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June 18, 2014
13:23 EDTAUMNGolden Minerals to restart Velardena mining in July
Earlier today, Golden Minerals Company announced plans for a July 2014 restart of mining at its Velardena Properties located in Durango state, Mexico. Once mining and processing are ramped up to approximately 285 tonnes per day of sulfide ore in mid-2015, the company expects output of approximately 1.0 to 1.2M silver equivalent ounces per annum , with cash costs between $12 and $15 per silver ounce net of by-product credits. Golden has completed a 9,000-meter drill program at Velardena in vein systems located largely outside the currently defined Canadian National Institute NI 43-101 compliant resource. That drill program represents the first known drilling of the Terneras vein system sulfides in the area below the historic mine workings. The company's drilling, mine planning and analysis indicate that positive net cash flow may be achieved at the Velardena Properties at current silver and gold prices. An independent engineering firm participated in the preparation of the mining plan. Chairman, President and CEO Jeffrey G. Clevenger noted, "Our team has worked diligently since the suspension of operations at Velardena to streamline the operation for a restart. A year ago we were looking at cash costs in excess of $30 per silver ounce and now we are excited to begin the ramp-up process to achieve costs and margins based on production at $12 to $15 per silver ounce. Once ramped up, our restart plans show incremental cash for the company of about $5 to $8M per year at today's prices as compared to holding the property for the future." Shares of Golden Minerals are higher by 22.4% in afternoon trading.
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