Golden Minerals Ord Shs T.AUMN

Alternate Symbol(s): AUMN

Metals & Mining Industrial Metals & Minerals

Golden Minerals Company is a precious metals mining exploration company. The Company is primarily focused on advancing its Yoquivo property in Mexico and, through partner-funded exploration, advancing its El Quevar silver property in Argentina. It is also focused on acquiring and advancing selected mining properties in Mexico, Nevada and Argentina. The Yoquivo Project is located 210 km west-southwest of the city of Chihuahua, in Ocampo Municipality, Chihuahua State. The Yoquivo Project consists of approximately seven mining concessions with an area totaling about 1,975 hectares (Ha). The El Quevar silver exploration project is located in the San Antonio de los Cobres municipality, Salta Province, in the altiplano region of northwestern Argentina. The El Quevar project is comprised of approximately 31 mining concessions that it holds directly or indirectly through its wholly owned subsidiaries. In total, the El Quevar project encompasses approximately 57,000 Ha.

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Post by nozzpackon Jul 17, 2020 9:41am

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Post# 31280465

NEWS..LOI to Sell Santa Maria Project for $4 m US/Shares /NS

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Golden Minerals Signs LOI with Fabled Copper To Sell Santa Maria Silver-Gold Project

17 Jul 202007:50 ET

07:50 AM EDT, 07/17/2020 (MT Newswires) -- Golden Minerals (AUMN) has signed a letter of intent with Fabled Copper for a transaction that, if executed, would grant Fabled the option to acquire a 100% interest in Golden Minerals' Santa Maria silver-gold project located in Chihuahua State, Mexico.

If executed, the transaction would see Fabled Copper pay $0.5 million in cash to Golden Minerals upon closing and Fabled Copper would issue 1.0 million Fabled Copper shares of common stock to Golden Minerals. It would also result in Fabled paying $1.5 million in cash to Golden Minerals one year after closing of the transaction and paying $2.0 million in cash to Golden Minerals two years after closing of the transaction.

Upon exercise of the option, Fabled Copper would grant to Golden a 1% net smelter return royalty on the Santa Maria and Punto Com concessions, according to Golden Minerals' statement.

In October 2019, Golden Minerals entered into a similar option agreement with Magellan Gold that gave Magellan a 150-day period in which to complete due diligence and secure funding for its purchase of the Santa Maria project. That agreement expired prior to execution.

Friday's agreement provides a 10-calendar day period during which Fabled Copper will conduct its due diligence.