GOLDEN MINERALS COMPANY (TSE:AUM) Files An 8-K Other Events
Item 8.01
On April 2, 2020, Golden Minerals Company (the “Company”) announced positive results from an updated Mineral Resource Estimate and Preliminary Economic Assessment for its Velardeña Properties, a 50%-owned silver and gold project located in Durango State, Mexico. The preliminary mine plan included in the PEA contemplates a ten-year undergound mining operation using pre-existing and additional underground development at a mine production rate of approximately 310 tonnes per day. The updated PEA has been prepared to incorporate new and updated elements of the project database and mine plan, most notably the inclusion of bio-oxidation treatment of gold concentrates. No development decision has been made regarding a potential restart of the Velardeña mines. We continue to optimize the mine plan and processing details in preparation for future test-mining and processing in advance of establishing a definite schedule for a potential restart of commercial production at the Velardeña mines and the installation of the bio-oxidation circuit.
On April 15, 2020, the Company announced positive results from a Preliminary Economic Assessment for its Rodeo project, a 50%-owned gold project located in Durango State, Mexico. The preliminary mine plan included in the PEA contemplates an open pit mining operation with material transported to the Company’s nearby facility at the Velardeña property for processing. Daily throughput is estimated to be approximately 480 tonnes per day and estimated mine life is approximately nine quarters. We are in the process of obtaining the required mining and environmental permits for an open pit mining operation at Rodeo.
About GOLDEN MINERALS COMPANY (TSE:AUM)
Golden Minerals Company is a mining company. The Company owns the Velardena and Chicago precious metals mining properties and associated oxide and sulfide processing plants (the Velardena Properties) in the State of Durango, Mexico, the El Quevar advanced exploration property in the province of Salta, Argentina, and a diversified portfolio of precious metals and other mineral exploration properties located primarily in Mexico. Its two segments include its Velardena Properties in Mexico and non-revenue producing activities, including exploration, construction and general and administrative activities. It focuses on evaluating and searching for mining opportunities in North America (including Mexico) with high precious metal grades with near term prospects of mining, and particularly properties within haulage distances of its Velardena Properties, which may include the Santa Maria Mine, the Santa Rosa vein or the Rodeo property.
