Golden Minerals Reports Results of NI 43-101 Mineral Resource Estimate for Gold Deposit at Rodeo Property

Golden Minerals Company ("Golden Minerals", "Golden" or "the Company") is pleased to announce the results of a Canadian National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate for the gold deposit at its Rodeo property.

Rodeo is a 1,900-hectare gold project located in Durango State, Mexico approximately 80 kilometers west of the Company's Velardena properties and processing mills. Golden acquired the Rodeo property subject to a royalty interest due to La Cuesta International in the second quarter 2015, prior to which exploration by other companies identified a gold-bearing system exposed at surface. Golden conducted a 2,080-meter core drilling program in 2016.

Shown below are two resource estimates based on two processing scenarios and their respective cutoff grades and open-pit optimization models. Table 1 presents a mill grade resource that may be processed in the Company's existing oxide mill at Velardena. This case provides a potentially shorter time to production and lower capital costs, since the Company owns the production mill located within trucking distance of the Rodeo property. Table 2 presents a heap leach case that could be a standalone operation, depending on leachability and costs of the standalone heap leach operation.

Indicated and inferred mineral resource estimates as of January 25, 2017 for Rodeo are shown in the following tables:

Table 1:  Mineral Resource Estimate Base Case (Mill Processing Pit Constrained)

Notes:

(1) Cutoff grade and Au equivalent calculated using metal prices of $1,220 and $17 per troy ounce of Au and Ag, recoveries of 77% and 90% Au and Ag;

(2) Mineral resources have been pit shell constrained using the Lerch Grossman algorithm with cost inputs per tonne of $7.50 mining, $10 trucking, and $20 processing. A breakeven cutoff including trucking and processing costs per block was applied to a block model within the optimized shell;

(3) Metal prices do not exceed three-year trailing average as of the end of December 2016, per SEC guidance;

(4) Reported indicated mineral resources are equivalent to mineralized material under SEC Industry Guide 7, and

(5) Au equivalent calculated at the ratio 72 Ag : 1 Au.

Table 2:  Mineral Resource Estimate Alternative Case (Heap Leach Processing Pit Constrained)

Notes:

(1) Cutoff grade and Au equivalent calculated using metal prices of $1,220 and $17 per troy ounce of Au and Ag, recoveries of 60% and 70% Au and Ag;

(2) Mineral resources have been pit shell constrained using the Lerch Grossman algorithm with input costs per tonne of $3.40 mining and $3.10 processing. A cutoff including mining and processing costs per block was applied to a block model within the optimized shell;

(3) Metal prices do not exceed three-year trailing average as of the end of December 2016, per SEC guidance;

(4) Reported indicated mineral resources are equivalent to mineralized material under SEC Industry Guide 7, and

(5) Au equivalent calculated at the ratio 72 Ag : 1 Au.

Warren Rehn, President and Chief Executive Officer of Golden Minerals, commented, "The mill grade resource of about 50,000 gold equivalent ounces has the potential to provide us with more than two years of feed for our Velardena oxide plant.  This could be an important replacement to the Company's current cash flow from the mill starting in 2019 after the Hecla lease expires, assuming positive economic results from our ongoing studies of the Rodeo deposit."

Tetra Tech is an independent engineering firm that served as principal author of the mineral resource estimate prepared on behalf of the Company.  Geoff Elson is the independent Qualified Person from Tetra Tech who reviewed and approved this press release.

An NI 43-101-compliant technical report will be filed on SEDAR (www.sedar.com) and made available on the Golden Minerals website within 45 days.