Golden Minerals Company Appoints Andrew Sharp as General Manager for Velardena Properties
Nov 12 14
Golden Minerals Company announced the appointment of Andrew Sharp as General Manager for the company's Velardena Properties located in northeastern Durango State, Mexico. Mr. Sharp brings over 25 years of global mining exploration, mine planning, mine operations and general mine management experience to the role, most recently serving as Vice President of Technical Services for Silver Standard Resources. In this role Mr. Sharp led an eight-month turnaround of operations at Silver Standard's Pirquitas Mine in northern Argentina, achieving a 24% reduction in costs while maintaining historically high metals production. Previously, Mr. Sharp served as General Manager of Great Panther Silver's Minera Villa Seca S.A. de C.V. subsidiary where he was responsible for the 700-employee Guanajuato underground mine in Mexico as well as its plant, administration and safety. Earlier, Mr. Sharp served as Manager of Technical Services for Projects and as Manager of Mine Planning in Mexico for Pan American Silver.
Golden Minerals Company Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014
Nov 6 14
Golden Minerals Company reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported revenue of $0 compared to $500,000 a year ago. Loss from operations was $4,609,000 compared to $6,374,000 a year ago. Loss from operations before income taxes was $3,612,000 compared to $6,315,000 a year ago. Net loss was $3,612,000 or $0.08 basic per share compared to $6,211,000 or $0.14 basic per share a year ago. The net loss difference is primarily attributable to a net gain of $0.7 million in the third quarter 2014 on various non-strategic property and equipment sales; $0.7 million higher interest and other income; $0.4 million lower administrative and stock-based compensation expenses; $0.3 million lower Velardena-related expenses; and $0.3 million lower depreciation and amortization-related expenses.
For the nine months, the company reported revenue of $0 compared to $10,797,000 a year ago. Loss from operations was $16,184,000 compared to $277,847,000 a year ago. Loss from operations before income taxes was $14,313,000 compared to $277,875,000 a year ago. Net loss was $14,313,000 or $0.33 basic per share compared to $230,276,000 or $5.38 basic per share a year ago. Additional uses of cash included exploration expenditures $3.2 million.
Golden Minerals Company Releases High Grade Drill Results from Santa Maria
Nov 4 14
Golden Minerals Company has released results of high-grade gold and silver intercepts from four holes of a drilling program conducted at its Santa Maria property located in Santa Barbara, Chihuahua State, Mexico. Golden Minerals has completed an initial 2,300-meter, 11-hole drilling program at its recently-optioned Santa Maria gold and silver property located near the Parral district in Chihuahua State, Mexico. To date the company has received assays for seven holes, with results for an additional four holes expected before the end of the year. Highlights include hole SM14-08 that returned an intercept of 568 grams per tonne silver and 2.7 grams per tonne gold over 4.42 meters, hole SM14-04 with an intercept of 222 grams per tonne silver and 2.5 grams per tonne gold over 4.95 meters, and hole SM14-06 which returned intercepts of 411 grams per tonne silver and 2.3 grams per tonne gold over 3.02 meters. The drilling program commenced in September 2014 with the goal of further testing the depth extension of the main vein system at Santa Maria. The Company may implement a second phase of drilling, depending on final assay results. Historic mining on the Santa Maria vein included construction of two vertical shafts and mining of oxide ores to a depth of 100 meters below surface along portions of the 500 meters of exposed vein strike. More recent mining included a three meter by three meter decline to access the bottom 60 meters of the previously worked vein system along 300 meters of strike. There are two known veins on the property which strike east to west and dip north at about 75 degrees. All past work was completed on the southern and wider of the two parallel veins. The veins are epithermal gold-silver-lead-zinc quartz veins which cut Cretaceous calcareous sediments.