Expert Analysis:

Daniel Earle, TD Newcrest (1/12/12) "Golden Minerals Company provided a comprehensive update for its Velardena operations in Mexico and announced plans to rationalize the company's large exploration portfolio; following Golden Mineral's merger with ECU Silver in September, production at Velardena has significantly exceeded both company guidance and our expectations. Golden Minerals produced 90 Koz silver and 1.3 Koz gold compared with our forecast of 22 Koz silver and 0.5 Koz gold and guidance of 42 Koz silver and 1 Koz gold."

Wayne Atwell, Rodman & Renshaw (1/12/12) "Golden Minerals Company reported operational improvements at Velardeña. . .payable silver produced from September to December (four months) ran 90 Koz vs. previous company guidance of 42 Koz, with gold production running 1,300 oz vs. previous company guidance of 1,000 oz. . .the company has made significant progress improving the head grade supplied to the oxide mill; it increased 70% over the grade in August. . .we are increasing our price target to $14.55/share from $13.63/share."

Jay Taylor, Gold, Energy & Tech Stocks (12/31/11) "Golden Minerals Company is in production and has a strong operating team that can be counted on to improve operations and produce efficiently going forward. Total resources (all categories) are as follows: 212 Moz silver, 2.1 Moz gold, slightly over 1 Blb lead and 1.2 Blb zinc. On a valuation basis, this looks like one of the least expensive new silver-gold producers, despite the fact that it has this very significant resource base, a very strong and proven management team and a very solid balance sheet with more than ample cash and no debt. For all of the above reasons, I am ranking this my number one silver stock pick for 2012."

http://www.theaureport.com/pub/co/763

Dan