Golden Minerals Closes $3.0M Sale of Celaya Property
GOLDEN, Colo., Sept. 04, 2018 (GLOBE NEWSWIRE) -- Golden Minerals Company (“Golden Minerals”, “Golden” or “the Company”) (NYSE American and TSX: AUMN) is pleased to announce it has sold, through its wholly owned Mexican subsidiary, its remaining interest in the Company’s Celaya exploration property to a Mexican subsidiary of The Electrum Group LLC (“Electrum”).
Golden Minerals will receive a payment of US$3.0 million in exchange for selling 100% of its remaining mining concessions and related interests in the Celaya silver and gold project located in Guanajuato, Mexico to Electrum. The funds will be used to further exploration activities at the Company’s El Quevar silver project in Argentina as well as other exploration projects in Mexico.
“The addition of $3.0 million cash to our treasury will position us to continue our exploration programs in Mexico and Argentina without the need for additional financing,” commented Golden’s President and Chief Executive Officer Warren M. Rehn.
About Golden Minerals
Golden Minerals is a Delaware corporation based in Golden, Colorado. The Company is primarily focused on advancing its El Quevar property in Argentina and in acquiring and advancing mining properties in Mexico with emphasis on areas near its Velardeña processing plants.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, and applicable Canadian securities legislation, including statements relating to the Company’s expectations regarding the use of funds from the sale of the Celaya property and the Company’s expectations regarding its advancement of its El Quevar property in Argentina and other exploration opportunities in Mexico. Golden Minerals assumes no obligation to update this information. Additional risks relating to Golden Minerals may be found in the periodic and current reports filed with the SEC by Golden Minerals, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.