,000 m elevation, on the El Quevar III
concession. This camp has several buildings for living, eating and office quarters, core
splitting and logging, and equipment maintenance. Rated capacity is 96 persons; additional
facilities would be needed to house sufficient workers for a mine. Golden Minerals and Silex
are currently expanding the camp and are considering moving the camp closer to the work
being conducted on the Yaxtché zone
Camp power is supplied by two 275 kVA diesel generators which operate 24 hours per day.
Water comes from a nearby well. A satellite dish provides telephone and internet
communications. The camp lies 10 km by dirt road from the Yaxtché zone at El Quevar.
Camp waste water is treated and injected into disposal wells. Solid wastes are stored in
sealed containers and sent to Salar de Pocitos town for final disposal. The small quantities of
industrial wastes are temporarily stored on site, pending later transfer.
32
6.0 HISTORY
6.1 GENERAL EXPLORATION HISTORY
The following is quoted from the January, 2010, CAM Technical Report.
“In the 1970’s the government-sponsored Plan NOA-1 was carried out in northwest Argentina,
including the El Quevar area. This program included geological field work and prospecting in
1971 to 1974, some of which was reported by Sillitoe (1975).”
“Recorded systematic exploration on the property began in the mid-1970’s, when the Argentine
government-owned company Fabricaciones Militares drilled 3 or 4 holes, probably in Quevar
Norte. No records of results have been located.”
“Later in the 1970’s BHP-Utah Minerals International drilled 3 holes in the Mani-Copan area
just south of Yaxtché. No data have been located to document this work, which is believed to
have focused on porphyry-copper potential.”
“In the 1990’s, the Mexican company Industrias Peñoles undertook surface sampling in Quevar
Sur. Neither locality data nor assay results from this work are available to Golden Minerals.”
“In 1997, Minera Hochschild completed 6 reverse circulation and diamond core holes in the
Mani and Yaxtché West area, as well as trenching across the Mani structure. Results of this work
are available to Golden Minerals.”
“In 1999, Mansfield Minerals collected surface and pit samples at Yaxtché. Golden Minerals has
the results of this work.”
“Beginning in 2004, Golden Minerals (and its predecessor Apex) have undertaken exploration at
El Quevar through its Argentine subsidiary Silex.” These exploration campaigns are ongoing.
Golden Minerals is in the process of driving an adit and decline into the Yaxtché zone to
investigate the continuity of the mineralization and allow access for underground drilling. In
addition, if the current studies underway indicate that the mineralization is potentially
economic, the adit and decline will become the primary underground access for mining the
Yaxtché zone.
6.2 HISTORICAL AND RECENT RESOURCE/RESERVE ESTIMATES
According to the previous CAM Technical Report of January, 2010, neither Golden Minerals
nor CAM is aware of any mineral resource estimates conducted on the property prior to
2004.
Since 2004, SRK Consulting has completed one report (February 27, 2009) and CAM has
completed three reports (August 15, 2009, October 12, 2009 and January 14, 2010)
concerning the resource estimate on the El Quevar property.
33
6.3 HISTORICAL MINING AND PRODUCTION
According to the most recent CAM Technical Report, small scale mining and prospecting on
the El Quevar property is rumoured to have been carried out intermittently since the 1800’s.
After 1930, with increasing access into the area, mining and prospecting activity increased
but it has never attracted more than local interest.
CAM noted that “lead and silver was produced from several small, non-mechanized
workings, including the Jaguar Mine just south of Yaxtché, sometimes referred to as the El
Quevar (El Queva) Mine, in the area now referred to as Mani.”
It was noted by Sillitoe (1975) that “E1 Queva mine has produced a little over 3,000 tons of
ore during its intermittent operating life from 1968 to early 1973, with a maximum output of
1,270 tons in 1970. Ore grades are difficult to estimate but hand-cobbed material seems to
have averaged about 8 percent lead and 0.2 percent silver.”
Scattered prospecting pits and minor workings also occur in the area of the El Quevar
property.
Figures 6.1, 6.2 and 6.3 are various views of the historical workings and remains of the
mining activity in the Mani area of the El Quevar property.
Figure 6.1
Historical Stope Workings in the Mani Area of the El Quevar Property
34
Figure 6.2
Remains of Muck Piles and Equipment in the Mani Area of the El Quevar Property
Figure 6.3
Remains of a Small Jaw Crusher, Mani Area of the El Quevar Property
35
7.0 GEOLOGICAL SETTING
The following section has been taken for the most part from the January, 2010, CAM
Technical Report.
7.1 REGIONAL GEOLOGY
El Quevar is located in the eastern part of the Puna Block, within the Andean Cordillera. The
older bedrock in this area is an Ordovician-Silurian marine sedimentary clastic suite, mainly
shales and sandstones which are now highly-folded greenschist-facies metapelites.
The project area is within the Tertiary age El Quevar volcanic complex, which covers more
than 1,000 square kilometres (km2). It is of shoshonitic affinity (mildly alkalic), and is
thought to have formed in a rift basin of Cretaceous to Paleocene age. Figure 7.1 is a map
showing the regional geology.
The volcanic complex is bounded by regional 125° striking structures: the Calama-
Olacapato-Toro lineament to the north, and a parallel one to the south. A lesser, secondary
set of regional lineaments, bearing 025°, is interpreted as older and related to folding in the
Paleozoic basement rocks. The older structures are not shown on Figure 7.1. There is a
suggestion on satellite imagery that an ovoid structure centred on the El Quevar property
might be the rim of a caldera; however, it does not appear on the generalized government
map shown on Figure 7.1.
The El Quevar volcanic complex formed during Miocene to early Quaternary time, with
main volcanic events dated at 19 to 17 Ma, 13 to 12 Ma, 10 Ma, 7 to 6 Ma and 1 to 0.5 Ma.
The dominant volcanic products were extensive pyroclastic flows (including ignimbrites of
lithic and crystal-lithic tuffs), overlain by rhyolite flows equivalent to the Quirón rhyolite,
followed by intermediate volcanic rocks including andesitic flows and resurgent domes of
dacitic composition. Doming is associated with multiple intrusions of different phases and
mineralizing events.
Post-volcanic erosion has created windows which expose the earlier volcanic phases, with
intrusive domes and areas of extensive hydrothermal alteration. The southern window
includes the Quevar Sur and Quevar Norte mineralized areas, while Viejo Campo is in the
northern window seen in Figure 7.1.
Locally, the volcanic rocks interfinger with Miocene to Pliocene age red sandstone that is
correlative to the Pastos Grandes Group. Late Pleistocene glaciation and fluvial and mass-
wasting processes have eroded the complex, creating erosional windows, landslides and
extensive alluvial fans.
36
Figure 7.1
Regional Geology of the El Quevar Property
37

7.2 LOCAL GEOLOGY
The El Quevar property has not been entirely geologically mapped, but it is clear that the
rocks within the erosional windows are Tertiary volcanic flows, tuffs and intrusive rocks
overlain in places by Pleistocene moraine and Quaternary rockslide, alluvium and colluvium.
The principal lithologic sequence is shown in Table 7.1. Some of the dacitic intrusive domes
are also believed to be post-mineral.
Table 7.1
El Quevar Stratigraphy
Stratigraphic Horizon Logging Abbreviations Lithology Mineralization

alluvium, colluviums,
Quaternary deposits QA, QC, QM post-mineral
moraine, landslides
Unconformity
flow-banded biotite
Dacitic flows LD post-mineral
dacite
Unconformity
altered, rarely
mainly dacitic tuffs,
Lithic tuffs TDL mineralized (may be
locally bedded
post-mineral ?)
dacitic or locally rhyolitic
El Quevar breccia BXQ principal mineral host
breccia (tuff-breccia ?)
Dacitic intrusive domes DD porphyritic dacite locally mineralized
Perlite and volcanic glass PE perlite, obsidian rarely mineralized
Unconformity
Paleozoic phyllites (not drilled) shales, slates, phyllites (not drilled)
Note: Table adapted from the January, 2010, CAM Technical Report.
The various lithologies are described in somewhat more detail by SRK in its 2009 Technical
Report than in the CAM Technical Reports. However, the stratigraphic units have
considerable variation in the compositions and textures of the units, which is typical of a
volcanic sequence.
Golden Minerals is currently exploring the mineralization along the Yaxtché structural trend
which is the principal structural trend on the El Quevar property. The Yaxtché structural
trend strikes at 112° and dips to the north at 65° to 70° near surface, shallowing to 45° to 55°
at depth, and averaging 52°. The zone is 30 m or more wide, and contains up to five narrow,
semi-continuous mineralized zones.
The Yaxtché structural trend is exposed at surface or lies beneath talus and landslide deposits
and has been traced for over 2,000 m along strike. The centre 700 m is defined as the Central
zone, while the West zone extends at least 900 m to the northwest. The East zone has only
been sparsely drilled, and appears to extend more than 500 m to the southeast.
The nature of the Yaxtché trend is apparently a weakly-sheared structural corridor,

containing fault breccias in addition to the El Quevar tuff breccia. Due to cover by
colluvium, landslide blocks and glacial debris, the zone is poorly exposed.
38
Surface mapping and drilling at Yaxtché have identified a sub-parallel fault, the North Fault,
dipping steeply to the northeast, which cuts off the Yaxtché structure at depth to the north.
Drilling indicates that another fault, the South Fault, is parallel to the North Fault, at the
south edge of the mineralized zone.
Cross-structures striking about 020° cut the Yaxtché trend, and divide it into three sectors,
labelled Yaxtché East, Central and West.
Hydrothermal alteration is widespread in the volcanic rocks exposed in the erosional

windows. The alteration types identified are summarized in Table 7.2.
Table 7.2
El Quevar Alteration Types
Alteration Type Logging Code Diagnostic Minerals Comments

unaltered UA original volcanic minerals
propylitic PR chlorite, disseminated pyrite distal to mineralization
argillic AR kaolinite, illite and smectite associated with mineralization
advanced argillic AA kaolinite, alunite and dickite associated with mineralization
silicification SI vuggy quartz, alunite restricted to mineralized structures
Note: Table adapted from the January, 2010, CAM Technical Report which was a summary of the SRK (2009) descriptions.
Alteration tends to be concentrated within specific structures, except that propylitic alteration
is widespread distal to structures. Within the mineralized areas, alteration displays lateral
zoning, from pervasive silicification at the centre, extending outward into advanced argillic,
then argillic, then propylitic or no alteration. Higher-grade areas are associated with
hydrothermal breccia zones showing strong and pervasive silicification, with vuggy silica.
The vuggy silica is interpreted to be the result of acid leaching and preceded the deposition of
galena and sphalerite. These silica zones may be up to 10 m thick.
In order to gain a better understanding of the extent and continuity of the mineralization,
Golden Minerals has begun to pay closer attention to logging and identifying the alteration
types, rather than the lithological units in which the mineralization occurs, since the lithology
containing the mineralization varies from hole to hole while the alteration patterns remain
more constant.
39
8.0 DEPOSIT TYPES
The following description of the deposit types has been adapted and quoted from the January,
2010, CAM Technical Report.
“The silver-base-metal mineralization at Yaxtché is of epithermal origin. The cross-cutting

nature of the mineralization, the assemblage of sulphide and alteration minerals, and the
presence of open spaces with euhedral minerals, all point to an origin at shallow to moderate
depths (a few hundred metres below surface) from hydrothermal solutions. Mineralization is
hosted in volcanic rocks and minor associated intrusive and sedimentary rocks. Epithermal
deposits are common in the Andes and in other cordilleran environments, especially in proximity
to Tertiary volcanic rocks.”
“Upper parts of the Yaxtché mineralization have been oxidized and leached by meteoric waters,
forming an oxidized (supergene) zone with distinctive mineralogy. Beneath the oxide zone is a
mixed zone, containing secondary minerals (both oxides and sulphides) deposited on primary
sulphides. This is the zone of secondary enrichment, which on average has the highest silver
grades. At depth is the primary (hypogene) zone of original sulphide minerals. This vertical
succession of hypogene-enriched-supergene zones is common in epithermal systems which have
been subjected to erosion, especially in arid environments.”
“Other mineralized prospects within the El Quevar volcanic complex may be of deeper or
shallower origin than Yaxtché. The native sulphur at high elevations on Cerro Azufre, and the
possible hot-spring sinters at over 5,000 m elevation at Claudia were almost certainly emplaced
at the top of an epithermal plumbing system. Although drill information is lacking it is widely
postulated that a porphyry-copper system may underlie the El Quevar complex at depth within
the area of extensive hydrothermal alteration. Pudack, et al. (2009) have postulated such a
relationship in the Nevados de Famatina district in adjacent La Rioja province, Argentina.”
“Yaxtché has been interpreted by Golden Minerals staff as being of intermediate sulphidation
(IS) epithermal type, which in general are higher in base-metal content than high-sulphidation
(HS) epithermal deposits.”
The El Quevar property lies within the extension of the Bolivian metallogenic province that
extends from Bolivia north into Peru and south into northern Argentina and Chile. The El
Quevar project is specifically located in the Altiplano and Cordillera Occidental Polymetallic
Belt, which is the westernmost region of this metallogenic province.
40
9.0 MINERALIZATION
The following description of the mineralization has been adapted and quoted from the
January, 2010, CAM Technical Report.
“Mineralization at Yaxtché, and at El Quevar in general, occurs in strongly-altered, structurally-

controlled zones within the older volcanic (and locally intrusive) rocks. Sulphide minerals occur
variously as open space filling and in massive veinlets or clots, and less commonly as
disseminations.”
“The Yaxtché Zone is characterized by strong to moderate silica alteration, and vuggy quartz-
alunite rock. It is bounded by faults in both the hangingwall and footwall of the mineralized
zone. The El Quevar Breccia, a dacitic tuff breccia of probable ash-flow origin, is the principal
host for mineralization at Yaxtché. Mineralized fault breccias and hydrothermal breccias also
occur.”
“The hypogene silver mineralization occurs mainly as fine-grained black sulphides.”
“The principal metal value in Yaxtché zone is silver, with lesser amounts of lead, zinc, and
copper minerals, and accessory gold and antimony. The principal gangues are quartz, pyrite,
and barite.”
“A large number of minerals have been reported from the Yaxtché zone, many of which are fine-
grained sulphosalts or other minerals difficult to identify in hand specimen. Table 9.1 below has
been compiled from polished-section and microprobe studies carried out by B&F Consultores
(2008a, 2008b), from Silex reports, and from discussions with Silex staff on-site. It is likely that
additional investigations at Yaxtché will result in changes and additions.”
Table 9.1 differs in some respects from previous reports in assigning some metallic minerals
(notably argentite, native silver, chalcocite, and covellite) to supergene (weathering) origin,
rather hypogene (hydrothermal) origin. This is based on the polished-section observations
showing these minerals commonly rimming and replacing other sulphides.
While Table 9.1 is specific to the Yaxtché zone, the mineralogy at other prospects on the El
Quevar property at moderate (4,000 to 5,000 m) elevations appears at this point to be rather
similar to the Yaxtché zone. Important differences in mineralogy may occur at lower and
higher levels in the volcanic edifice.
“Based on the minerals found at Yaxtché Central and their relative abundances by depth, Silex
geologists have classified the mineralization by oxidation state, as shown in Table 9.2. It is
normally possible to identify these classes by visual examination of core. The mixed zone of
secondary enrichment contains minerals such as argentite, chalcocite, chlorargyrite, covellite,
and native silver, often as rims or coatings on hypogene sulfide grains.”
41
Table 9.1
Selected Minerals of Economic Interest in the Yaxtché Zone
Name Mineral Type Formula % Metal Stage Phase Abundance Comments Name Mineral Type Formula % Metal Stage Phase Abundance Comments
IMPORTANT SILVER-BEARING MINERALS ALTERATION MINERALS
86.6% Pb, Ag Smectite, e.g. e.g. Na0.33(Al,Mg)2 alteration,
Galena Sulphide PbS late? hypogene IV moderate may contain Ag None I, VI abundant replaces glass in volcanics
varies montmorillonite Si4O10(OH)2.nH2O supergene
57.75% Ag forms series w/ alteration, both hypogene and
Pyrargyrite Sb-sulphosalt Ag3SbS3 hypogene IV sparse Alunite Sulphate KAl3(SO4)2(OH)6 None I, VI moderate
22.5% Sb proustite (As) supergene supergene
forms series with
Tennantite As-sulphosalt (Cu,Fe,Zn,Ag)12As4S13 max 5% Ag hypogene IV sparse Hyalophane silicate, feldspar (K,Ba)AlSi3O8 see None alteration I? sparse
tetrahedrite
varies: max
18% Ag, to forms series with
Tetrahedrite Sb-sulphosalt (Cu,Fe,Zn,Ag)12Sb4S13 hypogene IV rare Calcite Carbonate CaCO3 None alteration I sparse
34.8% Cu, 29.6% tennantite
Sb,
(K,H3O)(Al,Mg,Fe)2
Pearceite As-sulphosalt (Ag,Cu)16As2S11 77.45% Ag hypogene IV sparse compare polybasite Illite-sericite mica/clay None alteration I abundant a.k.a. hydro-mica
(Si,Al)4O10(OH) 2.H2O
late
probably often rims other
Silver (native) native metal Ag 100% Ag VI sparse Chlorite silicate(mica) (Al,Fe)4-6(Al,Si)410(OH)8 None magmatic I abundant after biotite, hornblende
supergene sulphides
alteration
Argentite/ probably forms rims
Sulphide Ag2S 87.1% Ag VI sparse Goethite oxide-hydroxide a-Fe3O(OH) Fe supergene I abundant
acanthite supergene on tennantite
Chlorargyrite alteration or
Chloride AgCl 75.3% Ag supergene VI sparse forms rims and fillings Kaolin silicate clay Al2Si2O5(OH)4 None I abundant
(cerargyrite) supergene
moderate/
Argentojarosite Sulphate AgFe3 (SO4) 2(OH) 6 18.9% Ag supergene VI Rutile Oxide TiO2 59.9% Ti alteration I sparse accompanies pyrite ?
sparse
OTHER HYPOGENE (PRIMARY) MINERALS MINERALS INHERITED FROM HOST ROCKS
pre-mineral, abundant, c. 10%
Quartz Silicate SiO2 None hypogene I, IV abundant several generations Plagioclase silicate, feldspar NaAlSi3O8 to CaAl2Si2O8 None 0 usually altered
volcanic of rock
pre-mineral, common, c. 5%
Barite Sulphate BaSO4 58.8 % Ba late hypogene V moderate coarse crystals Quartz Silicate SiO2 None 0 mainly eyes of alpha-quartz
volcanic of rock
47% Fe, approx half of several gener-ations; K(Mg,Fe)3AlSi3O10 pre-mineral,
Pyrite Sulphide FeS2 hypogene I, IV Biotite silicate, mica None 0 moderate, c. 2% may be altered
53% S sulphides may contain As (F, OH)2. volcanic
48.4% Cu forms series with Orthoclase pre-mineral, sparse, <1% of
Enargite Sulphosalts Cu3AsS4 hypogene IV moderate silicate, feldspar KAlSi3O8 None 0 may be altered
low Ag famatinite (Sb) (sanidine) volcanic rock
forms series with pre-mineral, sparse,
Famatinite Sb-sulphosalt Cu3SbS4 low Ag hypogene IV sparse Others Varies varies None 0 zircon, apatite, hornblende
enargite (As) volcanic < 0.5%
not often reported in pre-mineral, abundant, to 50% in matrix of volcanics, often
Sphalerite Sulphide ZnS c. 64% Zn, no Ag hypogene IV sparse Glass amorphous silicate indefinite, SiO2-rich None 0
polished secs. volcanic of rock altered/devitrified
Bismuthinite Sulphide Bi2S3 81.3% Bi hypogene IV sparse
13.0 % Cu
Bournonite Sb-sulphosalt PbCuSbS3 hypogene IV rare “cog-wheel ore”
24.9 % Sb
Stibnite Sulphide Sb2S3 71.68% Sb hypogene IV rare see bismuthinite
Chalcopyrite Sulphide CuFeS2 34.6% Cu hypogene IV traces
rare/
Giessenite Sb-sulphosalt Cu2Pb26(Bi,Sb) 20S57 c. 0.1% Ag hypogene IV presence uncertain
unknown
100%
Gold/electrum native metal Au, Ag hypogene ? ? not reported not reported
Au-Ag
OTHER SUPERGENE (SECONDARY) MINERALS
18.3% Pb, minor moderate/
Plumbojarosite Sulphate PbFe6 (SO4) 4(OH) 6 supergene VI
Ag sparse
moderate/
Jarosite Sulphate KFe3(SO4)2 (OH) 6 33.4% Fe supergene VI
sparse
Stibiconite oxide, hydrated Sb3O6(OH) supergene VI rare alters from stibnite
supergene or IV,
Chalcocite Sulphide Cu2S 80% Cu sparse
hypogene VI,
supergene or
Tripuhyite Oxide FeSbO4 50.4% Sb ? rare
hyprgene
fine-grained mixtures of
goethite FeO.OH,
Limonite oxide-hydroxide mixture Fe supergene VI moderate
lepidocrocite FeO.OH,
hematite Fe2O3; others
Gypsum Sulphate CaSO4.6H2O None supergene VI sparse
forms rims on Cu
Covellite Sulphide CuS 66.5% Cu supergene VI sparse
sulphides
42
Table 9.2
Oxidation Classes of Yaxtché Central Mineralization
Class Location Key Diagnostic Minerals Origin

Oxide near-surface jarosite (plumbo-, argento-), limonite, stibiconite, supergene
chalcocite, covellite, argentite, native silver, chlorargyrite: when rimming
Mixed Intermediate secondary enrichment
hypogene sulphides
Sulphide Deep pyrite, galena, sphalerite, sulphosalts, bismuthinite, stibnite, chalcopyrite hypogene
“Naturally, there is often overlap between the oxidation classes, with remnants of hypogene or
secondary sulphides sometimes found in the oxide zone. Due to the importance of the mineralogy
in mineral processing, the classification of drill intervals into oxidation classes will become more
important as the project advances.”
“It is possible to establish a general sequence of geologic events which gave rise to the
mineralization at Yaxtché Central, although some uncertainties remain. It is not yet clear
whether this tentative paragenesis will also apply to other mineralized areas at El Quevar.”
“Table 9.3 is modified from Tables 5.2.1.1 and 5.2.1.2 of SRK Consulting (2009), with
information from the mineralogical studies of B&F (2008a, 2008b), discussions with Silex staff
on-site, and CAM’s examination of core. It is likely that this sequence will be further modified as
the project advances.”
“The controls on silver mineralization at Yaxtché Central, as currently understood, are:
• an exposed window of older volcanics.

• the faulted and sheared Yaxtché structure.
• the receptive El Quevar Breccia unit.
• areas of intensive hydrothermal alteration.
• elevation control with respect to hydrothermal solution sources (?).
• oxidation resulting in secondary enrichment.”
“It is likely that further work in the El Quevar district will serve to elucidate the controls.”
Table 9.3
General Geological Sequence for the Yaxtché Zone
Time Sequence Phase* Event Minerals Comments

0 -- original host rocks mainly silicates
some hydrothermal
1 I chlorite, disseminated pyrite, clays
brecciation
propylitic alteration
II hydrothermal
2 pyrite, gray silica, white silica,
III brecciation
acid leaching clays, alunite formation of vugs
clays, hypogene sulphides: galena,
3 IV hydrothermal
argillic alteration sulphosalts, sphalerite, chalcopyrite, Sb
brecciation
and Bi sulphides; late galena
4 V Silicification drusy quartz, late barite partial filling of vugs
oxidation of hypogene sulphides, minor angular
5 -- uplift and erosion
secondary enrichment unconformity
6 -- post-mineral dacite flows mainly silicates in dacite
continued oxidation and secondary
7 -- modern erosion, glaciation
enrichment
43
10.0 EXPLORATION
Golden Minerals and its predecessor Apex have undertaken exploration on the El Quevar
property since late 2004 and, in particular, at the Yaxtché zone. Exploration data from
programs prior to 1997 were not available, although data from Hochschild and from
Mansfield Minerals were available. None of the drilling or sampling undertaken by
Hochschild or Mansfield Minerals was used for resource estimation in this report.
Golden Minerals’ work was carried out in three named exploration areas: Quevar Sur,
Quevar Norte and Viejo Campo. The Yaxtché deposit is in Quevar Sur.
The previous exploration programs are discussed in detail in the January, 2010, CAM
Technical Report. This report will focus on the late 2009 and 2010 exploration programs
conducted after the exploration discussed in the CAM report.
10.1 QUEVAR SUR AREA
Golden Minerals is in the process of conducting a surface exploration program in the areas
located towards the northeast and east, away from the extension of the Yaxtché Este zone.
Surface mapping is being conducted at a 1:500 scale in order to define new mineral targets
for drilling in these areas, referred to as Area 1 in the December, 2009, Quevar exploration
program report by Silex.
The mapping has led to some mineralized structures being observed as hosted in both the
dacitic domes and the El Quevar breccia. A hydrothermal breccia was observed hosted
within the El Quevar breccia where clasts are affected by argillic and silica alteration with
moderate vugs within a silica-limonite matrix. The hydrothermal breccia strikes at 145°, dips
to the southwest at 78° and could be traced for approximately 10 m on surface. In other
portions of the area mapping has revealed domes intruded by other domes with the first ones
cross-cut by gypsum veins (< 1 cm) and the last one altered to silica-alunite. It is proposed
that additional exploration could be conducted in this area once all of the assaying and
mapping has been completed.
In the December exploration report, Silex also discussed Area 2 (Puntana) and noted that the
surface sampling returned encouraging values with one sample returning 84 g/t silver and
two samples returning 0.21 and 0.23% lead. The samples were taken from an area of
gossans, where Golden Minerals plans to open up a number of trenches.
A geophysical survey conducted over Area 2 by Quantec indicates that a well defined very
high resistivity anomaly (>100 ohm-m) occurs between the 4800 and 4700 levels, with an
area of about 500 x 250 m, elongated in the east-northeast direction. This anomaly coincides
with a transition in the chargeability from 7.5 to 15 mV/V on the north-northeast sector.
Golden Minerals has identified the Puntana area as a target for drilling due to its geophysical
anomalies and the encouraging results from the oxidized outcrops. However, Golden
44
Minerals is planning to conduct some trenching and mapping prior to drilling to get a better
understanding of the trend of the mineralization.
10.2 QUEVAR NORTE AREA
The following information has been obtained from a June, 2010, Golden Minerals internal
report entitled “Quevar North Report” by Colque Exploraciones.
Up to the time of the report, a total of 1,177 surface and 364 drill core samples were taken.
All of the assays had been completed. Table 10.1 is a summary of the significant surface
assays for the Quevar North area. The surface sampling was conducted primarily along the
roads where the underlying rock was exposed. The road work allowed Golden Minerals to
acquire samples from below the weathered surface and the roads doubled as trenches for
sampling purposes.
Table 10.1
Summary of the Significant Surface Assays for the Quevar North Area
Sample Location Assay Results (ppm)

Area Width
Number (Zone) Silver Bismuth Copper Antimony
1710 QNorth Claudia 301.50 184.04 8.54 244.60
1712 QNorth Claudia 477.70 390.61 39.85 245.91
52284 QNorth Claudia 1.4 443.00 1,568.43 58.90 443.61
52292 QNorth Claudia 2.0 452.00 1,325.84 44.23 394.17
63339 QNorth Claudia 1.0 810.30 -5.00 143,308.21 438.98
63393 QNorth Claudia 104.00 189.32 6.56 455.43
63394 QNorth Claudia 223.60 267.13 9.17 582.93
63395 QNorth Claudia 108.10 105.77 7.74 506.39
63396 QNorth Claudia 187.10 195.55 8.27 711.35
63399 QNorth Claudia 142.60 169.53 2,241.78 2,000.10
63939 QNorth Sharon 1.0 138.60 16.00 9.00 210.00
63940 QNorth Sharon 1.0 150.30 16.00 5.00 268.00
63971 QNorth Sharon 1.3 429.00 807.00 39.00 240.00
63972 QNorth Sharon 1.1 26,997.00 2,000.00 177.00 2,000.00
63973 QNorth Sharon 1.9 9,661.00 2,000.00 151.00 2,000.00
63975 QNorth Sharon 1.0 113.70 2,000.00 4,970.00 1,123.00
91887 QNorth Sharon 0.92 156.90 162.00 75.00 1,290.00
91888 QNorth Sharon 1.0 116.40 199.00 211.00 2,000.00
The highest silver value found on surface was 27 kg/t, with high values of arsenic, bismuth
and antimony and anomalous lead values.
Six diamond drill holes were drilled in the early portion of 2010 totalling 1,017.1 m. These
holes were drilled to intersect three zones: Sharon (QND 001 to QND 004), Aylapuna (QND
005) and Tetera (QND 006). The most significant intercept occurred at the Sharon zone,
where QND-002 cut 28 m (from 63 m to 91 m) that averaged 1.289 g/t silver, 1.26% copper
and 0.44% zinc.
45
Golden Minerals is in the process of evaluating the results from the Quevar Norte area to
define further work for the fall of 2010.
10.3 VIEJO CAMPO AREA
From 2008 until March, 2010, Silex has conducted an exploration program comprised of
mapping, surface sampling of trenches and roads, and two drilling campaigns. The drilling
campaigns were conducted in August, 2009 and in February/March, 2010.
A total of 1,414.31 m of drilling was conducted in the two drilling campaigns. In addition,
610 m of trenching was completed over 13 trenches. Table 10.2 is a summary of the
significant surface assays for the Viejo Campo area.
the Jenna zone. The zone is located to the northeast with a strike length, identified in the
field, of approximately 600 m. In the centre of the zone the widths are up to 8 m with an
average of 4 to 6 m. The preferred orientation of the zone is northwest-southeast with an
average dip of 72° northeast to sub-vertical. The Jenna zone has various areas where it
exhibits a horsetail design and the ends of the zone appear to be closed.
dip.
The mineralization is associated with areas where breccia bodies are emplaced, with the
quartz.
Table 10.2
Summary of the Significant Surface Assays for the Viejo Campo Area

Area Width
56870 VC Pamela 225.00 10,000.10 54.00 1,075.00
56872 VC Pamela 109.00 136.00 12.00 1,015.00
56884 VC Jenna 669.00 3,510.00 25.00 1,700.00
56885 VC Jenna 1,665.00 5,480.00 37.00 1,655.00
56886 VC Jenna 983.00 6,490.00 104.00 2,030.00
57132 VC Pamela 1.0 406.00 7,400.00 20.00 3,880.00
57133 VC Pamela 1.0 353.00 1,405.00 14.00 1,125.00
57134 VC Pamela 1.0 133.00 599.00 17.00 374.00
57137 VC Pamela 1.0 131.00 1,710.00 9.00 1,685.00
46
Area Width
57141 VC Pamela 1.0 119.00 2,720.00 12.00 1,595.00
57142 VC Pamela 1.0 505.00 4,430.00 13.00 3,190.00
57143 VC Pamela 173.00 4,920.00 12.00 920.00
57145 VC Pamela 1.0 276.00 2,520.00 14.00 1,285.00
57146 VC Pamela 194.00 8,490.00 12.00 4,150.00
57151 VC Pamela 1.5 166.00 2,760.00 14.00 2,360.00
57152 VC Pamela 1.5 181.00 3,730.00 14.00 2,550.00
57159 VC Jenna 639.00 3,720.00 43.00 1,205.00
57160 VC Jenna 1.0 153.00 781.00 42.00 461.00
57162 VC Jenna 1.0 136.00 894.00 48.00 398.00
57199 VC Jenna 1.0 110.00 44.00 56.00 394.00
59456 VC Jenna 1.5 129.55 1,971.06 6.80 846.85
59942 VC Jenna 1.0 196.00 2,000.10 33.11 471.83
59943 VC Jenna 1.0 116.78 2,000.10 23.51 345.76
59962 VC Jenna 1.2 110.39 86.50 19.44 292.25
59989 VC Jenna 1.0 114.70 573.00 17.00 440.00
59990 VC Jenna 1.0 108.60 178.00 26.00 316.00
63461 VC Pamela 1.4 135.42 77.56 8.81 1,367.51
63462 VC Pamela 1.0 145.84 82.46 21.04 629.79
63463 VC Pamela 1.0 171.36 107.41 15.29 1,345.12
63464 VC Pamela 1.0 147.39 98.39 16.63 782.24
63465 VC Pamela 1.0 143.54 61.34 9.92 546.21
63466 VC Pamela 1.0 108.10 85.49 16.14 327.21
63467 VC Pamela 1.0 122.86 164.64 7.02 565.84
63523 VC Pamela 1.1 116.78 167.65 29.80 550.61
47
11.0 DRILLING
Golden Minerals and its predecessor Apex have undertaken drilling on the El Quevar
property since late 2004, with the focus of the drilling being on the Yaxtché zone.
Golden Minerals’ drilling was carried out in three named exploration areas: Quevar Sur,
Quevar Norte, and Viejo Campo. The Yaxtché deposit is in Quevar Sur.
The previous exploration programs are discussed in detail in the January, 2010, CAM
Technical Report. This report will focus on the late 2009 and 2010 exploration programs
conducted after the drilling discussed in the CAM report.
11.1 DRILLING PROCEDURES AND LOGGING
The drilling procedures and logging were described previously in the January, 2010, CAM
Technical Report. The following has been adapted or quoted from that report.
The majority of the core was HQ (63.5 mm), except in hole QVD-063, where the diameter
was reduced in mid-hole to NQ (47.6 mm), due to poor ground conditions. Most holes in the
Yaxtché zone were drilled so as to cross-cut the mineralized zone at a high angle in terms of
dip, and nearly all holes were at right angles to the strike. The average angle of intercept was
approximately 80° with the core recovery averaging over 90%.
Drill sites were located by Silex personnel using a handheld GPS unit. Access roads and drill
pads were constructed by bulldozer and the drill location was verified by a Silex geologist,
who staked the hole location and orientation (Figure 11.1). The drill was then set up to drill
within 2° of azimuth and 1° of inclination of the programmed orientation.
The standard procedure is for the drilling contractor to tricone through the overburden to
solid rock and set casing in the upper part of the hole before coring. Drilling was performed
on a 24-hour basis using two 12-hour shifts. The drilling contractor is responsible for
providing water trucks for the drilling. Drilling fluids are collected in a sump, and decanted
with the clear water discarded. Micon noted that the drill sites were very clean during its site
visit.
Drilling is monitored by Silex supervisors, one per shift, who divide their time between
drilling and camp responsibilities
Down-hole surveys were performed on all drill holes, generally using a Reflex Photobor and
in some cases a Sperry Sun. Readings were made at 25 m intervals. After surveying was
completed, a PVC pipe was placed in the hole and the collar cemented. The drill hole
number, total depth, azimuth and inclination were stamped into a metal plate cemented into
the collar pad. Due to the nature of the mineralization occurring as shoots and veins, the true
width of the mineralization will vary both along strike and in the down dip direction. In
areas where the strike and dip of the mineralization are well established, a true width for the
48
mineralized intersection may be estimated. However, in areas of poor surface exposure or
where there is no drilling or poor drilling, the true width of the mineralization may be
impossible to estimate until further work is conducted.
Figure 11.1
Drill Hole Collar Set-up for the El Quevar Project
The drill core is placed in wooden boxes holding 3 m of core at the drill and moved to the
core shed at the Silex camp by a Silex supervisor or a technician. Active drills are visited
two to three times per day by a geologist or the supervisor and the core is picked up twice
daily. A shift report on drilling activities is provided by the drilling contractor.
In the core shed, a technician cleans the core with water and a brush, marks the box at metre
intervals, and verifies the depths. The technician also marks the start and end of the interval
and writes the drill hole number on the top and side of the core box. The technician also
measures and records the geotechnical information including core recovery and rock quality
designation (RQD).
The core is described on paper logs by the geologists who then enter the data into a
computer. The paper log has sections for comments and a graphic log with a separate area
for drawing fractures. Mineralization, alteration and alteration intensity are also recorded on
the log sheet and there is an area for sample interval, sample number and analytical results.
The geologist marks the core for any additional observations including passive infrared
mineral analyzer (PIMA) measurements. The geologist then selects sample intervals and
samples for density measurements.
49
Once these procedures are completed, the core is photographed and split for analysis.
Sample length within mineralized zones is at nominal one-metre intervals, but may vary due
to changes in lithology and mineralization. The entire mineralized zone is sampled, as well
as a minimum of 2 to 3 m on either side of the zone.
A paper file is maintained for each stored drill hole, and a checklist for each item that must
be completed for every hole is included in the file. The file includes a drill hole summary,
geological log, geotechnical log, analytical results, drill reports, certificate from the surveyor,
photographs, down-hole survey information and density measurements. Drill core is stored
on site primarily in a locked facility at the Silex camp
11.2 QUEVAR SUR AREA
Golden Minerals has focussed its drilling primarily in the Quevar Sur area of the El Quevar
project which is where the Yaxtché deposit is located.
Since the CAM Technical report was issued in January, 2010, Golden Minerals has
continued to drill in the area of the Yaxtché deposit. An additional 12 holes have been added
to the database for the Quevar Sur area. These are summarized in Table 11.1 and the
locations shown in Figure 11.2. The CAM report concluded its list of drill holes at hole
QVD-192.
Table 11.1
Summary of the Additional Drill Holes Completed since Hole QVD-192
Drill Hole UTM Coordinates Elevation Azimuth Depth

Dip (°)
Number Easting Northing (m) (°) (m)
QVD-193 3418147 7307327 4,857.347 265 -45 400.3
QVD-194 3417900 7307388 4,849.98 208 -64 385.1
QVD-195 3417855 7317410 4,864.518 0 -90 428
QVD-196 3418186 7307245 4,873.155 0 -90 383.6
QVD-197 3418621 7306943 4,847.457 0 -90 215
QVD-198 3417760 7307448 4,890.717 0 -90 364.3
QVD-199 3418491 7307017 4,844.495 208 -74 244.6
QVD-200 3418469 7307078 4,843.149 252 -58 269
QVD-201 3418452 7307046 4,850.129 0 -90 215
QVD-202 3418584 7306978 4,845.17 208 -70 194
QVD-203 3418583 7306978 4,847.466 208 -70 201.5
QVD-204 3418264 7307165 4,884.86 208 -67 310.1
Total 3,610.50
The drill program was focused on extending and further defining the strike extensions of the
high grade Yaxtché mineralized zone and providing infill drill intercepts in the western area
to support an updated mineral resource estimation. Two drills were utilized during this
recent program.
50
Figure 11.2
Drill Hole Locations for the Quevar Sur Area
51

Drilling indicates that mineralization continues at the Yaxtché zone to the west, beneath the
post-mineral volcanic cover. Hole QVD-194, drilled 50 m west of hole QVD-192, which
was the westernmost drill hole previously reported, intercepted 11 m of 1,300 g/t silver,
including a one metre intercept of 2,900 g/t silver. Hole QVD-195, drilled 50 m farther west
from hole QVD-194, intercepted 7 m of 1,000 g/t silver, including a one metre intercept of
5,400 g/t of silver. Both QVD-194 and QVD-195 were drilled through at least 200 m of
post-mineral volcanic cover. The drill holes are generally angle holes oriented perpendicular
to the interpreted trend of the mineralized zone. Figure 11.3 is a section through drill hole
QVD-195.
Figure 11.3
Section through Drill Hole QVD-195
Results reported for the infill intercepts in the western area of the Yaxtché zone include hole
QVD-196, which intersected four mineralized intervals, including a 6 m intercept of 413 g/t
silver, and hole QVD-197, drilled about 100 m east of QVD-196, with an 11 m intercept of
334 g/t silver. Hole QVD-199 intersected 6 m averaging 411 g/t silver. Holes QVD-201,
202 and 204 intersected similar intervals. Drill holes 198, 200 and 203 did not intersect
significant mineralization. Figure 11.4 is a section through drill hole QVD-204.
52
Figure 11.4
Section through Drill Hole QVD-204
Significant assays for the additional 12 holes in the Quevar Sur area (West Yaxtché zone) are
summarized in Table 11.2.
The Yaxtché zone remains open to the east and west along strike, and up and down dip. Drill
hole QVD-195 indicates that the Yaxtché mineralization continues at least 1,100 m west of
the previously defined central zone. Further, drill holes QVD-194 and QVD-195 have
confirmed that mineralization extends under the post-mineral volcanic rocks to the west.
11.3 QUEVAR NORTE AREA
A total of 1,017.1 m of drilling was conducted in six drill holes in the early part of 2010. The
drilling was concentrated primarily on the Sharon zone with 4 holes, and one hole each was
drilled on the Aylapuna and Tetera zones.
Table 11.3 summarizes the early 2010 drilling campaign for the Quevar Norte area. Figure
11.5 is location map of these holes.
53
Table 11.2
Significant Assays for the Recent Drilling in the Quevar Sur Area (West Yaxtché Zone)
Interval (m)
Drill Hole Number Silver Assay (g/t)
From To Core Length
QVD-193 No significant intercept – drilled over zone
QVD-194 279 298 19.0 820
including 280 286 6.0 1,690
and 288 289 1.0 2,231
and 303 314 11.0 263
and 349 352 3.0 290
QVD-195 312 319 7.0 1,023
including 312 313 1.0 5,403
and 317 318 1.0 1,141
and 391 393 2.0 344
and 395 400 5.0 356
QVD-196 279 281 2.0 487
and 287 295 8.0 387
and 306 309 3.0 304
QVD-197 125 136 11.0 334
and 142 144 2.0 309
QVD-198 No significant intercept – drilled over zone
QVD-199 176 182 6.0 412
including 176 177 1.0 1,182
QVD-200
QVD - 201 162 166 4.0 589
and 188 193 5.0 226
QVD-202 161 167 6.0 820
including 161 162 1.0 2,498
QVD-203 No significant intercept – hole lost
and 24 29 5.0 299
QVD-204 230 233 3.0 372
and 248 250 2.0 503
Table 11.3
Summary of the Early 2010 Drilling Program in the Quevar Norte Area
Drill Hole Mineral UTM Coordinates Elevation Azimuth Dip Depth

Number Zone Easting Northing (m) () () (m)
QND-001 Sharon 3421080.253 7310923.597 5,143.653 155 -50 209
QND-002 Sharon 3420974.345 7310912.197 5,107.902 145 -55 101
QND-003 Sharon 3421046.727 7310845.891 5,119.837 153 -50 158
QND-004 Sharon 3421080.253 7310923.597 5,143.653 80 -50 200
QND-005 Aylapuna 3421006.314 7310020.257 5,148.203 273 -55 152.1
QND-006 Tetera 3420567.482 7309763.499 5,115.535 305 -60 197
Total 1,017.1
54
Figure 11.5
Location Map for the 2010 Drill Holes in the Quevar Norte Area
55

11.3.1 Drilling Results Quevar Norte Area (Sharon Zone)
Four holes were drilled in the Sharon zone, QND-001 through QND-004. Three of the holes
intercepted mineralized structures. Figure 11.6 is a view of the drill hole locations and traces
for the Sharon zone, along with an interpretation covering the possible mineral shoot.
QND-001
The objective of hole QND-001 was to test at depth a number of surface anomalies (150 g/t
silver) which possibly correspond to a mineralized structure or structures.
The hole intersected a sub-vertical structure 20 m wide (true width). This structure is
interpreted as a strongly altered dome which is dominated by advanced argillic alteration.
Sulphides logged in the drill hole included enargite, arsenopyrite, pyrite and other black
sulphides in a quartz-barite gangue.
The mineralized structure is located on the margins of a brecciated dacitic dome and is
interpreted to be the upper portion of a vent through which circulating gases and fluids
passed.
All of the assays have been received from this drill hole and the most significant assays are
Table 11.4
Mineralized Intersections for Drill Hole QND-001
Mineralized Interval (m) Significant Assays

Drill Hole
Number Core Silver Copper Antimony
From To True Width
Length (g/t) (%) (g/t)
QND-001 127.90 143.15 15.25 15.0 102.5 0.93 554
Including 127.90 131.00 3.10 3.0 288.5 0.50 1,024
Including 139.00 143.15 4.15 4.0 119.0 1.80 807
QND-002
The objective of QND-002 was to intercept at depth the consistent mineralization (157 g/t
silver) located in a small isolated outcrop.
The drill hole intersected a 10 m wide (true width) mineralized structure. The structure was
intersected with a similar inclination to the drill hole which has been interpreted to indicate
that possible movement of the outcrop along a fault has produced a false interpretation of the
dip.
56
Figure 11.6
View of the Drill Hole Locations and Traces for the Sharon Zone
QND-001
QND-004
QND-003 ?
QND-002
ORE SHOOT ?
The mineralized structure consists of vuggy silica and breccia with a high percentage of
sulphides filling cavities and disseminated. The sulphides consist of enargite and sulphosalts.
Down-hole the structure changes to alunite-sulphates in breccia, with mineralized fragments
of vuggy silica and a secondary pulse of mineralization. Black sulphides, pyrite, chalcopyrite
and dark sphalerite are observed in the breccia.
Table 11.5 summarizes the most significant assays received from drill hole QND-002.
Table 11.5

Drill Hole
Number Core Est. True Silver Copper Antimony Zinc
From To
Length Width (kg/t) (%) (%) (%)
QND-002 63.0 91.0 28.0 10.0 1.29 1.26 0.27 0.44
Table supplied by Golden Minerals Company
57
QND-003
The objective of drill hole QND-003 was to test at depth a zone which returned a highly
anomalous surface sample of 27 kg/t silver.
Hole QND-003 intersected a sub-vertical structure 20 m wide (true width). The structure is
interpreted as a brecciated dome crossed by fingers of strong leaching with vuggy silica and
overprinted by intense silicification. There are a high percentage of sulphides present and
sparse freibergite crystals can be observed in the open spaces.
The best intercepts are summarized in Table 11.6.
Table 11.6

Drill Hole
Number Core True Copper Antimony Zinc
From To Silver (g/t)
Length Width (%) (%) (%)
QND-003 27.8 108.4 80.6 79.3 18.8 0.8 0.4 ---
Including 42.6 51.2 8.6 8.5 25.2 0.9 0.05 ---
Including 56.0 58.5 2.5 2.5 47 0.5 0.03 ---
Including 69.0 72.8 3.8 3.7 25 1.4 0.07 ---
Including 76.7 92.15 15.45 15.2 20 0.8 0.04 ---
Including 96.5 104.5 8.0 7.9 22 2.5 0.1 ---
QND-004
The objective of drill hole QND-004 was to test the northern continuity of the structure
cross-cut by drill hole QND-001.
No mineralized structure was intersected by hole QND-004. The geology of the drill hole
was comprised of a monotonous succession of dome and brecciated dome, with propylitic to
moderate argillic alteration, with patches of silicification and fine black sulphides.
There were no significant assay results for drill hole QND-004. Potential reasons for not
encountering the expected mineralized structure include:
 The structure is not oriented in a north-south direction but in an east-west direction,

causing the hole to miss the structure.
 The mineralized structure encountered in QND-001 is a mineralized shoot rather than

a laterally continuous zone.
 The mineralized structure encountered in QND-001 is limited in extent.
58
11.3.2 Drilling Results Quevar Norte Area (Aylapuna and Tetera Zones)
Figure 11.7 is a view of the drill hole locations and traces for the Aylapuna and Tetera zones,
along with an interpretation covering the possible extent of the mineralized zones.
Figure 11.7
View of the Drill Hole Locations and Traces for the Aylapuna and Tetera Zones
QND-005
QND-006
Figure supplied by Golden Minerals Company
QND-005
The objective of drill hole QND-005 was to test a mineralized surface structure (Aylapuna
zone) containing a strong silver anomaly (478 g/t).
The drill hole cross-cut a dome containing stong advanced argillic alteration, with several
narrow (1 to 1.5 m) fingers of vuggy silica-alunite. Located between 73 and 85 m is a
hydrothermal breccia with strong argillic alteration, with vuggy silica and very fine
sulphosalts.
The best intercepts from QND-005 are summarized in Table 11.7.
Table 11.7

Drill Hole
44 48 4.0 3.86 72 --- --- ---
QND-005 64 71 7.0 6.76 31 --- --- ---
79 82 3 2.9 61 --- --- ---
59
QND-006
The objective of this drill hole was to test at depth the anomalous silver assay results taken
from the Tetera zone on surface.
Drill hole QND-006 cross-cut a dome with moderate argillic alteration. Two mineralized
structures were intersected in the drill hole. The first mineralized intersection was located
from 92 to 96 m below the collar and consisted of pyrite veinlets and disseminated black
sulphides. The second intersection occurred between 107 and 111 m and comprised pyrite
veinlets and filling of open spaces.
The best intercepts from QND-006 are summarized in Table 11.8.
Table 11.8

Drill Hole
92 96 4.0 3.85 59 --- --- ---
QND-006
107 111 4.0 3.85 40 --- --- ---
2010, since this zone appears to be the best target at the moment to expand on the
mineralization already intersected in the Quevar Norte area.
zones.
11.4 VIEJO CAMPO AREA
The report by Colque outlines the work conducted by Silex from January, 2008 to June,
2010, including the drilling campaigns conducted in August, 2009 and in February/March,
2010.
the Jenna zone. The zone is located to the northeast with a strike length of approximately
600 m. The preferred orientation of the zone is northwest-southeast with an average dip of
72° northeast to sub-vertical. In the centre of the zone the widths are up to 8 m with an
average of 4 to 6 m. The Jenna zone has various areas where it exhibits a horsetail design
and the ends of the zone appear to be closed.
60
dip.
The mineralization is associated with areas where breccia bodies are emplaced with the
quartz.
In the first campaign, drill holes VCD-001 to VCD-009 were drilled while, in the second,
drill holes VCD-010 to VCD-013 were completed. A total of 1,414.31 m of drilling was
conducted in the two drilling campaigns. Table 11.9 summarizes both drilling campaigns for
the Viejo Campo area. Figure 11.8 is a plan of the drilling conducted in the Viejo Campo
area, showing both the collar location and drill trace for each hole.
Table 11.9
Summary of the Early 2010 Drilling Program in the Viejo Campo Area
Drill Hole Mineral UTM Coordinates Elevation Azimuth Dip Depth

Number Zone Easting Northing (m) () () (m)
VCD-001 Pamela 3416945.31 7313969.29 4,717.53 250 -50 57.91
VCD-002 Pamela 3416980.75 7313942.57 4,731.44 210 -50 88.4
VCD-003 Pamela 3417089.34 7313776.64 4,813.85 270 -51 51.82
VCD-004 Jenna 3417659.9 7313625.07 4,958.99 35 -55 68.59
VCD-005 Jenna 3417356.64 7313893.51 4,882.34 240 -55 80.62
VCD-006 Jenna 3417258.4 7313984.69 4,821.65 204 -55 76.2
VCD-007 Jenna 3417701.44 7313668.47 4,943.32 185 -50 76.2
VCD-008 Mariana 3417358.84 7313719.7 4,873.61 35 -50 35.05
VCD-009 Jenna 3417364.93 7313806.08 4,882.88 40 -50 96.02
VCD-010 Jenna 3417202.96 7313901.16 4,788.78 21 -50 137
VCD-011 Jenna 3417204.83 7313848.12 4,790.9 45 -50 181
VCD-012 Jenna 3417271 7313785 4,826.00 65 -60 300
VCD-013 Pamela 3417145 7313775 4,812.00 280 -50 165.5
Total 1,414.31
11.4.1 Drilling Results for the Viejo Campo Area
VCD-001
This drill hole was located in the northern portion of the Pamela zone. The hole intersected
the zone in two intervals from 42 to 45 m and again from 50 to 54 m. Table 11.10
summarizes the assays for the mineralized intersections in drill hole VCD-001.
61
Figure 11.8
Drill Hole Plan for the Viejo Campo Area
Figure supplied by Golden Minerals Company
62
Table 11.10
Assays for the Mineralized Intersections in Drill Hole VCD-001

Drill Hole Sample
Number Number Core True Silver Arsenic Lead Antimony
From To
Length Width (g/t) (ppm) (ppm) (ppm)
68545 42.0 43.0 1.00 0.86 11.7 116.1 1,764.506 145.61
68546 43.0 44.0 1.00 0.86 52.5 274.59 2,453.751 589.6
68547 44.0 45.0 1.00 0.86 73 112.37 1,400.379 511.92
VCD-001 68556 50.0 51.0 1.00 0.86 13.3 141.21 1,941.684 115.84
68557 51.0 52.0 1.00 0.86 72.8 198.13 4,183.748 219.2
68558 52.0 53.0 1.00 0.86 37.3 400.62 3,195.098 246.47
68559 53.0 54.0 1.00 0,86 28.3 103.02 1,818.07 131.22
Low grade mineralization in the first intersection totalled 62.6 g/t silver over 2 m between 43
m and 45 m. In the second intersection, low grade mineralization totalled 55 g/t silver over 2
m between 51 m and 53 m. Due to the strong antimony values, Golden Minerals believes
that this portion of the mineralization is located in the higher portion of the hydrothermal
system.
VCD-002
This drill hole is located south of VCD-001 and was poor in mineralization. However, the
hole intersected narrow zones of vuggy silica from 35.77 m to 36.40 m and from 43.54 m to
44.20 m. Another mineralized intersection of interest occurs from 80.2 m to 81 m which
assayed 0.4 g/t gold and 129 g/t silver over a core length of 0.80 m. The hole also indicated
anomalous values in lead and zinc with moderate to high assays in antimony. Table 11.11
summarizes the assays for the mineralized intersections in drill hole VCD-002.
The geology of drill hole VCD-002 consists of dacitic dome, porphyritic, with a few intervals
of vuggy structures.
Table 11.11

Drill Hole Sample
Number Number Core True Gold Silver Arsenic Lead Antimony
From To
Length Width (g/t) (g/t) (ppm) (ppm) (ppm)
68572 34.0 35.77 1.77 1.35 <0.01 <0.5 57.03 1,070.68 25.74
68573 35.77 36.4 0.63 0.48 <0.01 <0.5 72.98 3,739.35 58.54
68575 36.4 38.0 1.60 1.21 <0.01 <0.5 76.13 1,022.05 35.06
68578 42.0 43.54 1.54 1.17 <0.01 9.7 99.22 1,584.47 89.49
VCD-002 68579 43.54 44.2 0.66 0.5 <0.01 31.8 116.45 2,289.63 121.34
68581 44.2 46.0 1.80 1.4 <0.01 5.6 195.52 1,757.10 102.7
68591 78.0 80.2 2.20 1.7 0.02 7.1 65.67 1,182.44 82.77
68593 80.2 81.0 0.80 0.61 0.44 129.2 131.79 2,885.97 338.49
68595 81.0 83.0 2.00 1.55 <0.01 4.0 65.06 1,990.15 114.01
63
VCD-003
Drill hole VCD-003 intersected the mineralization and structural trend of the zone from 23.4
m to 37.73 m, for a total of 13.73 m that averaged 178 g/t silver. The 13.73 m interval
included 7.80 m from 23.4 to 31.2 m at 212.4 g/t silver and a 1.89 m interval from 35.25 m to
37.13 m averaging 379 g/t silver. Table 11.12 summarizes the assays for the mineralized
intersections in drill hole VCD-003.
Table 11.12

Drill Hole Sample
From To
68600 21.0 23.4 2.40 2.36 <0.01 1.7 72.84 3,296.3 73.31
68601 23.4 24.0 0.60 0.59 <0.01 132.3 186.52 1,536.8 428.57
68602 24.0 25.0 1.00 0.98 <0.01 221 206.44 2,210.8 732.84
68603 25.0 26.0 1.00 0.98 <0.01 227 273.65 2,069 798.8
68604 26.0 27.0 1.00 0.98 <0.01 220 163.82 1,356 549.92
68606 27.0 28.0 1.00 0.98 <0.01 199 154.46 1,148.5 600.98
68608 28.0 29.0 1.00 0.98 <0.01 225 200.63 1,980 879.87
VCD-003 68609 29.0 30.0 1.00 0.98 <0.01 194 172.9 1,432.2 675.54
68610 30.0 31.2 1.20 1.18 <0.01 243 314.08 3,230.5 590.78
68611 31.2 33.0 1.80 1.78 <0.01 22 201.03 4,481.7 121.03
68612 33.0 35.24 2.24 2.22 <0.01 7.1 165.22 2,107.9 126.47
68613 35.24 36.0 0.76 0.75 <0.01 206 182.86 3,170.4 1,863.2
68616 36.0 37.13 1.13 1.12 <0.01 526 390.81 2,619.7 1,470.1
68617 37.13 39.0 1.87 1.85 <0.01 7.3 61.05 2,558.7 106.45
68618 39.0 41.0 2.00 1.98 <0.01 <0.5 61.67 1,256.5 45.61
As illustrated in Table 11.12 the silver mineralization in hole VCD-003 occurs in conjunction
with high values for antimony.
VCD-004
Drill hole VCD-004 is located in the southern portion of the Jenna zone. The hole started in
sandstone with strong silicification alteration. At approximately 38 m the hole cross-cut a
dome, with strong silicification and argillic alteration. Between 48 m and 54 m the hole
intersected a zone of vuggy silica which is weakly anomalous with values up to 0.3 g/t gold.
Table 11.13 summarizes the assays for the mineralized intersections in drill hole VCD-004.
64
Table 11.13

Drill Hole Sample
From To
68673 45.0 47.0 2.00 1.40 0.0 <0.5 28.4 78.5 <5.0
68676 47.0 48.8 1.80 1.26 0.0 0.6 40.3 66.0 26.7
68677 48.8 50.0 1.20 0.84 0.3 <0.5 122.8 254.5 37.3
68678 50.0 51.0 1.00 0.7 0.2 1.4 57.7 165.6 71.5
VCD-004 68681 51.0 52.0 1.00 0.7 0.3 3.5 158.7 66.6 107.4
68683 52.0 53.0 1.00 0.7 0.3 2.8 395.9 103.9 125.7
68684 53.0 54.0 1.00 0.7 0.2 0.5 22.5 220.2 46.0
68686 54.0 55.0 1.00 0.7 0.1 <0.5 53.1 164.2 34.9
68687 55.0 57.0 2.00 1.4 0.0 <0.5 51.9 47.0 <5.0
Golden Minerals believes that this portion of the mineralization is located in the higher
portion of the hydrothermal system.
VCD-005 and VCD-006
Drill holes VCD-005 and -006 did not intersect the structural trend of the Jenna zone.
VCD-007
Hole VCD-007 was drilled in the southeastern portion of the Jenna structure. On the surface,
the mineralization was anomalous for gold with values of up to 1.12 g/t gold, while the silver
values were weak and ranged from 12 g/t to 15 g/t.
Table 11.14

Drill Hole Sample
From To
68917 31.0 32.0 1.00 0.70 <0.01 <0.05 14.95 48.45 <5.00
68918 32.0 33.0 1.00 0.70 <0.01 <0.05 14.67 45.81 <5.00
68920 33.0 34.0 1.00 0.70 <0.01 <0.05 16.80 118.69 <5.00
68922 34.0 35.0 1.00 0.70 <0.01 <0.05 29.89 70.61 36.30
68923 35.0 36.0 1.00 0.70 <0.01 <0.05 46.65 45.17 76.92
68924 36.0 37.0 1.00 0.70 <0.01 <0.05 122.05 24.17 105.38
68926 37.0 38.0 1.00 0.70 <0.01 <0.05 37.95 33.25 74.89
68927 38.0 39.0 1.00 0.70 <0.01 0.07 204.01 177.03 129.11
68930 39.0 40.0 1.00 0.70 <0.01 0.07 143.21 106.71 120.57
VCD-007
68931 40.0 41.0 1.00 0.70 0.16 2.00 81.24 57.39 81.24
68933 41.0 42.0 1.00 0.70 0.50 5.10 114.68 37.00 79.77
68935 42.0 43.0 1.00 0.70 1.12 7.00 116.56 40.95 73.37
68936 43.0 44.0 1.00 0.70 0.67 7.60 130.00 50.34 79.06
68938 44.0 45.0 1.00 0.70 0.13 3.40 179.36 33.96 176.56
68940 45.0 46.0 1.00 0.70 0.06 2.00 45.01 20.88 94.01
68941 46.0 47.0 1.00 0.70 0.06 0.08 48.94 127.13 57.18
68942 47.0 48.0 1.00 0.70 <0.01 <0.05 22.01 120.06 <5.00
68944 48.0 49.0 1.00 0.70 <0.01 <0.05 19.08 144.00 <5.00
65
VCD-008
Hole VCD-008 was drilled in the central portion of the Viejo Campo area where one sub-
outcrop or block contained gold anomalies of up to 0.4 g/t. The objective of VCD-008 was
to intersect the mineralization at approximately 16 m, but no mineralized structure was
located and Golden Minerals believes that it may have been offset by a local fault.
VCD -009
Hole VCD-009 was drilled in the central portion of the Jenna zone where the strike of the
zone is 320° and the dip is to the northeast. The hole was drilled to investigate the down dip
portion of the gold anomalies of up to 0.45 g/t identified on surface. The drill hole succeeded
in identifying 6 narrow zones with anomalous gold.
Table 11.15

Drill Hole Sample
From To
69179 16.6 17.93 1.33 0.93 <0.01 1.7 48.39 1,661.6 51.45
69181 17.93 19.15 1.22 0.9 0.01 0.5 77.29 1,449.4 76.49
69182 19.15 20.47 1.32 0.93 0.12 8.9 101.66 687.2 105.23
69183 20.47 21.15 0.68 0.47 0.06 4 88.41 698.4 83.77
69184 21.15 22.1 0.95 0.66 0.02 1.8 36.72 1,532.7 37.13
69185 26.0 27.71 1.71 1.19 <0.01 2.4 74.27 1,780.6 63.28
68187 27.71 28.65 0.94 0.66 0.22 9 153.93 994.2 95.29
69188 28.65 29.8 1.15 0.8 0.51 16.6 163.06 645.1 181.96
69191 29.8 31.34 1.54 1.1 0.05 5.2 95.68 1,217.3 78.33
69192 31.34 33.13 1.79 1.21 <0.01 4.2 53.19 623.1 48.09
69193 40.6 41.6 1.00 0.68 <0.01 1.1 166.98 1,014.8 81.93
VCD-009
69194 41.6 42.4 0.80 0.56 0.44 26.3 434.89 332.5 387.51
69196 42.4 43.39 0.99 0.68 0.51 45.2 148.51 495.5 263.87
69197 43.39 44.79 1.40 1 0.11 5.2 116.84 1,977.3 135.14
69198 44.79 46.13 1.34 0.93 0.14 19 143.78 1,233.5 151.52
69199 46.13 47.23 1.10 0.77 <0.01 3.9 120.84 1,179.0 102.67
69201 64.41 65.4 0.99 0.68 0.03 5.1 90.23 1,737.3 91.59
69203 65.4 72.0 6.60 5.08 0.87 44.4 144.07 940.8 529.66
69204 72.0 72.84 0.84 0.58 0.24 21 125.03 978.5 138.22
69205 74.15 75.1 0.95 0.66 0.44 34.6 648.91 497.1 268.42
69207 80.63 81.6 0.97 0.67 0.15 9.6 194.7 958.3 172.73
69208 81.6 82.72 1.12 0.8 <0.01 2.1 103.18 911.2 106.36
VCD-010
Drill hole VCD-010 was located in the northern portion of the Jenna zone to test a superficial
anomaly of silver (639 g/t). The drill hole cross-cut a 0.4 m wide zone of vuggy silica with
massive sulphides, pyrite and black sulphides, bordered by an argillic halo with low
sulphides.
66
The best intercept was 0.5 m assaying 0.36 ppm gold, 227 g/t silver and 435 g/t antimony
between 120.0 m and 120.5 m.
Drill holes VCD-010 and -011 were planned to test the dip of the Jenna zone from the
southwest, as two previous holes, VCD-005 and -006, did not intersect the zone from the
northeast.
VCD-011
Hole VCD-011 is located in the Jenna zone with the objective being to cross-cut the zone 80
m south of VCD-010, below a surface silver anomaly of 983 g/t.
The drill hole failed to cross-cut the Jenna zone and only intersected a zone of pyrite veinlets
with argillic alteration in the volcanic dome.
VCD-012
Hole VCD-012 is located 150 m southeast of VCD-011. The objective of the drill hole was
to cross-cut the wide portion of the Jenna structure at depth and to intersect the narrow zone
cross-cut by hole QVD-009. The drill hole failed to cross-cut the zone.
VCD-013
Drill hole VCD-013 is located 55 m to the east of VCD-003 on the Pamela zone. The
objective of the hole was to intersect the zone cross-cut by VCD-003 at a greater depth. The
hole did not intersect the zone but did cross-cut a thin zone of argillic alteration which
coincides with lead, zinc and antimony anomalies. Golden Minerals believes that the drill
hole may not have reached its target area if the zone tends to dip vertically at depth.
The best intercept was 5 m assaying 1% lead, 133 g/t antimony and 0.3% zinc between 150.5
m and 155.5 m.
Golden Minerals believes that there are two possibilities for not encountering the outcropping
zones at depth:
1) The zones or structures are closed both at depth as well as longitudinally.
Campo area.
67
12.0 SAMPLING METHOD AND APPROACH
Micon observed during its site visit that the silver and base metal mineralization was visible
in core. The sampling methods used by Golden Minerals were originally described by SRK
in its February, 2009, Technical Report and CAM, in its January, 2010, Technical report,
incorporated the SRK details by way of reference.
Micon discussed Golden Minerals sampling method and approach during its site visit and
notes that they are the same as discussed in the 2009 SRK Technical Report.
12.1 SAMPLING METHOD
The geologist logging the core marks the sample intervals on the core. Generally, the sample
intervals are a nominal 1 m length within the mineralized zone, but may be longer or shorter
due to a lithological boundary. Outside the mineralized zone, samples are 2 m in length.
Golden Minerals does not always sample the entire length of the drill hole, but commonly
samples the mineralized zone, as well as a few metres above and below. If necessary, the
geologist may also draw a longitudinal cut line on the core to guide the sample technician in
splitting the core. The beginning and end of each sample interval is marked on the core box.
Drill core is split using a core saw in competent zones and a trowel in broken zones. Each
sample is placed in a plastic bag with two labels, one inside with the sample and one placed
on the outside of the bag. The bag is then folded over and stapled to secure the sample from
contamination.
Golden Minerals also adds a number of quality control samples into the sample stream to
check the accuracy of the sample preparation and assay results of its primary laboratory.
These samples include pulp and coarse blanks, standard reference samples, pulp and coarse
duplicates and core duplicates.
12.2 ACCURACY OF THE RESULTS
The mineralization is contained within a structural alteration zone and most commonly
within a competent breccia with vuggy areas or areas of open space. In general, the
mineralization occurs as open space filling, disseminations and zones of massive sulphide
minerals. In rare instances, native silver has been observed in core and identified during
microscopy studies.
Due to the nature of the mineralization’s association with voids and open spaces, as well as
the possibility of localized concentrations and rare native silver, it is necessary for Golden
Minerals to provide a large, representative sample for analysis. Micon believes that Golden
Minerals is taking the appropriate measures to ensure that its sampling is representative and
unbiased.
68
12.3 SAMPLE PARAMETERS AND QUALITY
Core recovery is generally 90% or greater. Within the mineralized zone the majority of the
samples are 1.0 m in length, while outside the zone they are 2.0 m. The minimum sample
interval is 0.3 m while the maximum is 4.0 m, with the lithological boundaries taken into
consideration in determining the length of the sample. Internal waste intervals are sampled
and several metres on either side of the mineralized zone are also sampled. If analytical
results from the wallrock samples are elevated, Golden Minerals takes additional wallrock
samples.
It is Micon’s opinion that Golden Minerals’ sampling methods and sample lengths are
appropriate for the deposit. Micon considers that the samples are representative of the
geology encountered in the drilling program and that the samples are taken in such a manner
as to minimize any sampling bias. Micon also considers that the sampling quality is sufficient
for conducting a resource estimate on the deposit.
12.4 SIGNIFICANT OR RELEVANT SAMPLES
The significant 2009/2010 surface intersections for the El Quevar property have been
previously summarized in Section 10. Significant surface intersections for the sampling prior
to the tabulations found in Section 10 were included in the SRK and CAM Technical
Reports.
The significant 2009/2010 drilling intersections for the El Quevar property were previously
summarized in Section 11. The significant drilling intersections prior to the ones tabulated in
Section 11 are contained in the previous Technical Reports by SRK and CAM.
69
13.0 SAMPLE PREPARATION, ANALYSIS AND SECURITY
The treatment of drill samples prior to 2009 is discussed in the February, 2009, SRK
Technical Report. The January, 2010, Technical Report by CAM discusses the treatment of
5,177 samples collected during the early 2009 drilling campaign. CAM concluded that “the
Yaxtché samples from early 2009 were prepared and assayed with acceptable precision and
accuracy for a database destined for use in resource estimation.”
This section discusses the additional sampling undertaken by Silex during the late-2009 and
early 2010 drilling campaign. Micon considers that, based on its discussions with Golden
Minerals and Silex personnel during the site visit, the treatment of drill samples was
conducted to the same high standards of Quality Assurance/Quality Control (QA/QC) that
were previously described by both SRK and CAM.
13.1 SAMPLE SECURITY
The security protocols mentioned in the SRK and CAM reports continue to be in effect and,
after the samples are received by the assay laboratory, Golden Minerals or Silex has no
further involvement with the sample preparation.
The drill core is maintained in a locked facility at the El Quevar campsite (Figure 13.1),
before and directly after splitting. Older core is stored on pallets at the campsite (Figure
13.2). Golden Minerals’ personnel are responsible for logging, sampling, splitting and
shipping core to the laboratory facilities, as is standard practice in exploration programs. The
insertion of standards and blanks is carried out at the core logging facilities at the camp. The
duplicate coarse rejects and pulps are created at a fixed rate by each commercial laboratory
upon Golden Minerals’ instructions and these are returned to Golden Minerals where they re-
enter the sample stream.
CAM noted in its January, 2010, report that “split core was formerly sent to the Silex office in
Salta by Silex transport, then to the Alex Stewart lab in Mendoza by commercial carrier.
Once the samples were received by Alex Stewart, Silex had no further contact with the
samples. Starting in June, 2009, Silex personnel transport the split core directly from the
project camp to Mendoza.” Micon discussed this procedure with Golden Minerals and
confirmed that it is still being followed.
13.2 SAMPLE PREPARATION AND ASSAYING METHODS
Three laboratories have prepared and assayed the samples from the El Quevar property. The
QA/QC program for ALS Chemex was described by SRK in its 2009 Technical Report, and
only one additional hole (QVD-078) assayed by ALS Chemex was used for the CAM
resource estimation. Readers of this report are referred to the 2009 SRK report for details on
the procedures employed by ALS Chemex.
70
Figure 13.1
Golden Minerals Logging Facility at the El Quevar Camp
Figure 13.2
Older Core Stored at the El Quevar Camp
71
According to CAM, “the remaining 2009 El Quevar samples were prepared and analyzed at two
other laboratories:
• Alex Stewart (drill holes QVD-079 to QVD-088)
• ACME (drill holes QVD-088 to QVD-141). ACME Labs has IRAM – RI 9000-t 295
certification, but does not have laboratory certification.
The additional holes drilled since the CAM report were prepared and analyzed at the labs
indicated below:
 Alex Stewart: (drill holes QVD-142 to QVD-153, QVD-155 to QVD-158, QVD-160,

QVD-162, QVD-163, QVD-165 to QVD-204).
 ACME: (drill holes QVD-153, QVD-154, QVD-159, QVD-161, QVD-164).
The following descriptions for the sample preparation methods for both Alex Stewart and
ACME were obtained from the January, 2010, CAM Technical Report.
“Sample Preparation and Assaying Methods – Alex Stewart Laboratory
Samples were shipped to the Alex Stewart laboratory in Mendoza, Argentina by Silex, where they
were prepped and analyzed. Alex Stewart in Mendoza has ISO 9001: 2000 certification but does
not have laboratory certification.”
The sample preparation procedure (P-5) consists of the following steps:
• Receiving and checking sample identification numbers against submittal form.

• Weighing.
• Primary and secondary crushing to 80 percent passing 10 mesh.
• Splitting in a riffle splitter to 800 grams +/- 100 grams.
• Grinding to 85 percent passing 200 mesh.
• 200-gram sample is placed in a sample envelope.
“The samples were analyzed for 39 elements by ICP (ICP-MA-390) with four-acid digestion of a
0.2-gram sample. The lower and upper detection limits for silver in this package are 5 and 2,000
ppm, respectively. All samples were analyzed for silver and gold by fire assay of a 50-gram
sample with gravimetric finish for silver (AG4A-50) and Atomic Absorption (AA) finish for gold
(Au4-50). The lower detection limit is 2 ppm for silver and 0.01 ppm for gold.”
“Sample Preparation and Assaying Methods – Acme Laboratories
The samples were shipped to the Acme facility in Mendoza, Argentina by Silex, where the samples
were prepped. The pulps were returned to the Silex office in Mendoza where new sample
identification numbers were assigned to the samples and QA/QC samples were inserted. The
sample prep procedures (R-200) consist of the following:
• Receiving and checking sample identification numbers against the submittal form.
72
• Weighing.
• Crushing to 80 percent passing 10 mesh.
• Splitting to 250 grams.
• Pulverizing to 85 percent passing 200 mesh.
• Placing sample in sample envelope.
“Samples are analyzed for 39 elements by ICP-MS (Group 1DX) analysis. Sample splits of 0.5
grams are leached in hot (95 degree Celsius) aqua regia. The silver over-limits are analyzed by
gravimetric finish (AG-G6-Grav) with lower and upper detection limits of 5 and 10,000 ppm,
respectively. Gold is analyzed (Au-GRA22), with lower and upper detection limits of 0.05 and
1,000 ppm respectively. Over-limit samples of lead, zinc, and copper are analyzed by 7AR with a
multi-acid digestion.”
13.3 QA/QC PROCEDURES
This section is largely reproduced from the January, 2010, Technical Report by CAM.
Micon discussed the QA/QC procedures with Golden Minerals and there have been no
significant changes to the procedures since the publication of the CAM report.
“Golden Minerals currently has a QA/QC program comprising two types of blanks, three types of
duplicates, six precious-metal standard reference samples and four base-metals standards. For
surface samples such as trenches (none of which were added in the 2009 campaign) Golden
Minerals inserts a standard, coarse blank and pulp blank at a frequency of one per 50 samples or
approximately 2 percent. For the 2009 drilling program, the following QA/QC samples were
inserted into the sample stream:
• Standard: one per 20 samples (5 percent).

• Coarse Duplicate: one per 20 samples (5 percent).
• Pulp Duplicate: one per 20 samples (5 percent).
• Core Duplicate: one per 50 samples (2 percent).
• Pulp Blank and Coarse Blank: one per 20 samples (5 percent).”
“The QA/QC samples for the 2009 drill campaign reported here totalled 1,125 samples, or 21.73
percent of the shipped samples.”
“Blanks. The coarse blank and precious metal standards are site-specific. The coarse blank is
from an unaltered, post-mineral dacite flow, 3.5 kilometres southeast of the El Quevar camp.
Apex Silver purchased a fines blank from Alex Stewart Assay (ASA).”
“Standards. The precious-metal standards were generated from material collected at the site and
prepared by Alex Stewart Assay. Base-metal standards are certified reference material
purchased from Geostats Pty Ltd. in Australia. Table 13-1 lists the standards, and the expected
analytical result.”
73
Table 13.1
Nominal Assay Values of the El Quevar Standards
Standard Gold (ppm) Silver (ppm) Lead (%) Zinc (%)

STD-1 0.34 18
STD-2 1.47 53.91
STD-3 4.22 129
STD-4 1.16 34
STD-5 4.33 103
STD-6 10.36 491
GBM396-10 *0.24 11.6 0.1018 1.0601
GBM398-1 *0.173 5.1 2.6741 2.0376
GBM900-3 *1.3 7.4 0.0872 0.072
GBM996-3 *0.1 44.2 0.2885 3.2333
“Core Duplicates. One-quarter of the original core was collected from every 50th split core
sample, to ensure that the assay results represent the natural variability of mineralization.”
“Coarse Reject Duplicates. A coarse sample-preparation was collected by the lab after the
crushing stage, in order to test the adequacy of the crushing size. Golden Minerals requested
that coarse duplicates be made at a frequency of 1 in 20 samples.”
“Pulp Duplicates. Pulp duplicates were made after the pulverization stage to test the accuracy of
the laboratory. Golden Minerals requested that pulp duplicates be made at a frequency of 1 in 20
samples.”
13.4 QA/QC RESULTS
Only 12 drill holes have been completed in the Quevar Sur area since the last QA/QC results
were published in the January, 2010, CAM Technical Report. Micon believes that, based on
its discussions with Golden Minerals and Silex personnel during the site visit, the treatment
of the drill samples was conducted to the same high standards of QA/QC that were
previously described by both SRK and CAM.
Upon review of the QA/QC results accumulated since the CAM Technical Report, there have
been no appreciable changes. Therefore, the QA/QC results discussed by CAM in its
January, 2010, report should be considered to be current for the purposes of this report. A
review of the QA/QC results obtained for the 2010 exploration period should be completed
once all of the 2010 exploration activities are concluded later this year.
13.4.1 Bulk Density Measurements (Specific Gravity)
With reference to the determination of specific gravity, CAM noted in its January, 2010,
report that “the measurement protocol used by Golden Minerals does not meet rigorous quality
standards” for the following reasons:
1. “Very small samples, often only 10 centimetres long, are used.
2. 24-hour oven drying of samples at 105 degrees Celsius prior to measurement is not called
for.
74
3. The procedure of varnishing samples to seal against porosity does not accurately represent
the volumes of breccias containing large open spaces.
4. The criteria for selecting samples is not specified rigorously, and could possibly lead to
selection of the least-fractured (and therefore most-dense) rock for measurement.”
“CAM prepared a scatter diagram, showing bulk density as a function of down--hole distance below
collar. There was no significant correlation.”
“CAM is of the opinion that further work needs to be done to accurately determine the bulk densities
of the various rock types. More rigorous procedures should be used to ensure that samples are
thoroughly dry and that volumes are accurately measured (e.g. by sealing cores in cellophane).”
Micon discussed the specific gravity measurement procedures with Golden Minerals and
Silex personnel during the site visit and learned that the CAM recommendations had not yet
been implemented.
Micon agreed with the CAM recommendations that Golden Minerals needed to implement
more rigorous procedures in regard to the bulk density measurements. Micon recommended
during its initial site visit that Golden Minerals send out samples from various rock types for
independent testing of specific gravity. Following Micon’s site visit, Golden Minerals sent
out a total of 190 samples for independent specific gravity determination in July, 2010. The
results from this independent testing were used in the current resource estimation discussed
in Section 17.
13.5 MICON COMMENTS
Micon considers that in general, based on a review of the QA/QC program and data and on
discussions with Golden Minerals and Silex personnel, Golden Minerals and Silex apply a
reasonable degree of care and diligence in monitoring the sample results obtained from the
property. Micon considers that, in general, the QA/QC procedures and protocols employed
at the El Quevar property are rigorous enough to ensure that the sample data are appropriate
for use in mineral resource estimations. It is Micon’s opinion that the database and the
procedures in-place at the El Quevar property are appropriate for use in a mineral resource
estimate.
75
14.0 DATA VERIFICATION
14.1 SITE VISIT
Micon conducted its initial site visit to the El Quevar property between May 10 and May 15,
2010.
During the site visit Micon visited the Golden Minerals/Silex offices in Salta where the
exploration and development program was discussed. Two days were spent on site where the
core logging, sampling and assaying procedures and techniques were discussed, and the
general exploration, drilling, QA/QC and development programs were reviewed. During the
visits to the offices and to the project, the database was reviewed for any errors and
omissions.
During the site visit to the project 8 samples were taken by Micon, 6 of which consisted of
reject samples from the drilling program and 2 were grab samples from 2 mineralized
outcrops on the Yaxtché zone. Table 14.1 summarizes the Micon samples taken.
Table 14.1
Description of the Micon Samples Collected During the Site Visit
Micon Sample Golden Minerals Sample Interval (m) Comments

Location
Number Sample Number From To Length
62138 ---- Yaxtché zone outcrop ---- ---- ---- Grab
62139 ---- Yaxtché zone outcrop ---- ---- ---- Grab
62140 66495 QVD-126 55 56 1 Portion of the reject core sample
After the samples were collected, the sample bags were sealed with coloured plastic tie
wraps. All of the samples were shipped to Micon’s offices in Toronto by courier from Salta.
Once the samples arrived at the Micon offices in Toronto, the shipment was opened and the
samples were inspected.
Micon arranged for its samples to be analyzed for gold, silver, copper, lead and zinc. All
assaying was conducted by TSL Laboratories Inc. (TSL) of Saskatoon, Saskatchewan.
TSL’s quality system conforms to the requirements of ISO/IEC Standard 17025 Guidelines.
The TSL assay techniques are summarized in Table 14.2. The results of the Micon grab
sampling and the comparison with Golden Minerals’ assays are summarized in Table 14.3.
The TSL certificate of analysis is contained in Appendix 3.
During the site visit, the drill pads for the current drilling program were inspected and a
number of the drill hole collars were located (Figure 14.1).
76
Table 14.2
TSL Extraction Techniques used on Micon’s El Quevar Project Samples
Element Lower Detection Upper Detection

Unit Extraction Technique
Name Limit Limit
ppb Fire assay/AA 5 1,000
Gold
g/t Fire assay/Gravimetric 0.3 100%
ppm HCl-HNO3/AA
Silver g/t HNO3-HF-HClO4-HCl/AA 1 1,700
g/t Fire assay/Gravimetric 1,000 100%
Copper ppm HCl-HNO3/AA 1 5,000
ppm HCl-HNO3/AA 1 5,000
Lead
% HNO3-HF-HClO4-HCl/AA 0.01 80
Zinc ppm HCl-HNO3/AA 1 5,000
Table taken from TSL assay certificate cover report, TSL report S38452.
Table 14.3
Assay Results for Micon’s El Quevar Project Samples
Micon Sample Golden Minerals Sample

Sample Au Ag Cu Zn Sample Au Ag Pb Zn
Pb (%) Cu (%)
Number (ppm) (g/t) (%) (%) Number (ppm) (g/t) (%) (%)
62138 0.02 6,138 0.003 0.75 0.001 ---- ---- ---- ---- ---- ----
62139 <0.005 331.4 0.002 0.066 0.003 ---- ---- ---- ---- ---- ----
62140 0.02 139 0.001 0.058 0.002 66495 0.02 71 0 0.04 0
62141 0.02 109.9 0.001 0.120 0.003 66494 0.02 86 0 0..08 0
62142 0.02 293.2 0.006 0.026 0.001 66488 0.02 249 0.01 0.02 0
62143 0.025 261.5 0.001 0.102 0.002 66489 0.03 218 0 0.08 0
62144 <0.005 2,582 0.250 0.120 0.024 62994 <0.01 2,675 0.24 0.25 0.02
62145 <0.005 841 0.070 0.57 0.388 62993 <0.01 764 0.06 0.49 0.28
Figure 14.1
Collar for Golden Minerals Diamond Drill Hole QVD-138
77
As shown in Table 14.3, there is a general agreement between the assay results obtained by
Golden Minerals and Micon for the reject core samples. In addition, Micon’s grab samples
from two mineralized outcrops in the Yaxtché area both indicated elevated silver grades and
in one sample there was an elevated lead grade as well.
Micon is satisfied that its sampling has indicated that the mineralization located on the
portion of the El Quevar project covered by previous resource estimates is similar in nature
to that indicated by Golden Minerals.
14.2 DATABASE AND RESOURCE AUDIT/ESTIMATE
During the initial site visit, Micon reviewed the database and found a small number of data
entry errors. Micon asked Golden Minerals to correct these errors prior to reviewing the
model and conducting the resource estimate.
chief geologist of the project, Juan Carlos James, in the creation of the 3D model shapes of
the mineralized envelopes.
As a consequence, Micon returned to Salta for a second visit from June 26 to 30, 2010.
During the second visit, Micon verified the data included in the updated database and
assisted Golden Minerals with the creation of a new interpretation for the mineralized solids
upon which the updated resource estimate for the Yaxtché deposit is based.
The database was frozen at drill hole QVD-204 for the purposes of the updated mineral
resource estimate. Micon performed a random check of assays against laboratory certificates
and a review of the database during the site visits and is satisfied that the database is
sufficiently complete and free of errors to allow its use in the preparing a mineral resource
estimate.
Micon’s updated mineral resource estimate was conducted to be in compliance with the
current CIM guidelines and definitions for mineral resources and reserves. Golden Minerals,
therefore, can rely upon the mineral resource estimate for the purposes of further exploration
and other applicable studies.
78
15.0 ADJACENT PROPERTIES
There are no immediately adjacent properties which directly affect the interpretation and
evaluation of the mineralization or anomalies found on the El Quevar property. Adjacent
properties include exploration permits and exploitation concessions held by various mining
companies and individuals. None of the adjacent properties has published resources and the
El Quevar project mineralization does not extend onto the adjacent properties.
To the north, the El Quevar project shares boundaries with SESA, Argentina Diamonds, Ltd.
and ADY Resources. On the east, the concession boundaries are shared with Desarrollo de
Proyectos Mineros S.A., Arieu Sergio Roberto, Carlos Saravia and Arieu Pedro Eugenio, and
BHP Billiton Exploration, Inc. SUC Argentina holds concessions adjacent to the south and
west of the project area. Also on the south is an adjacent concession held by La Milagros
S.R.L. and on the west a concession held by FMC Minera del Altiplan, a subsidiary of FMC
Corporation.
There are other mineral properties in the region but production from these properties is
confined to lithium, boron and potash from the brines and sediments contained in the salares
or salt lakes.
As mentioned in Section 4, there were 22 perlite concessions within the El Quevar property
boundaries. While these concessions did not interfere with Golden Minerals’ rights,
exploration practices or potential development strategies, Golden Minerals decided to
purchase the perlite concessions as a means of limiting access to the site and improving
conditions of the access road to the project. Figure 15.1 shows the perlite concessions in
relation to the El Quevar property boundary and the various mineralized zones on the
property.
79
Figure 15.1
Perlite Concessions in Relation to the Property Boundaries and Mineralized Zones
80

16.0 MINERAL PROCESSING AND METALLURGICAL TESTING
The January, 2010, CAM Technical Report contains a summary of the previous metallurgical
work by Dawson Metallurgical Laboratories, Inc. (Dawson Metallurgical) of Salt Lake City,
Utah. Dawson Metallurgical completed testwork on sample composites from the project in
two campaigns (Dawson, 2008; Silex, 2010). The tests were intended to determine the
response of the samples to whole ore cyanidation, sulphide flotation, and a combination of
flotation and cyanide leaching of tailings.
The initial test results were included in CAM’s previous (2009) Technical Report. A brief
summary of further test results (Silex, 2010) is presented in Section 16.4 of the January,
2010, CAM report.
Since the January, 2010, Technical Report was completed, Dawson Metallurgical has
submitted a further two reports to Golden Minerals. A summary of both reports is included
below.
16.1 DAWSON METALLURGICAL REPORT DATED JANUARY 21, 2010
The text in this section has been adapted and quoted from the January 21, 2010, Dawson
Metallurgical report.
“Laboratory testwork was performed to investigate silver recovery by a combination of flotation

and cyanidation of ore and flotation products from three (3) new samples of ore from Golden
Minerals El Quevar project. Previous work performed on El Quevar samples from this project
had indicated good silver recovery by flotation (+90%), but not by whole ore cyanidation (±60%,
July 2, 2008 report). Attempts to increase silver extraction by ultra fine grinding of float
concentrate and two stage, high cyanide leaching gave 72% Ag overall extraction with extremely
high cyanide consumption (Sept 21, 2009 report).”
“A grind fineness of 80% minus 325 mesh was selected for the present study. Also, the leach
cyanide concentration was determined according to the copper content of each ore sample, to
limit cyanide consumption. The NaCN concentration was added at a CN:Cu ratio of 4.0, to
supply sufficient cyanide for copper complexing, with only another 2 gpl NaCN added in excess.
The following tests were performed:
1. Whole ore cyanide leach with assay screen analysis of the leach residue.
2. Bulk sulphide flotation with assay screen analysis of the rougher tailings.
3. Cyanide leach of reground float concentrate with assay screen analysis of the leach
residue.
4. Cyanide leach of rougher tailings with assay screen analysis of the leach residue.
5. Selective flotation for silver recovery.
6. Gravity concentration of ground ore for free silver determination.”
81
“Items 1-4 were performed on each of the 3 samples and on an equal weight master composite
(MC). Items 5-6 were performed only on the master composite.”
“Sample Description
The samples were received on September 5th and 6th, 2009, and assigned our project No. P-
4111. The samples were assay rejects, and 116 samples were received. Of the 116 samples
received, 65 were used to make up the three ore composites. An equal weight of each individual
sample was split out and combined to form the composites as follows:
West Composite: 0.9 kg split out from each of 16 individual samples (14.4 kg).
Central Composite: 1.33 kg split out from each of 13 individual samples (17.3 kg).
East Composite: 0.5 kg split out from each of 36 individual samples (18.0 kg).
West Composite: 6.0 kg split out from each of 3 composite samples (18.0 kg).”
“The samples were each blended, and 1.0 kg charges were split out for the testwork using a
rotary splitter. Six charges of each of the three composites were combined to produce an 18 kg
master composite (MC). Head samples were sub-split, pulverized, and submitted for analysis.”
Results of the head analyses are given in the Table 16.1.
Table 16.1
P-4111, Golden Minerals Head Analysis
Head Grades
Composite ppm Weight (%)
Au Ag Cu Fe Pb Zn S= As Bi Sb
Master 0.185 517 0.41 4.24 0.46 0.16 4.02 0.15 0.10 0.15
West Zone <0.001 529 0.11 5.07 0.25 0.02 5.35 0.07 0.04 -
Central Zone 0.008 313 0.03 2.64 0.90 0.35 2.13 0.06 0.05 -
East Zone 0.218 658 1.02 4.70 0.22 0.09 4.89 0.28 0.22
Note: Table adapted from the January, 2010, Dawson Metallurgical report.
“Discussion
The ore was treated by a combination of cyanide and flotation test procedures at a grind of 80%
minus 45 µm. About 51% of the silver was leached from the master composite utilizing a whole
ore leach, whereas 81% was recovered by bulk sulphide flotation. The float concentrate was
reground and leached, and the flotation tails leached separately, for a combined float/leach
recovery of 60%. A total of 90% recovery was obtained from the combined bulk float concentrate
plus leaching of the rougher tailings.”
“Very high cyanide consumption was noted for the cyanide leach of the master and east
composites due mainly to the presence of copper in the ore. Cyanide consumption of about 14
kg/t and 41 kg/t of ore was determined for the two samples, respectively, and 1-2 kg/t for the
other two samples, for the combined regrind concentrate and tailings leaches. The consumption
was about the same as for the whole ore leaches (the east composite was slightly less due to
insufficient NaCN), even though the silver and copper extraction was significantly greater.”
Table 16.2 summarizes the flotation and leach silver recovery.
82
Table 16.2
Summary of Flotation and Leach Silver Recovery
Whole Ore Float Leach Extraction - % Overall Ag Recovery - %

Composite Leach - % Recovery Ro Tails Float Con Con Leach
Conc.
Leach & Tails & Tails
Extraction % Leach
Leach Leach
Master 51.2 81.2 61.9 49.8 90.6 59.6
West 59.3 90.6 61.5 52.1 95.5 60.6
Central 66.8 61.0 81.1 49.2 80.2 68.7
East 18.1 88.5 60.6 37.4 92.8 57.9
Note: Table adapted from the January, 2010, Dawson Metallurgical report.
16.2 DAWSON METALLURGICAL REPORT DATED MARCH 10, 2010
The text in this section has been adapted and quoted from the March 10, 2010, Dawson
Metallurgical report.
“Laboratory testwork was performed previously to investigate silver recovery from three (3)
individual composites of ore from Golden Minerals El Quevar project which were received in
early September. A master composite (MC) was also constructed from the three individual
composites and tested. The testwork included a combination of flotation, followed by cyanidation
of both flotation concentrate and flotation tailings on the three composites plus MC. Results
were given in our report dated January 21, 2010. Testwork has been continued on the MC
sample to investigate the effect of variations in the test procedure on overall silver recovery.”
“The following list and table show the parameters selected for the current study on the MC
sample. The baseline procedure consisted of selective flotation of a silver/copper concentrate at
ambient pH, followed by cyanide leaching of the flotation tailings. An assay screen analysis was
determined on both the rougher tailings and the leach residue. The reagents selected for the
selective float were a dithiophosphinate (Aerophine 3418A) and a dithiophosphate (Aerofloat
242).
1. Selective flotation at grind fineness of P80 = 45 and 75 µm, using 1 or 2 rougher stages.
a. A float test was run with reduced reagent (Aerophine only).

b. A float test was run including bulk sulphide recovery.
c. A float test was conducted at 12 pH with lime addition.
2. Rougher tailings of the above tests were leached with 2 g/L NaCN solution.
3. Assay screen analysis of rougher tails of the above tests was performed (except T34).
4. Assay screen analysis of leach residue of the above tests was performed.
5. A selective float test was run followed by cleaner flotation.”
83
“Float - Leach Summary
Silver flotation recovery ranged from 56 to 86% depending on the test conditions. Subsequent
leaching of the flotation tailings resulted in an overall silver recovery (combined float
concentrate plus leach solution) ranging from 82 to 91%, as summarized below. Cyanide
consumption was relatively low, averaging 1.0 kg/t, since most of the copper was removed into
the float con, which was not leached. An average of 7% of the copper reported to the leach
solution, for 220 ppm copper solution average.”
Table 16.3
Summary of Float/Tails Leach Tests
Silver Distribution - % Copper Distribution - %

Grind Number
Test Float
P80 of Ro Total Total
Number Conditions
µm Stages Flot. Leach Leach Con. Flot. Leach Leach Con.
Con. Solution Residue + Con. Solution Residue +
Soln. Soln.
21, 27 45 1 Baseline 58.4 26.2 15.4 84.6 83.7 8.9 7.3 92.7
Extended
22, 28 45 2 76.6 11.8 11.5 88.5 90.9 5.3 3.8 96.2
time
Coarser
23, 29 75 1 55.6 26.9 17.58 82.5 79.0 11.0 10.0 90.0
grind
Coarse. grnd
24, 30 75 2 73.3 13.7 13.1 86.9 86.8 6.7 6.6 93.4
+ time
Bulk
25, 31 75 4 80.9 9.7 9.4 90.6 88.0 6.0 6.0 94.0
sulphide
26A,
45 3 12 pH 85.5 5.7 8.8 91.2 95.4 1.4 3.2 96.8
32A
Decreased
34, 35 45 1 57.4 24.6 18.0 82.0 80.3 10.7 8.9 91.1
reagent
Note: Table adapted from the March, 2010, Dawson Metallurgical report.
16.3 MEMO FOR THE YAXTCHÉ WEST METALLURGICAL RESULTS DATED

JUNE 14, 2010
Golden Minerals recently received a memorandum and backup documentation describing the
results of the metallurgical testwork conducted on the Yaxtché West composite sample. The
following material has been adapted and quoted from this supplementary information.
Table 16.4 summarizes the assay head for the Yaxtché West composite sample
Table 16.4
Head Grade for the Yaxtché West Composite Sample
Head Grades
Composite g/t Weight (%)
Ag Cu As Bi Sb
West Composite 2,900 0.27 0.04 0.08 0.32
Note: Table adapted from the June, 2010, Dawson Metallurgical report.
84
“Overall silver recovery, using the procedure developed for the central composite (flotation
concentrate for sale, with leaching of the flotation tails to produce bullion for sale) was 98.6%.
This was from the production of a cleaner concentrate at 5.5% of the feed weight, followed by a
24-hour leach of the tails and of the cleaner tails.”
“The metallurgical response of the two composites was significantly different. For the central
composite, 58.4% of the silver was recovered into a high-grade flotation concentrate, with an
additional 25.3% recovered in the leach of the flotation tails, for an overall 84% silver recovery.
For the west composite, 97.3% of the silver was recovered into the flotation concentrate, with an
additional 1.3% recovered in the tails leach, for an overall 99% recovery.”
“The difference in response may be due to differences in the silver mineralogy between the two
areas. In the central composite it was possible to make a selective initial flotation concentrate
using a limited amount of copper mineral-selective collector (recovery of 86% of the copper but
only 55% of the silver). Increasing amounts of collector in subsequent stages increased the silver
recovery significantly and the copper recovery marginally. It is advantageous economically to
recover as much of the silver as possible in to bullion, since the smelter charges for flotation
concentrate are quite high, due primarily to the presence of As, Sb, and Bi.”
“Increasing collector dosage in subsequent flotation stages for the west composite, up to and
including a bulk concentrate, floated more weight but with little significant improvement in
overall silver recovery.”
“The microscopy work done by Prof. Erich Petersen on the central composite flotation products
did not show significant differences in the silver mineralogy between the initial and subsequent
flotation concentrates, but his report does discuss possible reasons for a slower-floating fraction.
Further testwork could be carried out on the west composite to determine if it would be possible
to reject some silver minerals from the initial flotation concentrate to be recovered by leaching of
the tails, as with the central composite; but based on the results shown, this seems unlikely.”
“Cleaning the high-grade rougher concentrate for both composites resulted in the rejection of a
large amount of gangue material, with a resultant 50% reduction in concentrate weight and a
corresponding increase in the assays of smelter penalty elements. For the west composite the
cleaner flotation tails were leached, and much of the silver here was recovered. Because of
insufficient sample, the cleaner tails from the central cleaner test were not leached.”
“Testwork at both 45 and 75 micron grinds was evaluated, and although the difference is small,
preliminary calculations indicate that the finer grind would be economically warranted.”
85
17.0 MINERAL RESOURCE AND RESERVE ESTIMATES
There are no historical resource estimations for the Yaxtché silver deposit. More recently
SRK Consulting and CAM have produced Technical Reports in 2009 and 2010, both of
which contain resource estimates prepared in accordance with NI 43-101. This report
discusses an updated mineral resource estimate.
chief geologist of the project, Juan Carlos James, in the creation of the 3D model shapes of
the mineralized envelopes.
This chapter discusses the updated the Yaxtché mineral resource estimate, which has been
prepared in compliance with the NI 43-101 and CIM standards
17.1 YAXTCHÉ SILVER RESOURCE ESTIMATION METHODOLOGY
The Yaxtché silver deposit mineral resource estimation was done by developing a block
model, with grade interpolation using inverse distance square (ID2). This interpolation
method was chosen because the variography gave unsatisfactory results due to the spatial
irregularity of the data. Variagrams generated for Yaxtché Central and Yaxtché West were
used only as a reference for the range selection, but not for the anisotropy analysis or
mineralization trends. In addition, the Yaxtché deposit appears to contain many pockets of
mineralization which, for the most part, are difficult to connect to one another to form
continuous cohesive zones over large distances. However, the mineralized pockets are
comprised of two major zonal groupings (Central and West) that are set in a fairly
constrained corridor of alteration and mineralization which has a trend of approximately 290º
azimuth, -50º to -75º dip and -3º to -20º plunge. Micon believes that under these
circumstances, kriging methods should not be applied to the El Quevar mineralization.
A total of 75 solids were modelled in the Yaxtché deposit and the interpolations were run
separately for each individual solid. Samples from any individual solids had no influence on
other solids. See Figure 17.1.
Micon used Surpac 6.1.4 for the entire modelling process and estimation.
The final database was frozen at drill hole QVD-204 for the purposes of the updated mineral
resource estimate. The effective date of the mineral resource estimate is August 6, 2010.
86
Figure 17.1
Location of the Yaxtché Central and Yaxtché West Deposits Zones
17.2 MINERAL RESOURCE ESTIMATION FOR THE YAXTCHÉ SILVER

DEPOSIT
17.2.1 Geological Interpretation
The mineralization at the Yaxtché deposit occurs in strongly-altered, structurally-controlled

zones within the older volcanic rocks. Sulphide minerals occur variously as open space
filling and in massive veinlets or clots, and less commonly as disseminations. The deposit is
characterized by strong to moderate silica alteration, and vuggy quartz-alunite rock. It is
bounded by faults in both the hangingwall and footwall of the mineralized zone. The El
Quevar Breccia, a dacitic tuff breccia of probable ash-flow origin, is the principal host for
mineralization at Yaxtché, including mineralized fault breccias and hydrothermal breccias as
well.
At the Yaxtché deposit, the principal geological control used for the interpretation is the
alteration package. The mineralization horizons were interpreted on sections supported by
existing alteration, since it is assumed and to a certain extent demonstrated that the silica
alteration contains most of the mineralization and better silver grade. The silica alteration is
the core of the different alteration events. The silica alteration grades outward to argillic
alteration and finally, in the outer zone, propylitic alteration.
87
17.2.2 3D Wireframe Modelling
Micon, in conjunction with the chief geologist at the El Quevar project, created the
mineralized envelopes for the Yaxtché Central and West deposits using the sectional method
for interpreting the mineralization. The sectional method used a minimum mining width of
3 m to interpret the mineral envelope. Subsequently, Micon finalized the 3D solids
triangulation by connecting the polygons from section to section, where a reasonable
assumption of grade continuity and alteration pattern was identified. The final interpretation
resulted in a total of 75 individual solids of different width and size being modelled along the
trend of the Yaxtché deposit. Some of the solids are based on one drill hole intercept only
(Figure 17.1), but these solids represent only a minor amount of the estimated resource and
all are included in the inferred category. In certain cases when alteration patterns did not
match, continuity of silver grade prevailed in the interpretation of cohesive solids.
Faulting information was not a priority during the creation of the mineralized envelopes.
Micon believes that further information is required to define the fault planes with high
confidence. In this case, it was considered that the geology and silver grade had more
relevance in creating the shapes upon which the solids were based.
After the solids were finalized and validated in Surpac, and the respective polyline nodes
were snapped to the drill hole intervals in 3D space. Snapping is the basis for the
compositing process and selection of data for interpolation.
Table 17.1 shows the number of zones and volume associated with the Yaxtché Central and
Yaxtché West deposits on the El Quevar property.
Table 17.1
Mineralized Zones in the Yaxtché Central and Yaxtché West Deposits
Deposit No. of Zones Zone Volume (m3)

Yaxtché Central 40 652,442
Yaxtché West 35 1,751,572
Totals 75 2,404,014
17.2.3 Grade Capping
Separate statistical analyses were conducted on the Yaxtché Central and Yaxtché West zones
to identify grade outliers within the separate populations. Both zones had similar results.
Table 17.2 summarizes the raw sample statistics for both zones.
After analyzing the probability plots shown in Figures 17.2 and 17.3, Micon decided to top
cut the silver grade at 3,000 g/t for the entire deposit. This is equivalent to the 99.5
percentile and a total of 20 samples were capped.
88
Table 17.2
Summary of the Raw Sample Statistics for the Yaxtché Central and Yaxtché West Deposits
Description Yaxtché Central Yaxtché West

Number of samples 4,269 8,045
Minimum value 0.05 0.05
Maximum value 9,659 8,650.3
Mean 67.54 54.18
Median 5.4 3.1
Geometric mean 4.36 3.36
Variance 110,438.60 75,123.58
Standard deviation 332.32 274.09
Coefficient of variation 4.92 5.06
The high variance is due primarily to the internal dilution resulting from the use of the 3 m
minimum mining width to estimate the resources.
Figure 17.2
Probability Plot of the Yaxtché Central Zone
89
Figure 17.3
Probability Plot of the Yaxtché West Zone
17.2.4 Sample Composites
Most of the samples at the Yaxtché deposit are 1 m long and samples within the interpreted
mineralized envelopes were composited at one metre intervals. Composites which were less
that 0.75 m were not used for completing the mineralized envelopes. Table 17.3 summarizes
the statistics for the 1 m composites.
Table 17.3
Summary of the 1 Metre Composite Statistics for the Yaxtché Central and Yaxtché West Deposits
Description All Yaxtché (Central + West)

Number of samples 1,977
Minimum value 0.25
Maximum value 3,000
Mean 282.20
Median 130
Geometric mean 146.87
Variance 211,650.4
Standard deviation 460.05
Coefficient of variation 1.630271
90
17.2.5 Variography
Separate variography was conducted for Yaxtché Central and Yaxtché West (Figures 17.4
and 17.5), due to the differences in drill spacing and geometry of the data.
No meaningful variograms were found due to spatial irregularity of the data; however, the
ranges of the variograms were used as a reference to decide upon the search parameters.
Table 17.5 summarizes the selected interpolation parameters.
Figure 17.4
Yaxtché Central Variogram for Silver in the Strike Direction (Major Axis)
91
Figure 17.5
Yaxtché West Variogram for Silver in the Strike Direction (Major Axis)
17.2.6 Density
In the past, Golden Minerals has performed specific gravity tests in its own core shack
facility at El Quevar camp, with an average result of 2.3 g/cm3. However, due to
irregularities identified previously by CAM and other independent engineers reviewing the
process, Golden Minerals elected to send out samples for independent testing.
Golden Minerals has updated and improved its density data with a new set of samples
analyzed by SGS Peru S.A.C. (SGS Peru). A total of 190 samples from the mineralized zone
were submitted for specific gravity testing in July, 2010. Table 17.4 summarizes the results
of the independent testing.
Table 17.4
Statistics of the Specific Gravity Test Results
Description Specific Gravity

Samples 190
Average 2.60
Mode 2.65
Min. 2.01
Max. 3.97
Q1 2.41
Q3 2.76
Stand. Dev. 0.28
92
For the purposes of estimating tonnages, a single average specific gravity of 2.60 g/cm3 was
applied to the entire block model.
17.2.7 Block Model
The block model for the present resource estimation was designed to suit the geometry and
nature of the Yaxtché mineralization. The block model is a single 3D grid that covers both
the Yaxtché Central and Yaxtché West mineralized envelopes. The block size used for the
model is 12 m along the strike direction, 3 m across the strike direction and 3 m in the down
dip direction. The block model was rotated to be aligned with the strike direction of the
deposit which is approximately 300º azimuth.
The model attributes were created to store silver grade interpolation results only. Other
variables such as density, lithology and percent, were not necessary.
Block selection and reporting within the mineralized envelopes was done using the centroid
approach and no percent model was applied. A volume check of the blocks compared to the
solids showed that the blocks represent 100.6% of the volume of the solids, and this was
accepted given that not all the blocks were interpolated.
The interpolation method of inverse distance squared (ID2) was utilized for the entire block
model, with three interpolation passes used to fill as much of the block model as possible.
The interpolation parameters are summarized in Table 17.5.
Table 17.5
Silver Interpolation Parameters
Passes
Description
P1 P2 P3
X Range (m) 37 74 111
Y Range (m) 63 126 189
Z Range (m) 25 50 75

Bearing (º) 290 290 290
Plunge (º) 0 0 0
Dip (º) -55 -55 -55
17.2.8 Resource Classification
In general, the Yaxtché exploration drill spacing varies from 12 m to 50 m and the mineral
resources were classified on the basis of reasonably assumed continuous grades and geology
within the close-spaced drilling areas.
93
The protocol used for assignment of mineral resources to the appropriate resource category
was the CIM “Definition Standards for Mineral Resources and Reserves”. The CIM
standards closely agree with the Australasian Code for Reporting of Mineral Resources and
Ore Reserves (JORC Code) as well. The mineral resources were categorized as follows:
 Measured Mineral Resource: Micon was unable to reliably assign this category to any
of the mineralization at this time. However, further work by Golden Minerals should
be able to confirm grade and geological continuity in some areas of the deposit once
the underground drifting has provided further information.
 Indicated Mineral Resource: Blocks which lie within an area defined by 12 to 25 m

spaced drilling and are part of the same mineralized horizon defined by continuous
intercepts in 2 dimensions. Some exceptions were applied within closely drilled areas
if there were other indicated blocks within a mineralized zone.
 Inferred Mineral Resource: All blocks outside the Indicated category.
The distribution of this classification is displayed in the Figure 17.6.
Figure 17.6
Categorization of the Yaxtché Mineral Resources
94
17.2.9 Resource Estimation
The resource estimation was derived from querying all of the interpolated blocks inside the
75 mineralized envelopes, after applying a bulk density of 2.6 g/cm3 to calculate the tonnes.
A summary of the block model tonnages and average silver grades for Indicated and Inferred
mineral resources at various cut-off grades is provided in Tables 17.6 and 17.7, respectively.
Table 17.6
Indicated Mineral Resource for Yaxtché Central and Yaxtché West at Various Silver Cut-off Grades
Grade Cut-Off Volume Tonnes Ag g/t by ID2 Ag Ounces Cum. Tonnage Cum. Avg. Ag g/t Cum. Ag Ounces
> 1,000 7,500 19,400 1,390.12 866,000 19,400 1,390.12 866,000
800 6,700 17,400 877.60 491,000 36,800 1,147.55 1,357,000
600 23,900 62,100 690.48 1,378,000 98,800 860.59 2,735,000
500 11,800 30,600 549.14 540,000 129,400 786.95 3,275,000
400 26,700 69,400 434.37 969,000 198,800 663.95 4,244,000
300 42,300 110,100 341.06 1,207,000 308,900 548.88 5,451,000
200 84,700 220,100 248.46 1,759,000 529,000 423.86 7,209,000
100 143,400 372,900 148.57 1,781,000 901,900 310.04 8,991,000
50 46,900 121,900 79.92 313,000 1,023,800 282.65 9,304,000
0 4,200 11,000 33.70 12,000 1,034,700 280.02 9,316,000
Total 398,100 1,034,900 280.04 9,316,000
Table 17.7
Inferred Mineral Resource for Yaxtché Central and Yaxtché West at Various Silver Cut-off Grades
Grade Cut-Off Volume Tonnes Ag g/t by ID2 Ag Ounces Cum. Tonnage Cum. Avg. Ag g/t Cum. Ag Ounces
> 1,000 57,600 149,700 1,383.21 6,656,000 149,700 1,383.21 6,656,000
800 54,000 140,400 899.51 4,060,000 290,100 1,149.09 10,716,000
600 158,100 411,100 689.41 9,112,000 701,200 879.57 19,828,000
500 100,500 261,400 559.81 4,705,000 962,600 792.73 24,533,000
400 102,700 267,000 438.11 3,761,000 1,229,600 715.72 28,295,000
300 183,400 476,800 339.90 5,210,000 1,706,400 610.71 33,505,000
200 408,100 1,061,100 244.53 8,342,000 2,767,600 470.31 41,847,000
100 769,500 2,000,700 150.27 9,666,000 4,768,300 336.02 51,514,000
50 184,800 480,400 81.69 1,262,000 5,248,700 312.74 52,775,000
0 2,900 7,600 46.15 11,000 5,256,300 312.36 52,787,000
Total 2,021,600 5,256,200 312.37 52,785,000
For the purposes of reporting mineral resources, Micon considers that the use of a cut-off
grade of 100 g/t silver is applicable for the Yaxtché Central and West deposits. The
estimated Indicated and Inferred mineral resources at a silver cut-off grade of 100 g/t are
Table 17.8

Indicated 901,900 310 8,991,000
Inferred 4,768,300 336 51,514,000
95
Micon has undertaken the mineral resource estimate for the Yaxtché Central and West
deposits on Golden Minerals’ El Quevar property. The mineral resource statement for the El
Quevar property is effective as of August 6, 2010.
The figures in Table 17.8 have been rounded to reflect that the mineral resource estimate is
an approximation. Mineral resources that are not mineral reserves do not have demonstrated
property.
The Mineral Resource estimate is compliant with the current CIM standards and definitions
required by NI 43-101 and is, therefore, reportable as a mineral resource by Golden Minerals.
Figure 17.7 illustrates the silver grade distribution in the Yaxtché Central and West deposits.
Figure 17.7
Grade Distribution of the Yaxtché Mineral Resources
96
17.2.10 Confirmation of Estimate
In order to confirm the accuracy of the present resource estimate, Micon selected samples
within the indicated zones from Yaxtché Central to compare statistically against the resulting
indicated blocks. This comparison is summarized in Table 17.9.
Table 17.9
Indicated Resource Test, Input Data vs. Output Blocks
Description Input: Composite Data Output: Block Model

Number of samples 600 3,685
Minimum value (g/t silver) 0.25 0.25
Maximum value (g/t silver) 3,000 2,016.23
Mean 288.69 280.02
Median 126.04 206.49
Geometric mean 140.08 214.59
Variance 248,149.78 56,919.68
Standard deviation 498.15 238.58
Coefficient of variation 1.73 0.85
Skewness 3.88 2.64
Kurtosis 19.18 12.63
Natural log mean 4.94 5.37
Log variance 1.50 0.54
The comparison in Table 17.9 shows that the average grade of the Indicated blocks is similar
to the average grade of the capped 1 m composited samples.
Figures 17.8 and 17.9 show graphical comparisons of the log normal histograms of the input
data and the output blocks.
The output block model histogram resembles the input data histogram but also smoothes and
normalizes the population. Although the block model histogram is a narrower distribution, it
provides support for the validity of the resource estimate.
17.3 MICON RESOURCE ESTIMATE COMPARISON WITH CAM ESTIMATE
Since Micon’s mineral resource estimates for the Yaxtché Central and West deposits are
based on a number of changes to the resource parameters, including geological interpretation,
specific gravity and the imposition of mining parameters, this section has been added to
discuss the differences between the Micon estimates and the CAM estimate published in the
January, 2010 Technical Report.
Table 17.10 summarizes the resource estimates prepared by CAM in January, 2010, and by
Micon in august, 2010, with both estimates based on a cut-off grade of 100 g/t silver. It can
be seen that Micon has estimated a significantly larger tonnage of inferred resources than did
CAM, but that Micon’s estimated average silver grade is materially lower than CAM’s in
both the indicated and inferred resource categories.
97
Figure 17.8
Indicated Resource Input Data Log Normal Histogram
Figure 17.9
Indicated Resource Output Blocks Log Normal Histogram
98
Table 17.10
Comparison of CAM and Micon Resource Estimates for the Yaxtché Central and West Deposits at a Cut-
off Grade of 100 g/t Silver
Source of Estimate Category Tonnage Grade (g/t Ag) Silver Ounces

Micon, August, 2010 Indicated 901,900 310 8,991,000
Inferred 4,678,300 336 51,514,000
CAM, January, 2010 Indicated 865,803 412.35 11,478,116

Inferred 2,215,759 447.47 31,876,922
The primary differences between the current Micon estimate and the January, 2010, CAM
estimate are:
 The differences in defining the categorization of the mineral resources.
17.4 EL QUEVAR PROPERTY EXPLORATION POTENTIAL
The exploration potential of the Central and West Yaxtché deposits remains high, since the
drilling conducted by Golden Minerals has demonstrated that the mineralization is not closed
off along strike or at depth on these zones. Therefore, further exploration has the potential to
increase the resources in both deposits.
In addition to the Central and West Yaxtché deposits, the El Quevar property hosts further
zones or deposits, such as the Mani and Puntana, which require further exploration prior to
conducting a mineral resource estimate.
The El Quevar property also hosts two other areas where mineralized zones or deposits have
been identified. These are:
1) The Viejo Campo area (Pamela and Jenna zones/deposits).
2) The Quevar Norte area (Claudia and Sharon zones/deposits).
99
Micon believes that the number of mineralized zones/deposits located on the El Quevar
property indicates that the property has the potential to host several additional potentially
economic mineral zones upon which Golden Minerals could conduct further studies.
100
18.0 OTHER RELEVANT DATA AND INFORMATION
All relevant data and information regarding Golden Minerals’ El Quevar project are included
in other sections of this report. All of the data presented or disclosed in this report are for the
properties controlled by Golden Minerals or its subsidiary Silex.
Golden Minerals is in the process of driving a decline into the Yaxtché zone from surface to
access the mineralization for further testing. Golden Minerals plans to conduct underground
drilling and to develop along the mineralization to determine both the continuity and strike
length of the individual mineralized shoots. It is expected that this work will be completed
late in the third quarter or early in the fourth quarter of 2010.
101
19.0 INTERPRETATION AND CONCLUSIONS
Since the previous CAM Technical Report, Golden Minerals has continued to advance the El
Quevar project through further exploration and other studies. Golden Minerals has not only
continued to conduct work on the Yaxtché deposit, which is its primary exploration and
development focus, but it also has started to conduct exploration on the other mineralized
showings on the property, as well as undertaking further studies and development which will
assist it in understanding the nature of the mineralization.
While this report has been prepared not long after the January, 2010, CAM Technical Report,
the updated mineral resource discussed herein is the result of a number of changes to the
geological interpretation of the mineralization and interpretation parameters for the Yaxtché
deposit, rather than a result of a large increase in the drilling results for the project. The
primary differences between the current Micon estimate and the January, 2010, CAM
estimate are:
 Differences in defining the categorization of the mineral resources.
The new interpretation takes into account the extent and relationship of the alteration zone to
the mineralization contained within it, rather than the extent of the mineralization contained
in the various geological units. The mineralization appears to be displaced by fault planes in
certain cases and this may account for the choppy and discontinuous nature of the
mineralization in some instances. The new interpretation incorporates the cross-faulting, but
the faulting was not a priority during the creation of the mineralized envelopes. Micon
believes that further information is required to define the fault planes. Table 19.1
summarizes the parameters used for the mineral resource estimate.
102
Table 19.1
Summary of the Mineral Resource Parameters used for the Yaxtché Deposits
General Parameters
Description Parameter
Interpretation method Sectional interpretation used to build solids
Resource estimation method Inverse distance squared
Block size 12 m along strike, 3 m across strike, 3 m down dip
Block model rotation Approximate azimuth of 300º in strike direction of deposits
Specific gravity 2.60 g/cm3
Composite length 1 metre
Minimum mining width 3 metres
Grade capping 3,000 g/t silver
Resource cut-off grade 100 g/t silver
Silver Interpretation Parameters
Description Pass 1 Pass 2 Pass 3
X Range (m) 37 74 111
Y Range (m) 63 126 189
Z Range (m) 25 50 75
Bearing (º) 290 290 290
Plunge (º) 0 0 0
Dip (º) -55 -55 -55
A summary of the updated mineral resource estimate is contained in Table 19.2.
Table 19.2

Indicated 901,900 310 8,991,000
Inferred 4,768,300 336 51,514,000
The mineral resource statement for the El Quevar property is effective as of August 6, 2010.
The figures in Table 19.2 have been rounded to reflect that the mineral resource estimate is
an approximation. Mineral resources that are not mineral reserves do not have demonstrated
property.
103
The Mineral Resource estimate is compliant with the current CIM standards and definitions,
as required by NI 43-101 and is, therefore, reportable as a mineral resource by Golden
Minerals.
Micon has reviewed Golden Minerals’ QA/QC protocols and generally agrees with them,
with the exception of the specific gravity measurement procedures used by Golden Minerals
and Silex personnel. During the May, 2010 site visit, Micon noted that Golden Minerals and
Silex had not yet implemented the January, 2010, CAM recommendations with respect to
specific gravity determinations.
Micon agrees with the CAM recommendations that Golden Minerals and Silex need to
implement more rigorous procedures in regard to the bulk density measurements. Micon also
recommended that Golden Minerals sends out a number of samples from various rock types
for independent determination of the specific gravity. Golden Minerals followed up on
Micon’s recommendation and sent out 190 samples for independent testing. The results
obtained from this testing were used in the Micon resource estimate.
Through acquiring the El Quevar property, Golden Minerals is in the position of having
acquired a potential mining area in Argentina that has not been subjected fully to modern
exploration concepts and technology. The property holds the potential for the discovery of
mineralized deposits of similar character and grade as those being explored in the current
programs.
The El Quevar project should be considered to be a mid-stage exploration project upon which
Golden Minerals is conducting further exploration and drilling in order to gain a more
complete understanding of the nature and extent of the mineralization located on the
property.
104
20.0 RECOMMENDATIONS
20.1 BUDGET FOR FURTHER WORK
Following upon the general success of its 2009 exploration program, Golden Minerals
continues to explore the various mineralized zones located on the El Quevar property in
2010. The total expenditure for the 2010 exploration and drilling program is estimated to be
approximately US $2,500,000. See Table 20.1 for the proposed exploration budget for 2010.
Figure 20.1 shows the proposed drill targets in the Yaxtché area.
Table 20.1
El Quevar Property, 2010 Exploration Budget
Amount of
Area Zone Exploration Type Phase Cost (US $)
Work
1 3,570 m 659,000
Yaxtché Infill drilling
Quevar Sur 2 3,100 m 525,000
Other Targets Drilling 2,500 m 425,000
Sharon,
Quevar Norte Aylapuna and Drilling 2,700 m 466,000
Tetera
Pamela, Jenna
Viejo Campo ------ 0
and Mariana
Total: 14,370 2,500,000
As part of its continuing exploration program on the Yaxtché zone, Golden Minerals will
conduct two phases of infill drilling to further assist in defining the mineralization prior to
conducting preliminary economic studies. In addition, Golden Minerals will be conducting
drilling on other targets in the Quevar Sur area, such as the Mani, Carman, Yaxtché East and
Puntana zones.
The Quevar Norte drilling was completed in early 2010. Following its review of the results,
2010, since this zone appears to be the best current target to expand on the mineralization
already intersected. Golden Minerals has not yet prepared a further budget for the follow-up
drilling.
zones.
In the Viejo Campo area, Golden Minerals is in the process of evaluating the drilling results
and it believes that there are two possibilities for not having encountered the outcropping
zones at depth:
The zones or structures are closed both at depth and longitudinally.
105
Figure 20.1
Other Proposed Drill Targets in the Yaxtché Area
106
Campo area.
Once Golden Minerals has completed its evaluation of the drilling results, it may conduct
further exploration programs in the Viejo Campo area.
Micon has reviewed Golden Minerals’ proposal for further exploration on its El Quevar
property and recommends that the exploration program be conducted as proposed, subject to
funding and any other matters which may cause the program to be altered in the normal
course of business activities, or alterations which may affect the program as a result of
exploration activities themselves.
20.2 FURTHER RECOMMENDATIONS
Through its exploration of the El Quevar property, Golden Minerals is continuing to identify
the extent of the mineralization contained therein and believes that it will be able to expand
the mineral resource base for the property beyond the area containing the Yaxtché deposit.
Micon has reviewed Golden Minerals’ proposal for further work and has conducted a new
resource estimate for the project. Micon makes the following additional recommendations to
assist Golden Minerals in its exploration and resource estimation processes:
1) Micon considers that Golden Minerals’ exploration programs are conducted to

rigorous standards concerning the exploration data collection. However, Micon
recommends that Golden Minerals personnel review the August, 2000, CIM Best
Practices Guidelines for exploration programs and make any necessary adjustments to
ensure that it is conducting its exploration programs within the guidelines.
2) Micon recommends that all of Golden Minerals exploration QA/QC procedures and
practices be compiled into one document. This document can not only be used for
training purposes for new personnel, but is also a record of all QA/QC procedures and
practices which can be appended to any report in the future.
3) Micon recommends that Golden Minerals conducts a preliminary assessment

(scoping study) on the El Quevar property in order to determine the potential
economics of the project.
107
MICON INTERNATIONAL LIMITED
“William J. Lewis”
William J. Lewis, B.Sc., P.Geo.

Senior Geologist August 10, 2010
“Alan J. San Martin”
Ing. Alan J. San Martin, MAusIMM

Mineral Resource Modeller August 10, 2010
108
21.0 REFERENCES
Allen, P., (March, 2010) Update of Flotation and Tailings-Leach Testing on Silver/Copper
Ore from the El Quevar Project in Argentina, Report for Golden Minerals Company from
Dawson Metallurgical Laboratories, Inc, Project P-4111. 8 p. plus Appendix A and B.
Barnard, F and Sandefur, R., (August, 2009), NI 43-101 Technical Report, Mineral Resource
Estimate, Yaxtché Central Zone silver deposit, El Quevar Project, Salta Province, Argentina:
consulting report prepared for Golden Minerals Company by Chlumsky, Armbrust and
Meyer, LLC (CAM), Posted on SEDAR on September 21, 2009, 98 p.
Barnard, F and Sandefur, R., (October, 2009), NI 43-101 Technical Report, Mineral
Resource Estimate, Yaxtché Silver Deposit, El Quevar Project, Salta Province, Argentina:
consulting report prepared for Golden Minerals Company by CAM, Posted on SEDAR on
November 13, 2009, 88p.
Barnard, F and Sandefur, R., (January, 2010), NI 43-101 Technical Report, Mineral Resource
Estimate Update, Yaxtché Silver Deposit, El Quevar Project, Salta Province, Argentina:
consulting report prepared for Golden Minerals Company by CAM, Posted on SEDAR on
January 19, 2010, 100 p.
Brockway, M., (January, 2008), Petrografías y Calcografías de 24 Muestras de Sondajes de

Exploraciones El Quevar: consulting report in Spanish for Silex Argentina by Brockway &
Franquesa Consultores (B&F Consultores), 32 p.
Brockway, M., (June, 2008), Electronic Microscopy Study of El Quevar Drill Holes Samples,
consulting report for Silex Argentina by B&F Consultores, 32 p.
Dawson Metallurgical Laboratories, Inc, (July, 2008), Report Describing Preliminary

Cyanidation and Flotation Testing of Several Composite Samples from the El Quevar
Project, Apex Silver Mines, Project P-3088, 57 p.
Mach, L., Hollenbeck, P., Bair, D. and Kuestermeyer, A., (February, 2009), NI 43-101
Technical Report on Resources, El Quevar Project, Argentina, Prepared for Apex Silver
Mines by SRK Consulting (Lakewood, Colorado), 98 p.
Pudack, C, Halter, W.E., Heirch, C.A., and Pettke, T, (2009), Evolution of Magmatic Vapor
to Gold-Rich Epithermal Liquid – The Porphyry to Epithermal Transition at Nevados de
Famatina, Northwest Argentina: Economic Geology, Vol. 104 (2009), no 4, pp. 449-477.
Silex Argentina S.A., (2007), El Quevar Project, Drilling Campaign Report, February-June
2007, Unpublished Internal Report, 21p.
Silex Argentina S.A., (2008), El Quevar Project, Drilling Campaign Report, January-July
2008, Unpublished Internal Report, 35p.
109
Silex Argentina S.A., December, (2009), El Quevar – Results from Dawson Metallurgical
Laboratories Testwork Program of Nov-Dec 2009, internal report summarizing results of
leaching and flotation of Yaxtché samples tested by Dawson in September and December
2009. 1 p.
Sillitoe, R., (1975), Lead-Silver,Manganese, and Native Sulfur Mineralization within a

Stratovolcano, El Queva, Northwest Argentina: Economic Geology, Vol. 70 (1975), pp.
1190-1201.
110
APPENDIX 1
GLOSSARY OF TERMS
113
GLOSSARY AND DEFINED TERMS
The following is a glossary of certain mining terms that may be used in this Technical
Report.
A
Ag Silver.
Assay A chemical test performed on a sample of ores or minerals to determine the
amount of valuable metals contained.
Au Gold.
B
Base metal Any non-precious metal (e.g. copper, lead, zinc, nickel, etc.).
Bulk mining Any large-scale, mechanized method of mining involving many thousands
of tonnes of ore being brought to surface per day.
Bulk sample A large sample of mineralized rock, frequently hundreds of tonnes, selected
in such a manner as to be representative of the potential orebody being
sampled. The sample is usually used to determine metallurgical
characteristics.
Bullion Precious metal formed into bars or ingots.
By-product A secondary metal or mineral product recovered in the milling process.
Channel sample A sample composed of pieces of vein or mineral deposit that have been cut
out of a small trench or channel, usually about 10 cm wide and 2 cm deep.
Chip sample A method of sampling a rock exposure whereby a regular series of small
chips of rock is broken off along a line across the face.
CIM Standards The CIM Definition Standards on Mineral Resources and Mineral Reserves
adopted by CIM Council from time to time.
CIM The Canadian Institute of Mining, Metallurgy and Petroleum.
Concentrate A fine, powdery product of the milling process containing a high
percentage of valuable metal.
Contact A geological term used to describe the line or plane along which two
different rock formations meet.
114
Core The long cylindrical piece of rock, about an inch in diameter, brought to
surface by diamond drilling.
Core sample One or several pieces of whole or split parts of core selected as a sample for
analysis or assay.
Cross-cut A horizontal opening driven from a shaft and (or near) right angles to the
strike of a vein or other orebody. The term is also used to signify that a
drill hole is crossing the mineralization at or near right angles to it.
Cut-off grade The lowest grade of mineralized rock that qualifies as ore grade in a given
deposit, and is also used as the lowest grade below which the mineralized
rock currently cannot be profitably exploited. Cut-off grades vary between
deposits depending upon the amenability of ore to gold extraction and upon
costs of production.
D
Dacite The extrusive (volcanic) equivalent of quartz diorite.
Deposit An informal term for an accumulation of mineralization or other valuable
earth material of any origin.
Development drilling
Drilling to establish accurate estimates of mineral resources or reserves
usually in an operating mine or advanced project.
Dilution Rock that is, by necessity, removed along with the ore in the mining
process, subsequently lowering the grade of the ore.
Diorite An intrusive igneous rock composed chiefly of sodic plagioclase,
hornblende, biotite or pyroxene.
Dip The angle at which a vein, structure or rock bed is inclined from the
horizontal as measured at right angles to the strike.
E
Epithermal Hydrothermal mineral deposit formed within one kilometer of the earth’s
surface, in the temperature range of 50 to 200°C.
Epithermal deposit
A mineral deposit consisting of veins and replacement bodies, usually in
volcanic or sedimentary rocks, containing precious metals or, more rarely,
base metals.
Exploration Prospecting, sampling, mapping, diamond drilling and other work involved
in searching for ore.
115
F
Face The end of a drift, cross-cut or stope in which work is taking place.
Fault A break in the Earth's crust caused by tectonic forces which have moved
the rock on one side with respect to the other.
Flotation A milling process in which valuable mineral particles are induced to
become attached to bubbles and float as others sink.
Fold Any bending or wrinkling of rock strata.
Footwall The rock on the underside of a vein or mineralized structure or deposit.
Fracture A break in the rock, the opening of which allows mineral-bearing solutions
to enter. A "cross-fracture" is a minor break extending at more-or-less right
angles to the direction of the principal fractures.
G
g/t Grams per metric tonne.
Galena Lead sulphide, the most common ore mineral of lead.
gpt Grams per tonne.
Golden Minerals Golden Minerals Company, including, unless the context otherwise
requires, the Company's subsidiaries.
Grade Term used to indicate the concentration of an economically desirable
mineral or element in its host rock as a function of its relative mass. With
gold, this term may be expressed as grams per tonne (g/t) or ounces per
tonne (opt).
Gram 0.0321507 troy ounces.
H
Hanging wall The rock on the upper side of a vein or mineral deposit.
High grade Rich mineralization or ore. As a verb, it refers to selective mining of the
best ore in a deposit.
Host rock The rock surrounding an ore deposit.
Hydrothermal Processes associated with heated or superheated water, especially
mineralization or alteration.
116
I
Indicated Mineral Resource
An Indicated Mineral Resource is that part of a Mineral Resource for which
quantity, grade or quality, densities, shape and physical characteristics, can
be estimated with a level of confidence sufficient to allow the appropriate
application of technical and economic parameters, to support mine planning
and evaluation of the economic viability of the deposit. The estimate is
based on detailed and reliable exploration and testing information gathered
through appropriate techniques from locations such as outcrops, trenches,
pits, workings and drill holes that are spaced closely enough for geological
and grade continuity to be reasonably assumed.
Inferred Mineral Resource

An Inferred Mineral Resource is that part of a Mineral Resource for which
quantity and grade or quality can be estimated on the basis of geological
evidence and limited sampling and reasonably assumed, but not verified,
geological and grade continuity. The estimate is based on limited
information and sampling gathered through appropriate techniques from
locations such as outcrops, trenches, pits, workings and drill holes.
Intrusive A body of igneous rock formed by the consolidation of magma intruded
into other
K
km Kilometre(s). Equal to 0.62 miles.
L
Leaching The separation, selective removal or dissolving-out of soluble constituents
from a rock or ore body by the natural actions of percolating solutions.
Level The horizontal openings on a working horizon in a mine; it is customary to
work mines from a shaft, establishing levels at regular intervals, generally
about 50 m or more apart.
Limestone A bedded, sedimentary deposit consisting chiefly of calcium carbonate.
M
m Metre(s). Equal to 3.28 feet.
Marble A metamorphic rock derived from the recrystallization of limestone under
intense heat and pressure.
117
Measured Mineral Resource
A Measured Mineral Resource is that part of a Mineral Resource for which
quantity, grade or quality, densities, shape, physical characteristics are so
well established that they can be estimated with confidence sufficient to
allow the appropriate application of technical and economic parameters, to
support production planning and evaluation of the economic viability of the
deposit. The estimate is based on detailed and reliable exploration,
sampling and testing information gathered through appropriate techniques
from locations such as outcrops, trenches, pits, workings and drill holes that
are spaced closely enough to confirm both geological and grade continuity.
Metallurgy The science and art of separating metals and metallic minerals from their
ores by mechanical and chemical processes.
Metamorphic Affected by physical, chemical, and structural processes imposed by depth
in the earth’s crust.
Mill A plant in which ore is treated and metals are recovered or prepared for
smelting; also a revolving drum used for the grinding of ores in preparation
for treatment.
Mine An excavation beneath the surface of the ground from which mineral matter
of value is extracted.
Mineral A naturally occurring homogeneous substance having definite physical
properties and chemical composition and, if formed under favourable
conditions, a definite crystal form.
Mineral Claim That portion of public mineral lands which a party has staked or marked out
in accordance with federal or state mining laws to acquire the right to
explore for and exploit the minerals under the surface.
Mineralization The process or processes by which mineral or minerals are introduced into
a rock, resulting in a valuable or potentially valuable deposit.
Mineral Resource
A concentration or occurrence of natural, solid, inorganic or fossilized
organic material in or on the earth's crust in such form and quantity and of
such grade or quality that it has reasonable prospects for economic
extraction. The location, quantity, grade, geological characteristics and
continuity of a mineral resource are known, estimated or interpreted from
specific geological evidence and knowledge. The term mineral resource
covers mineralization and natural material of intrinsic economic interest
which has been identified and estimated through exploration and sampling
and within which mineral reserves may subsequently be defined by the
consideration and application of technical, economic, legal, environmental,
socio-economic and governmental factors. The phrase reasonable prospect
for economic extraction implies a judgment by the Qualified Person in
respect of the technical and economic factors likely to influence the
118
prospect of economic extraction. A mineral resource is an inventory of
mineralization that under realistically assumed and justifiable technical and
economic conditions, might become economically extractable. The term
mineral resource used in this report is a Canadian mining term as defined in
accordance with NI 43-101 – Standards of Disclosure for Mineral Projects
under the guidelines set out in the Canadian Institute of Mining, Metallurgy
and Petroleum (the CIM), Standards on Mineral Resource and Mineral
Reserves Definitions and guidelines adopted by the CIM Council on
December 11, 2005 (the CIM Standards).
N
Net Smelter Return
A payment made by a producer of metals based on the value of the gross
metal production from the property, less deduction of certain limited costs
including smelting, refining, transportation and insurance costs.
NI 43-101
National Instrument 43-101is a national instrument for the Standards of
Disclosure for Mineral Projects within Canada. The Instrument is a
codified set of rules and guidelines for reporting and displaying information
related to mineral properties owned by, or explored by, companies which
report these results on stock exchanges within Canada. This includes
foreign-owned mining entities who trade on stock exchanges overseen by
the Canadian Securities Administrators (CSA), even if they only trade on
Over The Counter (OTC) derivatives or other instrumented securities.
O
Outcrop An exposure of rock or mineral deposit that can be seen on surface, that is,
not covered by soil or water.
Oxidation A chemical reaction caused by exposure to oxygen that results in a change
in the chemical composition of a mineral.
Ounce A measure of weight in gold and other precious metals, correctly troy
ounces, which weigh 31.2 grams as distinct from an imperial ounce which
weigh 28.4 grams.
oz Ounce
P
Plant A building or group of buildings in which a process or function is carried
out; at a mine site it will include warehouses, hoisting equipment,
compressors, maintenance shops, offices and the mill or concentrator.
119
Pyrite A common, pale-bronze or brass-yellow, mineral composed of iron and
sulphur. Pyrite has a brilliant metallic luster and has been mistaken for
gold. Pyrite is the most wide-spread and abundant of the sulfide minerals
and occurs in all kinds of rocks.
Q
Qualified Person Conforms to that definition under NI 43-101 for an individual: (a) to be an
engineer or geoscientist with at least five years' experience in mineral
exploration, mine development or operation or mineral project assessment,
or any combination of these; (b) to have experience relevant to the subject
matter of the mineral project and the technical report; and (c) to be a
member in good standing of a professional association that, among other
things, is self-regulatory, has been given authority by statute, admits
members based on their qualifications and experience, requires compliance
with professional standards of competence and ethics and has disciplinary
powers to suspend or expel a member.
R
Reclamation The restoration of a site after mining or exploration activity is completed.
S
Shoot A concentration of mineral values; that part of a vein or zone carrying
values of ore grade.
Skarn Name for the metamorphic rocks surrounding an igneous intrusive where it
comes in contact with a limestone or dolostone formation.
Stockpile Broken ore heaped on surface, pending treatment or shipment.
Strike The direction, or bearing from true north, of a vein or rock formation
measure on a horizontal surface.
Stringer A narrow vein or irregular filament of a mineral or minerals traversing a
rock mass.
Sulphides A group of minerals which contains sulphur and other metallic elements
such as copper and zinc. Gold and silver are usually associated with
sulphide enrichment in mineral deposits.
T
Tonne A metric ton of 1,000 kilograms (2,205 pounds).
120
V
Vein A fissure, fault or crack in a rock filled by minerals that have travelled
upwards from some deep source.
W
Wall rocks Rock units on either side of an orebody. The hangingwall and footwall
rocks of a mineral deposit or orebody.
Waste Unmineralized, or sometimes mineralized, rock that is not minable at a
profit.
Z
Zone An area of distinct mineralization.
121
APPENDIX 2
TITLE OPINION FOR THE MINERAL CONCESSIONS
122
June 18th, 2010
Golden Minerals Company

350 Indiana Street, Suite 800
Golden, Colorado 80401
Attn: Robert Blakestad
Senior Vice President
Dear Sir:
Re: Silex Argentina S.A. - El Quevar Mining Project.
We have acted as Argentinean counsel to Silex Argentina S.A. (hereinafter, the

“Company”) in connection with its ongoing activities in El Quevar Mining Project
(hereinafter, “The Project”) in the Republic of Argentina.
In such capacity we provide you this opinion (hereinafter, the “Opinion”) in

connection with (a) the Company corporate good standing and current status and
(b) good standing and current status of mining rights detailed in Section 3, which are
currently directly owned by the Company or indirectly through the Documents (as
defined in Section 1.1. herein).
1. Scope of the Opinion
1.1. Examination of Documents

For the purpose of rendering this Opinion, we have made such investigations and
examined originals or copies, certified or otherwise identified to our satisfaction, of
such certificates of public officials and of such other certificates, documents and
records as we considered necessary or relevant for purposes of the opinions
expressed below, including but not limited to:
a. Searches conducted on June the 16th, 2010 at the Province of Salta

Mining Court, Province of Salta Public Registry of Commerce and the
corporate books of the Company, among other documentation detailed
herein.
b. Examination and analysis of the following documents (collectively,

the "Documents"):
123
i. Shareholders Agreement dated May 22, 2006, between the Company
and MH Argentina S.A. ("Silex/MH Shareholders Agreement");
ii. Option Agreement dated March 16, 2006 between the Company
and Salta Exploraciones S.A. (“SILEX/SESA Option Agreement One");
iii. Option Agreement dated June 22, 2007 between the Company and
Mr. Carlos Saravia Frías and Silvia Rene Rodriguez (the
“SILEX/Saravia Option Agreement Two");
iv. Option Agreement dated October 27, 2008, between the Company
and Salta Exploraciones S.A. (the “SILEX/SESA Option Agreement
Three");
v. Purchase and Sale Agreement dated December 30, 2009, between

Golden Minerals Company, Silex Spain S.L., Minera El Quevar S.A.
and MH Argentina S.A. (the “GOLDEN/MH ARGENTINA Purchase
and Sale Agreement);
vi. Letter from MH Argentina S.A. to Minera El Quevar S.A. board of

directors, dated January 04 2.010, acknowledging the sale of the 35%
interest and instructing Minera El Quevar to update the shareholder
register so that the shares for the 35% interest are in the name of Silex
Spain, S.L. (the “Notification);
c. Examination and analysis of the Company’s legally required

corporate records (excluding any accounting records), including but
not limited to (i) the Company’s Articles of Incorporation and By-Laws; (ii)
the Company’s Board of Directors Book; (iii) the Company’s Shareholders
Meeting book; (iv) the Company’s Shareholders registry book; (v) the
Company’s Assistance to Shareholders Meetings Book.
1.2. Assumptions
In the examination of the documentation detailed in Section 1.1., we have made the
following assumptions:
a. The genuineness of all signatures, the legal capacity of individuals
signing any documents, the authenticity of all documents submitted to us
as originals and the conformity to authentic original documents of all
documents submitted to us as certified, conformed, telecopied or
photocopied copies;
b. That all public records of the Company which we have examined are
124
complete, true and accurate and that the information disclosed by the
searches which we have conducted related to the Company are true and
complete and that such information has not since then been altered and
that such search did not fail to disclose any information which had been
delivered for registration but did not appear on the public records at the
date of our searches;
c. The accuracy and completeness of all corporate minutes,
resolutions, certificates, registrations and corporate instruments we have
reviewed; and that the resolutions referred to above remain in full force
and effect;
d. That all relevant individuals had full legal capacity and authority at all
relevant times to execute, deliver and perform their obligations pursuant
to the Documents to which they are a party under all applicable laws, have
taken all necessary action, and all statutory, regulatory and other action
under all applicable laws, to authorize the execution, delivery and
performance by them of the Documents to which they are a party; and
e. That each party to the Documents (other than the Company) other
than an individual is a body corporate, duly organized, incorporated or
otherwise formed, as the case may be, and validly existing under the laws
of the jurisdiction in which it is stated to be incorporated or otherwise formed
in the Documents, has all requisite capacity, power and authority to
execute, deliver and perform the Documents to which it is party under all
applicable laws, has taken all necessary action, and all statutory,
regulatory and other action under all applicable laws, to authorize the
execution, delivery and performance by it of the Documents to which it is
party,
This opinion is limited to the laws of Argentina. Without limiting the generality of the
immediately preceding sentence, we express no opinion with respect to the laws of
any other jurisdiction.
2. Corporate Matters
2.1. Silex Argentina S.A.
Silex Argentina S.A. (the “Company), an indirect subsidiary of Golden Minerals

Company, is an Argentinean corporation duly formed in accordance with the
Argentinean Company Law Nº 19.550, as specified by the terms of its incorporation
public deed (Instrument number thirty five, dated March 24th 2005, attested and
certified by Viviana Gabriela Pascual, Notary Public Nº 129, for the City of Salta,
Republic of Argentina).
125
The first notary transcript of the above-mentioned public deed, which contains the
By-Laws of the Company, was duly recorded in the Province of Salta Public
Registry of Commerce under Book 12 of “Sociedades Anónimas”, page 353/4, lodge
3239, on May 16th, 2005.-
Among other provisions, the Company’s registered By-Laws indicates that the
Company: (a) corporate purpose is the exploration and exploitation of minerals or
substances subject to the Argentinean mining law regulation; (b) has its legal
address in the Province of Salta, Republic of Argentina.
The current members of the Board of Directors of the Company are: Mr. Robert B.
Blakestad as President, Mr. Nestor Darío Alvarez as Vice-president, and Mr.
Agustín Frezze Durand as Director.-
All Shareholders’ Meetings, either extraordinary or ordinary have been duly held,
and the Company’s financial statements have been approved as of December 31st
2.009.-
The only shareholders of the Company are:

 Silex Spain SL, a Spanish corporation, which owns sixty eight thousand six
hundred and two (68.601) Shares; and
 Mr. Nestor Darío Alvarez, an Argentinean individual, I.D. #14.714.657 who

owns one (1) Share.
As of the date of this opinion, there is only one claim against the
Company, in judicial file “LIBERTY A.R.T. S.A. VS. HAUSBERGER, JOSE
MARIA; DIAZ JOSE MARIA Y/O QUIEN RESULTE RESPONSABLE S/ SUMARIO
COBRO DE PESOS”, Expte. Nº 239.588/08, the claim is for an amount of US$
10.000 approximately.-
Besides the claim mentioned above, as of the date of this opinion there are no claim,
administrative proceedings, tax investigations or lawsuits against the Company. To
the best of our knowledge, there is no expectation that any such claims are being
considered or pending against the Company
In Conclusion, and based in the foregoing, we are of the Opinion that:
i. Existence and Good Standing
126
The Company is a corporation (“sociedad anónima”) which has been duly
constituted, validly exists and is in good standing under the laws of Argentina. The
Company has all necessary corporate power and authority to conduct its business
as presently conducted in the Republic of Argentina and to own and operate its
assets and mining properties and rights.
The By-Laws have been duly enacted in accordance with all legal requisites, and no
further action by the Company or its shareholders is necessary to constitute them as
the valid and binding By-Laws of the Company.
All Company’s shareholders are duly registered in the Company’s corporate books,
and are in compliance with all applicable regulations to the extent necessary to
maintain such registration in full force and effect.
ii. Documents’ obligations

The Company has the corporate power and capacity to: (i) carry on its business as
presently conducted in Argentina and as contemplated by the Documents to be
conducted; (ii) to own its mining rights and assets; and to (iii) execute, deliver and
exercise its rights, perform its obligations and perform the obligations under each
Document to which it is party.
The Company has taken all necessary corporate action in Argentina to authorize
the execution, delivery and performance of obligations by it of each Document to
which it is party.
Each Document to which the Company is a party constitutes a legal, valid and
binding obligation of the Company, enforceable against the Company in
accordance with its terms.
iii. Lawsuits
There is one judicial proceeding against the Company, in judicial file

“LIBERTY A.R.T. S.A. VS. HAUSBERGER, JOSE MARIA; DIAZ JOSE MARIA
Y/O QUIEN RESULTE RESPONSABLE S/ SUMARIO COBRO DE PESOS”,
Expte. Nº 239.588/08, the claim is for an amount of US$ 10.000 approximately.-
Besides the judicial claim mentioned above, as of the date of this opinion there are
no judgments against the Company or against any concession, property or asset of
the Company granted by an Argentinean judicial or arbitration court. In addition
there are no judicial or arbitration proceedings against the Company, nor is it
reasonably expected that any proceeding against the company might be brought
127
that can result in a material adverse effect, or which might reasonably be expected
to materially and adversely affect the Company’s mining rights, properties or assets
or interfere, alter or prohibit the Company’s full compliance with all its obligations as
agreed in the Documents or the performance by the Company of any obligation
related to or inferred from such Documents.
2.2. Minera El Quevar S.A.

On May 22, 2006, the Company entered the Silex/MH Shareholders Agreement for
the purpose of expanding the El Quevar Project by the incorporation of five
exploitation concessions.
For the purpose of holding title to the exploitation concession, the Company and
M.H. Hochschild S.A. incorporated a corporation named Minera El Quevar, S.A.
(“Minera El Quevar”).
Minera El Quevar is an Argentinean corporation duly formed in accordance with the

Argentinean Company Law Nº 19.550, as specified by the terms of public deed
(Instrument number 42, dated February 28th, 2.008, attested and certified by
Carolina Isasmendi de Pérez Alsina, Notary Public Nº 160, for the city of Salta,
Republic of Argentina).
Originally the shareholders of Minera El Quevar were:
a. The Company which owns one thousand three hundred (1.300)

Quevar Shares (65% of the authorized capital); and
b. MH Argentina S.A., an Argentinean corporation, which owns seven
hundred (700) Quevar Shares (35% of the authorized capital).
According the terms of the Purchase and Sale Agreement dated December 30,
2009, signed between Golden Minerals Company, Silex Spain S.L., Minera El
Quevar S.A. and MH Argentina S.A. (the “GOLDEN/MH ARGENTINA Purchase and
Sale Agreement) Golden Minerals Company acquired, through its subsidiary Silex
Spain S.L., MH Argentina´s 35% interest and now owns 100% of the Minera El
Quevar S.A.-
The actual shareholders of Minera El Quevar S.A. are:
128
a. The Company which owns one thousand three hundred
(1.300) Quevar Shares (65% of the authorized capital); and
b. Silex Spain S.L. which owns seven hundred (700) Quevar
Shares (35% of the authorized capital).
c.
st
On March, 31 2010, Minera El Quevar S.A. transferred to Silex Argentina S.A. by
public deed, the seven exploitation concessions from El Quevar project that it owns,
been today all El Quevar Project properties in head of Silex Argentina S.A.-
3. Mining Matters.
3.1. Basic Framework.
The Republic of Argentina is a federal republic. The federal government coexists

with the governments of twenty-four autonomous and pre-existing provinces.
According to Argentine Law, mineral resources belong to the provinces where the
resource is located. Such province has the authority to grant exploration permits and
exploitation concession rights to private applicant entities. However, the Federal
Congress is entitled to enact the National Mining Code and any substantive mining
legislation which is similarly applicable in all of the country. Provinces have the
authority to regulate the procedure aspects of the National Mining Code and to
organize each enforcement authority within its territory.
Basically, two types of mining rights can be granted under Argentinean mining law:
a. Exploration Permits (usually refer to as “Cateos”) which are limited

in time and have limited obligations.
b. Exploitation Concessions (usually refer to as “Minas” or “Claim”)

which are unlimited in time as long as obligation set out in the
National Mining Code are met by the title holders.
3.2. El Quevar Project.
The exploration permits and exploitation concessions that comprise the El Quevar
Project are located in the San Antonio de los Cobres municipality, Los Andes
Department, Province of Salta, Argentina.
129
The Project includes 22 exploitation concessions (“claims”) and 6 exploration
concessions (“cateos”). A total canon (“rental”) payment ARS $ 130.458,80 will be
assessed on the exploitation concessions in 2010. All past annual payments have
been made. All exploration and exploitation concessions are listed in Table 1.
Table 1
Mineral Concessions at El Quevar
ANUAL
FILE No. OF TYPE OF GRANTING PAYMENT
Nro. PROPERTY OWNER
Nº HECTARES CONCESSION DATE CANON
AR$
1 17114 EL QUEVAR II 330,03 Mine SESA 29-May-06 $ 3.200

2 18359 NEVADO I 2.161,39 Mine Saravia C.- Rodriguez S.(100% option Silex) 19-Oct-06 $ 16.800
3 18036 QUIRINCOLO I 3.500,00 Mine Silex Arg. S.A. 03-Jun-05 $ 28.000
4 18037 QUIRINCOLO II 3.500,00 Mine Silex Arg. S.A. 03-Jun-05 $ 28.000
5 3902 CASTOR 384,10 Mine Silex Arg. S.A. - SESA 19-Dic-05 $ 3.200
6 1578 VINCE 44,72 Mine Silex Arg. S.A. 07-Ago-96 $ 400
7 1542 ARMONIA 17,90 Mine Silex Arg. S.A. 26-Jul-04 $ 160
8 12222 QUESPEJAHUAR 18,00 Mine Silex Arg. S.A. 02-Feb-04 $ 240
9 18332 TORO I 436,60 Mine Silex Arg. S.A. 28-Ago-06 $ 4.000
10 18745 QUEVAR I 3.313,00 Cateo Silex Arg. S.A. 07-Mar-08 none

11 19534 QUEVAR PRIMERA 2.626,20 claim Silex Arg. S.A. In process none
12 20215 QUEVAR NOVENA 1.313,00 claim Silex Arg. S.A. In process none
13 18784 QUEVAR III 3.997,82 Cateo Silex Arg. S.A. 12-Mar-08 none
14 19557 QUEVAR TERCERA 3.995,63 claim Silex Arg. S.A. In process none
15 20219 QUEVAR DECIMA 1.997,82 claim Silex Arg. S.A. In process none
16 18786 QUEVAR IV 3.988,86 Cateo Silex Arg. S.A. 12-Mar-08 none

17 19558 QUEVAR CUARTA 3.977,72 claim Silex Arg. S.A. In process none
QUEVAR DECIMA
In process
18 20240 PRIMERA 1.988,86 claim Silex Arg. S.A. none
19 18785 QUEVAR V 4.242,74 Cateo Silex Arg. S.A. 12-May-08 none

20 19617 QUEVAR QUINTA 2.242,74 claim Silex Arg. S.A. In process none
QUEVAR DECIMA
In process
21 20359 SEGUNDA 1.121,37 claim Silex Arg. S.A. none
22 19136 QUEVAR VI 4.493,52 Cateo Silex Arg. S.A. 10-Dec-08 none

23 19992 QUEVAR SEXTA 2.493,53 claim Silex Arg. S.A. In process none
24 19195 QUEVAR VII 6.641,75 Cateo Silex Arg. S.A. 11-Apr-09 none
25 20319 QUEVAR SEPTIMA 2.301,01 claim Silex Arg. S.A. 06-May-10 none
130
26 18079 VIEJO CAMPO 3.000,00 mine SESA In process $ 24.000
27 15190 MARIANA 25,96 mine Silex Arg. S.A. 29-Abr-10 $ 60

28 18080 ARJONA II 2.786,58 mine Silex Arg. S.A. 13-May-10 $ 22.400
66.940,84 $ 130.458,80
The El Quevar Mining Project is currently under exploration activities. All exploration
permits and exploitation concessions have been granted, registered and surveyed.
All Environmental reports have been submitted and approved and the pertinent
investments schedules were completed. The El Quevar Mining Project is located
over fiscal lands owned by the Province of Salta. Water permits for exploration,
drilling, underground works and other works have been granted for 2010. All
pertinent permits for the present camp site as well as for the current exploration
works and works scheduled for 2010 are validly approved by the Province of Salta
Mining Court and the Province of Salta Mining Secretariat.
Production of metals from any property is subject to a 3% NSR (Net Smelter Return)
royalty payable to the province of Salta, in addition to the royalties to private parties,
as mentioned below.
3.3. Examination of properties titles
Based on the foregoing and in accordance with the research and investigation
conducted as described in section 1.1, the mining properties of EL Quevar Project
described in chart 3.2 belongs to:
3.3.1 Mines Quirincolo I and Quirincolo II, exploitation concessions, belongs

100% to Silex Argentina S.A..
3.3.2 Mine Castor, exploitation concessions, is under “Mines under Company”

regulations in accordance to Title 15 of Mining Code. It belongs to Salta
Exploraciones S.A. and Silex Argentina S.A.. In accordance to the title certificate
enacted by the Mining Court of Salta, SESA and Silex Argentina S.A. have a 50%
participation each in this company of mines.
Salta Exploraciones S.A. signed with the Company, for it 50% participation in this
property, an Exploration Contract with a Purchase Option (SILEX/SESA Option
Agreement One). According to Salta Province Mining Court, this contract has been
registered and is in full force and the property is under the Company domain and
responsibility.
131
3.3.3 Mine Quevar II, exploitation concession, belongs to Salta Exploraciones S.A..
Salta Exploraciones S.A. signed with the Company the SILEX/SESA Option
Agreement One. According to Salta Province Mining Court, this contract has been
responsibility.
3.3.4 Mines Vince, Armonia, Quespejahuar and Toro I, exploitation concessions

belongs 100% to The Company.
3.3.5 Mine Nevado I, exploitation concessions, is under “Mines under Company”

regulations in accordance to Title 15 of the Mining Code. It belongs to Mr. Carlos
Alberto Saravia and Ms. Silvia Rene Rodriguez.
Mr. Carlos Alberto Saravia and Ms. Silvia Rene Rodríguez signed with the
Company, an Exploration Contract with a Purchase Option (SILEX/SARAVIA Option
Agreement Two). According to Salta Province Mining Court, this contract has been
registered and is in full force and the properties are under the Company domain and
responsibility.
3.3.6 Quevar I, Quevar III, Quevar IV, Quevar V, Quevar VI and Quevar VII
exploration permit belongs 100% to The Company.
3.3.7 Mine Viejo Campo, exploitation concession, belongs to Salta Exploraciones

S.A.. Salta Exploraciones S.A. signed with the Company the SILEX/SESA Option
Agreement Three. According to Salta Province Mining Court, this contract has been
responsibility.
3.3.8 Quevar Primera, Quevar Tercera, Quevar Cuarta, Quevar Quinta, Quevar
Sexta, Quevar Septima, Quevar Novena, Quevar Décima, Quevar Decima
Primera and Quevar Décima Segunda explotation claims belongs 100% to The
Company.
3.3.8 Mines Arjona II and Mariana, were acquired in 2.010 and belongs 100 % to
The Company.
Those concessions controlled but not owned outright by Silex are listed in Table 4-2.
The terms for each are shown in the table.
132
Table 2
Concession Agreements – El Quevar Project
Remaining Remaining Work
No. of
File Typ Type Of Contract % Payments Commitment
Owner Property Hectare
No. e Contract Term Acquired Amount Expiry Amount
s Due Date
, US$ Date US$
50% of
Castor,
100% of
Quevar II,
1% NSR to
SESA, on
50% of
CASTOR production
(50% explorati from
16-Mar-06 500,000
3902 interest) 384.10 Mine on with Castor and 16-Mar-10
to 16-Mar- 1,100,00 none none
17114 EL 330.03 Mine purchase 100% 16-Mar-11
11 0
QUEVAR option production
II from El
Quevar II;
SESA
Silex can
buy 50% of
total NSR
for
$1,000,000
.
3.000 27-0ct
Mine
09
150,000
explorati 27-Oct-09 50,000 27-0ct
250,000
VIEJO on with 27-Oct-08 27-Oct-10 100,000 10
1807 60% 250,000
CAMPO purchase to 27 Oct-12 27-Oct-11 200,000 27-0ct
350,000
option 27-Oct-12 200,000 11
1,000,000
27-0ct
12
100%
1% NSR to
SARAVIA owner,
CARLOS Silex can
ALBERT explorati buy it out
22-Jun-07 22-Jun-10 200,000
O– NEVADO 2161,39 on with for USD
18359 Mine to 22 June 22-Jun-11 300,000 none none
RODRIG I purchase 1,000,000
12 22-Jun-12 750,000
UEZ option within first
SILVIA 2 years of
RENE beginning
commercial
production.
3.4. Mining exploration permit and exploitation

concessions Opinion:.
Based on the foregoing and in accordance with the laws of Argentina, it is our
opinion that:
3.4.1. All Company’s mining rights (either Exploration Permits or Expoitation
133
Concessions) are in good standing, and Company has good and valid title to
all of them and there are no outstanding claims or possible claims of any kind
against any of them as June 16th, 2010.
3.4.2. The Company has the exclusive right to prospect, explore, exploit and
operate the Exploration Permits and Exploitation Concession comprising the
El Quevar Mining Project in accordance with the Argentine Mining Code.
3.4.3. Each Title holder as described in Section 3.2. of this Opinion has a good,
valid and existing right, title or interest in the Exploration Permits and
Exploitation Concession comprises in the El Quevar Mining Project.
3.4.4. All the Exploitation Concession described in Section 3.2. and 3.3 of this
Opinion (i) have been validly granted or assigned to each Title Holder; (ii) are
duly registered in their respective name and are subject to no liens or
encumbrances which are registered in the Mining Registry of Salta Province;
and (iii) are of perpetual duration, subject to each Title Holder compliance
with the Argentine Mining Code provisions contained, mainly, in
Sections 216, 217 and 218, as amended from time to time. To the best of our
knowledge after reasonable investigation, there are (i) no actions, suits or
proceedings pending or, threatened against or affecting any Title Holder or
any of its properties in any court, before or by any governmental department,
board, agency, administrator or instrumentality or before any arbitrator in
Argentina, and (ii) no existing default by any Title Holder under any
applicable order, writ, injunction or decree or other decision of any Argentine
court, governmental department, board, agency, administrator or
instrumentality or any arbitrator; in each case that could reasonably be
expected to have a material adverse effect related to any Title Holder
ownership of such mining properties.
3.4.5. All the Exploration Permits listed in Section 3.2. of this Opinion (i) have been
validly granted or assigned to each Title Holder; (ii) are duly registered in its
name and are subject to no liens or encumbrances which are registered in
the Mining Registry of Salta Province; and (iii) albeit of limited duration, and
subject to the each Title Holder compliance with the Argentine Mining Code
provisions, provide the exclusive right to each Title Holder to request mining
concessions in accordance with the provision of the Argentinean Mining
Code. To the best of our knowledge after reasonable investigation, there are
(i) no actions, suits or proceedings pending or, threatened against or affecting
each Title Holder or any of this permits in any court, before or by any
governmental department, board, agency, administrator or instrumentality or
before any arbitrator in Argentina, and (ii) no existing default by any Title
Holder under any applicable order, writ, injunction or decree or other decision
of any Argentine court, governmental department, board, agency,
134
administrator or instrumentality or any arbitrator; in each case that could
reasonably be expected to have a material adverse effect related to each
Title Holder ownership of such mining exploration permits.
3.4.6. There are no restrictions on surface access to any of the areas encompassed
by the El Quevar Mining Project., as national, provincial and/or municipal
parks or reservations, townships and there is no reasonable reason to
believe that such restrictions shall be enacted in the future.
3.4.7. Each Title Holder has obtained the necessary environmental approvals to
carry on its exploitation activities in the El Quevar Mining Project.
3.4.8. Water concession for exploration works at the El Quevar Mining Project has
been duly applied and granted.
3.4.9. To the best of our knowledge, all material authorizations, franchises,
licenses, approvals, permits, consents of Argentine (either Federal, Provincial
or Municipal) authorities, and all mining rights, environmental report
approvals, water rights, easements, leases, usufructs, surface rights, rights of
way property rights and consents between the Title Holders and third parties,
in each case, that are necessary for the Company (i) to explore the El Quevar
Mining Project and (ii) to conduct all necessary activities for the exploration of
El Quevar Mining Project in all material respects has been approved or have
been requested and we do not have reasonable cause to believe that such
may not be granted by the proper authority.
This opinion is given as of the date hereof and is solely for the benefit of the entities
to which it is addressed. This opinion is not to be used, circulated, quoted or
otherwise referred to for any other purpose or relied upon by any other person,
without our express written consent.
Dr. Diego Mendilaharzu

Abogado – Estudio Pérez Alsina
135
APPENDIX 3
TSL ASSAY CERTIFICATE
136
137
138

MICON International Limited August 2010

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GOLDEN MINERALS COMPANY

NI 43-101 TECHNICAL REPORT

August 10, 2010

William J. Lewis, BSc., P.Geo.

1.0 SUMMARY .................................................................................................................... 1

3.0 RELIANCE ON OTHER EXPERTS ........................................................................ 15

4.0 PROPERTY DESCRIPTION AND LOCATION ....................................................16

5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES,

6.0 HISTORY ..................................................................................................................... 33

7.0 GEOLOGICAL SETTING ......................................................................................... 36

8.0 DEPOSIT TYPES ........................................................................................................40

11.0 DRILLING ...................................................................................................................48

12.0 SAMPLING METHOD AND APPROACH ............................................................. 68

13.0 SAMPLE PREPARATION, ANALYSIS AND SECURITY ...................................70

14.0 DATA VERIFICATION .............................................................................................76

15.0 ADJACENT PROPERTIES ....................................................................................... 79

16.0 MINERAL PROCESSING AND METALLURGICAL TESTING........................81

17.0 MINERAL RESOURCE AND RESERVE ESTIMATES ....................................... 86

18.0 OTHER RELEVANT DATA AND INFORMATION ........................................... 101

19.0 INTERPRETATION AND CONCLUSIONS .........................................................102

21.0 REFERENCES........................................................................................................... 109

APPENDIX 1 Glossary of Terms At end of Report

APPENDIX 2 Title Opinion for the Mineral Concessions At end of Report

APPENDIX 3 TSL Assay Certificate At end of Report

Figure 4.1 Location Map for the El Quevar Property........................................................17

1.1 PROPERTY DESCRIPTION

1.4 GEOLOGY AND MINERALIZATION

The hypogene silver mineralization occurs mainly as fine-grained black sulphides.

1.5.1 Quevar Sur Area

1.5.2 Quevar Norte Area

1.5.3 Viejo Campo Area

1.6 UPDATED RESOURCE ESTIMATE FOR THE EL QUEVAR PROPERTY

 Differences in defining the categorization of the mineral resources.

Silver Interpretation Parameters

A summary of the updated mineral resource estimate is contained in Table 1.2.

Category Tonnage Avg. Silver Grade (g/t) Silver Ounces

1.7 UNDERGROUND DEVELOPMENT

1.8 CONCLUSIONS AND RECOMMENDATIONS

1) The zones or structures are closed both at depth and longitudinally.

1) Micon considers that Golden Minerals’ exploration programs are conducted to

3) Micon recommends that Golden Minerals conducts a preliminary assessment

Micon is pleased to acknowledge the helpful cooperation of Golden Minerals’ management

Description Abbreviation Description Abbreviation

Geostats Pty Ltd. Geostats Silex Argentina, S.A. Silex

This report includes technical information which requires subsequent calculations or

4.1 MINERAL TITLE IN ARGENTINA

 A cateo or claim (exploration concession).

Figure supplied by Golden Minerals Company.

 Timely payment of annual fees.

4.2 EL QUEVAR MINERAL CONCESSIONS

4.3 ROYALTIES, AGREEMENTS AND ENCUMBERANCES

Figure supplied by Golden Minerals Company.

Figure supplied by Golden Minerals Company.

Figure supplied by Golden Minerals Company.

 3% NSR (First NSR) on precious metals produced from Viejo Campo.

b) Acquire an additional 20% interest in Viejo Campo, for a total of 80%, by a

3) The Castor-Quevar II agreement with SESA requires additional staged payments by

4.3.1 Perlite Properties

4.4 ENVIRONMENTAL LIABILITIES AND PERMITTING

 Prospecting requiring an EIR Stage 1.

5.2 GEOGRAPHIC/PHYSIOGRAPHIC AND CLIMATIC SETTING

6.1 GENERAL EXPLORATION HISTORY

6.2 HISTORICAL AND RECENT RESOURCE/RESERVE ESTIMATES