ECU Silver Mining Inc. (TSE:ECU)

[basserdan]

ECU Silver Announces That Leading Corporate Governance Analysis and Proxy Voting Firms Recommend That Securityholders Vote FOR the Merger With Golden Minerals Company

Wednesday August 17, 2011, 12:01 pm

TORONTO, ONTARIO--(Marketwire - Aug. 17, 2011) - ECU Silver Mining Inc. ("ECU") (TSX:ECU; OTC:ECUXF - News) is pleased to announce that Institutional Shareholder Services ("ISS") and Glass Lewis & Co., LLC ("GL") have recommended that Securityholders of ECU vote FOR the plan of arrangement (the "Arrangement"), which would result in the business combination of ECU and Golden Minerals Company ("Golden"), at the upcoming Special Meeting of Securityholders to be held on August 30, 2011.

ISS and GL are leading independent international corporate governance analysis and proxy voting firms. Their recommendations assist shareholders to make decisions regarding proxy voting. In their analysis GL said:

"The combination has clear strategic merits, as ECU and Golden have similar geographic footprints and a mutual interest in further development of high-quality silver assets."(i)

ISS noted that:

"The strategic rationale appears reasonable as size, scale and financial strength will be enhanced. The transaction is the culmination of an extensive strategic review in which other alternatives were considered."(i)

Michel Roy, Chairman and Chief Executive Officer of ECU said, "We are pleased that both ISS and GL support the board's view that the combined company will have the advantage of greater scale and financial strength to advance the expansion and development of current mining properties. We believe that Securityholders will benefit from the proven track records of success of the combined management teams and look forward to the enhancement and expansion of the portfolio of assets of the combined company."

Securityholders are reminded to vote their proxy FOR the Arrangement before the proxy deadline of Friday, August 26, 2011 at 5:00 P.M (Eastern Time).

For further information or assistance in connection with the Arrangement, including assistance in voting your securities or to request additional copies of the Meeting Materials, Securityholders should contact Kingsdale Shareholder Services Inc. at 1-877-659-1819 or email to [e-mail].

(i) Permission to quote from the ISS and GL reports was neither sought nor obtained.

About ECU Silver

ECU Silver Mining Inc. is focused on the exploration, development and mining of gold, silver and base metals at its Velardena District Properties in Durango, Mexico. The Company holds a NI 43-101 compliant mineral resource of 40 million silver equivalent ounces in the measured and indicated category and 391 million silver equivalent ounces in the inferred category. The Company also owns two mills with a combined capacity of 820 tonnes per day. ECU's mission is to become a pre-eminent silver and gold producer through the development of its existing and potential mineral resources at Velardena.
Website: http://http://www.ecu.ca/

Contact:

Michel Roy
ECU Silver Mining Inc.
Chairman and CEO
Torreon, Mexico
011 52 871 747 5750

Stephen Altmann
ECU Silver Mining Inc.
President
Toronto, Canada
[phone]

Mark Butler
ECU Silver Mining Inc.
Investor Relations
Toronto, Canada
[phone]

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