Location

GOLDEN, Colo., Feb. 27, 2014
/PRNewswire/ — Golden
Minerals Company
(NYSE MKT: AUMN; TSX: AUM) (“Golden
Minerals
” or “the Company”) has recently received assay
results from eight drill holes totaling 1,490 meters from drilling at its Los
Azules exploration project located in southern Chihuahua,
Mexico
.

(Photo: http://photos.prnewswire.com/prnh/20140227/LA74083)

(Logo: http://photos.prnewswire.com/prnh/20120803/LA52082LOGO)

Significant results include 2.0 meters assaying
8.2 g/t (grams per tonne) gold, 1.0 meters assaying 35.2 g/t gold, 0.9 meters
assaying 11.1 g/t gold and 0.5 meters assaying 10.5 g/t gold.

A table of selected results follows.  All
drill results are available on the Golden
Minerals
website at
www.goldenminerals.com.






































































































Hole No.



From
(meters)



To
(meters)



Drill
Width (meters)



True
Width (meters)



Au 
(g/t)



Ag 
(g/t)



Pb 
(%)



Zn (%)



AZ13-05



125.87



126.40



0.53



0.41



1.40



9



0.13



0.30



AZ13-06



124.82



125.72



0.50



0.43



10.47



28



1.50



2.91



AZ14-07



155.77



157.32



1.55



1.27



1.06



29



1.24



1.20



AZ14-08



141.85



143.83



1.98



1.71



8.20



60



1.42



1.52



AZ14-09



149.95



151.20



1.25



1.13



3.24



34



1.12



2.01



AZ14-10A



159.50



160.38



0.88



0.67



11.10



43



1.19



3.03



AZ14-11



116.25



118.30



2.05



1.78



6.84



42



1.30



1.93



AZ14-12



142.00



143.00



1.00



0.71



35.20



22



0.18



0.92


The Los Azules property is located approximately
20 kilometers west of San
Francisco
de Oro
in southernmost Chihuahua, Mexico
and about 45 kilometers west of Hidalgo del  Parral.  Los Azules
hosts a 2-kilometer, north-south trending and gold-bearing epithermal quartz
vein system cutting Tertiary felsic volcanic rocks and a felsic hypabyssal
stock.  In the nearby San
Francisco
de Oro
district, veins and replacements are hosted in the Cretaceous Parral Formation
clastics and carbonates which underlie the volcanic rocks at the Los Azules
project and are exposed in the northern portion of the claim block. 
Although the Company has not yet intersected the Parral formation, management
expects it to be a favorable host for mineralization at depth.  Historic
mining on the vein system at Los Azules reportedly produced 500,000 tonnes of gold
ore averaging 11 g/t gold (Servicio Geologico Mexicano, p. 411 of Monografia
Geologico-Minero del Estado de Chihuahua).  Historic mining exploited
oxide portions of the vein system above the elevation of our current access
drifts.

Golden
Minerals
holds 233 hectares of concessions in the Los Azules property
through its wholly-owned Mexican subsidiary Minera de Cordilleras, S. De R.L.
de C.V under a purchase option agreement.   The purchase agreement
requires a series of option payments over a four-year period totaling $2.0
million, with $0.1 million required during each of the
first and second years and a 5 percent net smelter return royalty, half of
which may be repurchased for $1.0 million.

In the fourth quarter 2013, Golden
Minerals
began drilling at the Los Azules property as part of a planned
2,000-meter drill program to test down dip targets on the previously mined vein
system.  Drill holes were collared both underground and at surface in this
program.  As part of the drill program, Golden
Minerals
rehabilitated about 650 meters of underground drifts, and the
Company continues these rehabilitation efforts to access the northern portion
of the vein system which depicts better widths and higher silver grades in
surface sampling.  

The initial drill program (costing $0.6
million) has been completed, and based upon results to date, the
Company has authorized an additional $1.1 million for drilling
focused on definition of a target gold and silver resource within the first 250
vertical meters along the strike of the vein beneath the historic mined areas.

Review by Qualified Person and Quality Control

The technical contents of this press release have
been reviewed by Warren M. Rehn, M.Sc., a Qualified Person for
the purposes of Canadian National Instrument 43-101.  Mr. Rehn has over 33
years of mineral exploration experience and is a QP member of the Society
for Mining Metallurgy and Exploration.

To ensure reliable sample results, Golden
Minerals
uses a quality assurance/quality control program that monitors
the chain-of-custody of samples and includes the insertion of blanks,
duplicates and reference standards in each batch of samples.  Core is
photographed and sawn in half with one half retained in a secured facility for
verification purposes.  Sample preparation (crushing and pulverizing) is
performed at an independent ISO 9001:2001 certified laboratory in Chihuahua or Zacatecas,
Mexico.  Prepared samples are direct-shipped to an ISO 9001:2001 certified
laboratory in Canada.

About Golden
Minerals

Golden
Minerals
is a Delaware
corporation based in Golden,
Colorado.  The Company is primarily focused on efforts to create a new
mining and processing plan for its Velardena Properties, the
advancement of its El Quevar advanced exploration property in Argentina,
and the exploration of properties in Argentina
and Mexico.

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 legislation,
including statements regarding the exploration results and programs at the Los
Azules project, including potential exploration activities, anticipated further
drilling activities, and interpretations of drilling or underground
rehabilitation or drilling results of infill drilling.  These statements
are subject to risks and uncertainties, including results of exploration
including potential additional drilling at Los Azules; changes in geological,
geostatistical and other interpretations of the information from drill
programs; unfavorable interpretations of geologic information; availability of
drills; unexpected variations in mineral grade, types and metallurgy;
fluctuations in relevant metal prices; technical and permitting issues;
increases in cost or other problems that might negatively affect the Company in
conducting potential drilling and exploration activities and otherwise
advancing the Los Azules project; and financial market conditions.  Golden
Minerals Company assumes no obligation to update this information.
 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 Company’s Annual Report on Form 10-K for
the year ended December 31, 2012.

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

Golden
Minerals Company
Karen Winkler
(303) 839-5060
Director of Investor Relations

SOURCE Golden
Minerals Company

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