Golden Minerals Company

Have not heard much from those silver hedgers that hedged at $30 based on recommendations from JP Morgan. Hope ECU can stay away from those snake oil bankers. If a 1500 tpd mill is $70 million and gold, lead, and zinc cover operating costs and the silver is profit, it would take 1.4 million ounces of silver at $50 to pay for the mill. Our NI43-101 gives the sulphide inferred silver grade at 158g/t. At 60% recovery and 1500 tpd, that is 4572 ounces per day, 137,170 per month and 1,646,045 ounces of silver per year. We would pay for the mill in one year. Since the first intercept of the massive suphides had 295g/tonne silver over a wide width, this material would pay for the mill in 6 months. By the way, 1,646,045 ounces of silver per year at $50 silver is $82.3 million.