Golden Minerals Company

ECU Silver Mining Inc. has released another set of results from its current underground development program, this time from opening the southwest extension of the Gambusinos vein, a major vein on the Chicago property. A drift has been opened along the vein for a length of 76.25 metres (250 feet) that yielded an average of 3.23 grams per tonne (g/t) gold (Au), 104 g/t silver (Ag), 2 per cent lead and 4.82 per cent zinc over a width of 0.73 metre (2.4 feet).

Michel Roy, chairman and chief executive officer, commented: "The type of mineralization, as well as the presence of close parallel veins, seems to be confirming that the Chicago mineralized system could be the mirror image of the extensive Santa Juana system. In such a case, the potential for growing the Chicago mine into a major production centre with large resources is getting more and more likely."

The most interesting highlights of these results are:

Drifting has confirmed grades that are 304 per cent higher for gold and 112 per cent higher for silver, relative to the reported grades in the company's NI 43-101 mineral resource report, for the same vein.
The Gambusinos vein is now 356 metres (1,170 feet) long and remains open laterally and at depth.
Underground work in this area is helping to identify and understand additional veins.
The type of mineralization is very similar to the Santa Juana system in the Velardena property, suggesting the potential for the Chicago area to host significant resources similar to the large Santa Juana system.

The assay results are much higher than the corresponding mineral resource block that was included in the last 43-101-compliant mineral resource. The same vein was classified as inferred resources grading 0.8 g/t Au and 49 g/t Ag over a width of one metre. The opening of the Gambusinos vein by underground drifting confirms grades that are 304 per cent higher and 112 per cent higher for gold and silver, respectively.

Mr. Roy added, "Again, we continue to find that while the results of diamond drilling are extremely useful to locate the veins and their behavior, drilling generally undervalues the precious metals contents."

The total drift length opened along the Gambusinos vein is now 356 metres (1,170 feet). The Gambusinos vein is open laterally at both ends of the current drift and so the company cannot be certain of the length it will eventually reach. This vein is nearing the known length of the nearby Santa Juana mineralized system, which is host to a very large system, as identified in the company's NI 43-101 mineral resource report.

The initial drilling in the area identified, and led to the interpretation of, the Gambusinos vein, however, the subsequent results were only identified through underground development by accessing the vein through a ramp.

The additional benefit of this underground work is that several other intercepts identified from an earlier drilling program at that time could not be linked, and as such, were not included in the resources calculation of the last 43-101 mineral resource report. These intercepts are now being identified. So far, two veins have been cut by the underground openings and are currently being opened by further drifting. Although the mineralization appears to be interesting, the company is still awaiting assays from that development.

All widths are true widths. Samples were assayed at the ERSA laboratory in Torreon, Coahuila, Mexico, which is currently in the process of being certified. Mr. Roy, PGeo, a qualified person within the meaning of NI 43-101, prepared the technical information disclosed in this news release.

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