Golden Minerals Company (TSX: T.AUM, Stock Forum), after Friday’s close, said first-quarter 2012 production from its Velardena Operations in Mexico was better than the preliminary results previously reported. Payable production for the quarter totaled approximately 1,700 ounces of gold and 110,000 ounces of silver, exceeding guidance by approximately 30% for gold and 22% for silver.
For the full year 2012, the emerging junior silver producer forecasts payable silver production of approximately 590,000 ounces, as compared to previous guidance of 740,000 ounces. Payable gold production is now expected to be approximately 9,400 ounces, as compared to previous guidance of 9,000 ounces.
Golden Minerals attributed the silver production decrease to customs delays in Argentina that has resulted in a six-month delay in the planned arrival of underground mobile mining and ancillary equipment from its El Quevar project in that country.