Golden Minerals Reports First Quarter 2011
Date : 05/04/2011 @ 7:00AM
Source : MarketWire
Golden Minerals Company ("Golden Minerals" or the "Company") (NYSE Amex: AUMN) (TSX: AUM) announces results for the first quarter 2011.
First Quarter 2011 Financial Results
For the first quarter 2011, Golden Minerals recorded a net loss of $15.9 million, which included $8.7 million of expense related to the El Quevar project, $3.7 million of exploration expense and $2.2 million of administrative expense.
At March 31, 2011, Golden Minerals' aggregate cash and short-term investments totaled $106.1 million, which included $104.3 million of cash and cash equivalents and $1.8 million in short term investments.
For the remainder of 2011, pursuant to the Company's long term business strategy, Golden Minerals expects to spend approximately $40.0 to $48.0 million at the El Quevar project to fund ongoing exploration drilling, underground drifting, and related technical engineering and project assessment to confirm the mine model and further define the extent of the resource. Golden Minerals expects to spend approximately $12.0 million to fund exploration activities and property holding costs including the drilling of two targets in Argentina, three in Peru and four in Mexico. Additional amounts may be spent during the remainder of 2011 for early and advanced stage drilling programs, depending on the success of the Company's targeted exploration program and generative exploration activities. The Company expects to spend an estimated $5.5 million through the end of 2011 on general and administrative costs, working capital and other corporate purposes.
