Golden Minerals Company ("Golden Minerals" or the "Company") (NYSE Amex: AUMN) (TSX: AUM) announces results for the second quarter 2011.
Second Quarter 2011 Results
For the second quarter 2011, Golden Minerals recorded a net loss of $18.6 million, which included $9.1 million of expense related to the El Quevar project, $4.3 million of exploration expense and $3.9 million of administrative expense.
At June 30, 2011, Golden Minerals' aggregate cash and short-term investments totaled $86.2 million, which included $85.0 million of cash and cash equivalents and $1.2 million in short term investments.
As previously disclosed, during January 2010 the Company acquired Hochschild Mining Group's 35% interest in Minera El Quevar S.A. in exchange for 400,000 shares of its common stock and a Common Stock Purchase Warrant (the "Warrant") to acquire 300,000 shares of its common stock exercisable for three years at an exercise price of $15.00 per share. On April 13, 2011, Hochschild exercised the Warrant on a cashless exercise basis as permitted by the terms of the Warrant, which resulted in the issuance to Hochschild of 104,889 net shares of the Company's common stock on April 15, 2011. Following the exercise of the Common Stock Purchase Warrant, the Company has no warrants outstanding.
Merger with ECU Silver Mining Inc.
