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Golden Minerals Reports 2011 Year-End Results
Published : March 08, 2012
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Keywords :   Argentina | Debt | G Mexico | Gold | Growth | Lead | Mexico | Peru | Silver | Volatility | Zinc |

GOLDEN, CO--(Marketwire - March 8, 2012) - Golden Minerals Company ("Golden Minerals" or the "Company") (NYSE Amex: AUMN) (TSX: AUM) announces 2011 year-end results.

For the period January 1, 2011 through December 31, 2011, Golden Minerals recorded revenue of $1.8 million from the sale of metals and a net loss from operations of $62.7 million. The portion of the net loss related to the Company's mining operations totaled $6.1 million for the cost of metals sold, which included $3.8 million of write-downs of metals inventory to net realizable value. The remainder of the net loss included $27.3 million of expense associated with advancement of the El Quevar project, $17.8 million of exploration expense, $8.7 million of corporate general and administrative expenses and $7.2 million of costs associated with the ECU transaction, consisting primarily of professional fees and severance related costs for several ECU executives. Other income of $11.6 million related primarily to net proceeds received from the settlement of an arbitration claim.

The Company's cash and cash equivalents balance totaled $48.6 million at December 31, 2011. The decrease in cash and short-term investments in 2011 resulted primarily from the $67.1 million in expenses described above, $15.7 million advanced to ECU for operating costs prior to the business combination and $20.9 million following the ECU transaction to retire ECU's debt obligations. These expenditures were partially offset by the Company's receipt of approximately $30.6 million net proceeds from the private placement of common stock to The Sentient Group and the $11.6 million in settlement proceeds referenced in the preceding paragraph. If the Company achieves production in 2012 as projected in its recent guidance, and assuming that silver, gold, zinc and lead prices continue at current levels, the Company expects to have sufficient cash to advance its long term business strategy in 2012, including investing approximately $24 million in capital and development costs for the phased expansion at the Velardeña operations. 

The Company has previously announced its strategic focus on increasing production from Velardeña with the objective of becoming self funding for future growth. As part of that strategy, the Company plans to rationalize its large portfolio of exploration properties in Mexico, Peru and Argentina with the objective of monetizing those properties where appropriate and reducing expenditures at other properties.

About Golden Minerals

Golden Minerals is a Delaware corporation based in Golden, Colorado, primarily engaged in the ramp-up and expansion of existing production at the Velardeña and Chicago Mines in Mexico and advancement of the evaluation stage El Quevar project in Argentina.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, and applicable Canadian securities laws, including statements regarding the planned repayment of the ECU term loan in November; forecasts of production from the Velardeña and Chicago mines and the effects of development work, mining and process improvements, operational changes, processing facility and the planned sulfide plant thereon; anticipated improvements in ore head grades, metal recoveries, and concentrate production and quality; anticipated progress and rates of progress on the San Mateo ramp and its effectiveness in providing haulage access to undeveloped ore; timing anticipated arrival at the Velardeña Operation and use of modern mining equipment; planned construction of a new sulfide plant and the timing thereof; anticipated updates of resource estimates for the Velardeña properties and El Quevar and the timing thereof; anticipated amenability of the El Quevar deposit to open pit and underground bulk mining; and planned drilling programs at El Quevar, Panuco, Adriana, Cochabamba and Atlas; and interpretation of the results of drilling programs and other geological information. These statements are subject to risks and uncertainties, including potential delays in repaying the ECU term loan including delays in negotiating documentation related to the release of mortgages and pledges securing the loan or complying with required formalities; unexpected events at the Velardeña Operation, the El Quevar project or the exploration properties; variations in ore grade and relative amounts, grades and metallurgical characteristics of oxide and sulfide ores; delays or failure in receiving required board or government approvals or permits; technical, permitting, mining, metallurgical or processing issues; failure to achieve anticipated increases in production and improvements in head grades, recoveries and concentrate production and quality at the Velardeña Operation; timing and availability of external funding on acceptable terms to construct the planned sulfide plant, advance the development of El Quevar and other exploration efforts; unfavorable interpretations of geologic information; unfavorable results of new resource estimates; loss of and inability to adequately replace skilled mining and management personnel; possible disputes with customers or joint venture partners; unanticipated difficulties or delays in completing the San Mateo ramp and failure of the ramp or the undeveloped ore accessed by the ramp to meet expectations; delays in the arrival of or loss of equipment being procured for the Velardeña operation; development of unfavorable information or conclusions regarding the economic or technical aspects of the planned sulfide plant for the Velardeña Operation, the amenability of the El Quevar deposit to bulk mining, or interpretations of geologic information; problems with drill rigs or availability thereof; volatility or other changes in the U.S. and Canadian securities markets; availability and cost of materials, supplies and electrical power required for mining operations and exploration; fluctuations in silver, gold, zinc and lead prices, costs and general economic conditions; changes in political conditions, tax, environmental and other laws, diminution of physical safety of employees in Mexico, and other conditions in the countries in which the Company operates. Additional risks relating to Golden Minerals Company may be found in the periodic and current reports filed with the Securities Exchange Commission by Golden Minerals Company, including the Annual Report on Form 10-K for the year ended December 31, 2010.

GOLDEN MINERALS COMPANY
CONSOLIDATED BALANCE SHEETS
(Expressed in United States dollars)
(Unaudited) 
             
    December 31,     December 31,  
    2011     2010  
    (in thousands, except share data)  
Assets                
Current assets                
  Cash and cash equivalents   $ 48,649     $ 120,990  
  Investments     -       601  
  Inventories     5,312       -  
  Value added tax receivable     1,317       -  
  Prepaid expenses and other assets     3,119       1,695  
    Total current assets     58,397       123,286  
                     
Property, plant and equipment, net     284,199       10,139  
Goodwill     70,155       -  
Assets held for sale     -       1,795  
Prepaid expenses and other assets     264       398  
    Total assets   $ 413,015     $ 135,618  
                 
Liabilities and Equity                
                 
Current liabilities                
  Accounts payable and other accrued liabilities   $ 8,070     $ 2,931  
  Other current liabilities     7,505       67  
    Total current liabilities     15,575       2,998  
Asset retirement and reclamation liabilities     3,781       220  
Deferred tax liability     55,603       202  
Other long term liabilities     288       380  
    Total liabilities     75,247       3,800  
                 
Commitments and contingencies                
                 
Equity                
  Common stock, $.01 par value, 100,000,000 shares authorized; 35,690,035 and 15,124,567 shares issued and outstanding, respectively     355       152  
  Additional paid in capital     453,756       185,051  
  Accumulated deficit     (116,221 )     (53,550 )
  Accumulated other comprehensive income (loss)     (122 )     165  
    Shareholders' equity     337,768       131,818  
    Total liabilities and equity   $ 413,015     $ 135,618  
                     
                     
                     
GOLDEN MINERALS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Expressed in United States dollars) (Unaudited)
 
                The Period     The Period  
    The Year     The Year     March 25, 2009     January 1, 2009  
    Ended     Ended     Through     Through  
    December 31, 2011     December 31, 2010     December 31, 2009     March 24, 2009  
    (Successor)     (Predecessor)  
    (in thousands except per share data)  
Revenue:                                
  Sale of metals   $ 1,836     $ -     $ -     $ -  
  Management service fees     -       11,216       11,067       1,350  
Costs and expenses:                                
  Cost of metals sold (exclusive of depreciation shown below)     (6,086 )     -       -       -  
  Costs of services     -       (2,566 )     (3,751 )     -  
  Exploration expense     (17,774 )     (13,353 )     (12,617 )     (3,482 )
  El Quevar project expense     (27,342 )     (15,755 )     -       -  
  Velardeña project expense     (587 )     -       -       -  
  Administrative expense     (8,729 )     (8,600 )     (8,430 )     (4,779 )
  Severance and acquisition related costs     (7,171 )     -       -       -  
  Stock based compensation     (5,541 )     (3,281 )     (1,666 )     (2,717 )
  Reclamation expense     (231 )     -       -       -  
  (Impairment) reversal of impairment of long live assets     -       873       (1,687 )     -  
  Other operating income, net     660       311       1,043       -  
  Depreciation, depletion and amortization     (2,792 )     (1,095 )     (626 )     (102 )
    Total costs and expenses     (75,593 )     (43,466 )     (27,734 )     (11,080 )
  Loss from operations     (73,757 )     (32,250 )     (16,667 )     (9,730 )
Other income and expenses:                                
  Interest and other income     11,615       178       260       1,010  
  Royalty income     396       314       399       88  
  Interest and other expense     (1,254 )     -       -       (345 )
  Loss on foreign currency     (1,326 )     (89 )     (69 )     (13 )
  Gain (loss) on extinguishment of debt     (474 )     -       -       248,165  
  Loss on auction rate securities     -       -       (2,199 )     (828 )
  Reorganization costs, net     -       -       (1,032 )     (3,683 )
  Fresh start accounting adjustments     -       -       -       9,122  
    Other total income and expenses     8,957       403       (2,641 )     253,516  
  Income (loss) from continuing operations before income taxes     (64,800 )     (31,847 )     (19,308 )     243,786  
  Income taxes     2,129       (1,427 )     (968 )     (165 )
  Net income (loss) from continuing operations     (62,671 )     (33,274 )     (20,276 )     243,621  
Loss from discontinued operations     -       -       -       (4,153 )
  Net income (loss)   $ (62,671 )   $ (33,274 )   $ (20,276 )   $ 239,468  
    Net (income) loss attributable to noncontrolling interest   $ -     $ -     $ -     $ (7,869 )
    Net income (loss) attributable to the Successor/Predecessor stockholders   $ (62,671 )   $ (33,274 )   $ (20,276 )   $ 231,599  
Other comprehensive gain (loss):                                
  Unrealized gain (loss) on securities   $ (287 )   $ 11     $ 154     $ 940  
                                   
  Comprehensive income (loss) attributable to Successor/Predecessor stockholders   $ (62,958 )   $ (33,263 )   $ (20,122 )   $ 232,539  
Net income (loss) per Common/Ordinary Share - basic                                
  Income (loss) from continuing operations attributable to the Successor/Predecessor stockholders   $ (2.94 )   $ (3.72 )   $ (6.78 )   $ 4.13  
  Income (loss) from discontinued operations attributable to the Successor/Predecessor stockholders     -       -       -       (0.20 )
  Income (loss) attributable to the Successor/Predecessor stockholders   $ (2.94 )   $ (3.72 )   $ (6.78 )   $ 3.93  
Net income (loss) per Common/Ordinary Share - diluted                                
  Loss from continuing operations attributable to the Successor/Predecessor stockholders   $ (2.94 )   $ (3.72 )   $ (6.78 )   $ (0.06 )
  Loss from discontinued operations attributable to the Successor/Predecessor stockholders     -       -       -       (0.17 )
  Loss attributable to the Successor/Predecessor stockholders   $ (2.94 )   $ (3.72 )   $ (6.78 )   $ (0.23 )
Weighted average Common Stock/Ordinary Shares outstanding - basic     21,280,916       8,947,739       2,989,562       59,000,832  
Weighted average Common Stock/Ordinary Shares outstanding - diluted     21,280,916       8,947,739       2,989,562       69,171,400  

For additional information please visit http://www.goldenminerals.com/ or contact:



Data and Statistics for these countries : Argentina | Mexico | Peru | All
Gold and Silver Prices for these countries : Argentina | Mexico | Peru | All

VanEck Vectors Global Alternative Energy ETF

PRODUCER
CODE : AUM.TO
ISIN : US3811191069
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Golden Minerals is a gold and silver development stage company based in United states of america.

Golden Minerals produces gold, silver, copper, lead and zinc in Mexico, develops silver in Argentina, and holds various exploration projects in Mexico.

Its main assets in production are SAN JUANES, SAN MATEO, SANTA JUANA and VELARDENA DISTRICT in Mexico, its main asset in development is EL QUEVAR in Argentina and its main exploration properties are SAN MIGUEL, SAN PEDRO, ZACATECAS, MATEHUAPIL, LA PINTA, SAN DIEGO, NAZAS and TERNERAS in Mexico, ELISA DE BORDOS in Chile and COCHABAMBA, JEHUAMARCA, CHAVIN and PALCA in Peru.

Golden Minerals is listed in Canada, in Germany and in United States of America. Its market capitalisation is 42.7 millions as of today (US$ 32.8 millions, € 30.4 millions).

Its stock quote reached its highest recent level on March 05, 2010 at 9.99, and its lowest recent point on January 22, 2016 at 0.19.

Golden Minerals has 47 442 200 shares outstanding.

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11/6/2013Announces Third Quarter 2013 Results
8/8/2013Announces Second Quarter 2013 Results
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5/9/2012Reports First Quarter 2012 Results
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5/4/2011Reports First Quarter 2011
2/17/2011Reports 2010 Year-End Results
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6/30/2016Why Investors Have This Industrial Metals & Minerals' Stocks...
6/13/2016Sentient Group Converts Remaining Debt To Golden Minerals Sh...
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4/29/2016Golden Minerals Reports First Quarter 2016 Results
4/11/2016Golden Minerals Issues No Corporate Development Statement
12/18/2015Golden Minerals Provides Financial And Meeting Updates
8/9/201510-Q for Golden Minerals Co.
8/6/2015Golden Minerals Reports Second Quarter 2015 Financial Result...
7/31/2015Golden Minerals Announces CEO Retirement
7/15/2015Golden Minerals Reports Second Quarter 2015 Velardena Perfor...
7/15/2015Golden Minerals Leases Oxide Plant To Hecla
7/7/2015Golden Minerals Discovers New Silver And Gold Mineralization...
4/20/2015Golden Minerals Announces Mineral Resource Estimates For San...
4/20/2015Announces Mineral Resource Estimates For Santa Maria And Los...
4/17/2015Golden Minerals Provides Information Regarding Its Upcoming ...
4/14/2015Golden Minerals Reports Velardena Performance In Line With G...
4/14/2015Reports Velardena Performance In Line With Guidance
2/28/2015Golden Minerals Reports 2014 Year-End Results
2/27/2015Golden Minerals Reports 2014 Year-End Results
12/23/2014Provides Update For Velardena Mine Restart
7/14/2014' Mining Underway; Additional Vein Added To Plan
2/27/2014Reports High-Grade Gold Drill Intersections
11/1/2013Initiates Succession Planning
4/11/2013Announces Record First Quarter 2013 Production Of Silver
2/13/2013Announces 2013 Operating Plan
11/8/2012Announces Third Quarter Results and $2.0 Million in Expl...
9/27/2012To Present At The John Tumazos Very Independent Research, LL...
5/31/2012Announces Sale of Platosa Royalty for $2.4 Million and Engag...
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4/10/2012(El Quevar)Announces Significant Increase to Indicated Silver Resources...
3/28/2012Tag and Golden Minerals Amend San Diego Joint Venture Terms
2/7/2012Appoints Vice President of Exploration
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6/24/2011Company and ECU Silver Mining Inc. Announce Merger of Equals...
6/2/2008the Sale of the Rights to Deferred Payments to Sumitomo for ...
2/29/2008Reports 2007 Year-End Results
2/25/2008Provides Operations Update
10/4/2005Follow up N° 16
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TORONTO (AUM.TO)NYSE (AUMN)
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24hGold TrendPower© : -21
Produces Copper - Gold - Lead - Silver - Zinc
Develops Silver
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