Golden Minerals Announces Closing of Public Offering and Private Placement

GOLDEN, CO -- (Marketwire) -- 10/22/10 -- Golden Minerals Company (NYSE Amex: AUMN) (TSX: AUM) ('Golden Minerals' or 'the Company') announced today it has closed its previously announced public offering of 4,663,250 shares of common stock, including 608,250 shares issued upon full exercise of the underwriters' over-allotment option, at a public offering price of US$18.50 per share. Concurrent with the public offering, the Company closed a private placement with its largest stockholder, The Sentient Group, of an additional 1,190,031 shares of common stock at the public offering price of US$18.50 per share. The private placement was conducted pursuant to Regulation S under the U.S. Securities Act of 1933.

Including the over-allotment shares purchased by the underwriters and the private placement shares purchased by The Sentient Group, an aggregate of 5,853,281 shares were issued under the public offering and private placement at a price of US$18.50 per share, resulting in net proceeds to the Company of approximately US$103.0 million after deducting underwriting discounts, placement agent fees and estimated offering expenses. The Company expects to use the net proceeds primarily to fund continued exploration and development of the El Quevar project, including exploration drilling, underground drifting, and related technical engineering and project assessment, in connection with the completion of a feasibility study.

Canaccord Genuity Corp. served as the sole book-running manager and Dundee Securities Corporation, Haywood Securities Inc., Rodman & Renshaw, LLC, Roth Capital Partners and Scarsdale Equities LLC were co-managers for the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities referred to above. A copy of the final prospectus supplement and the accompanying base shelf prospectus relating to the offering in the Unites States is available on EDGAR at www.sec.gov and a copy of the final short form prospectus relating to the offering in Canada is available on SEDAR at www.sedar.com. Copies of the final prospectus supplement may be obtained in the United States by contacting Canaccord Genuity Inc. at 525 Madison Av., 2nd Floor, New York, NY, USA 10022, (212) 849 3973, and copies of the final short form prospectus may be obtained in Canada by contacting Canaccord Genuity Corp. at 161 Bay St., Suite 3000, Toronto ON, Canada M5J 2S1, (416) 869 7368.

About Golden Minerals

Golden Minerals is a Delaware corporation based in Golden, Colorado, primarily engaged in the advancement of its pipeline of exploration projects in Mexico and South America. The Company has a portfolio of approximately 30 exploration projects, including the El Quevar project in the Salta Province of northwestern Argentina and advanced stage drilling projects in Mexico and Peru.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws, including statements regarding the anticipated use of proceeds, which express management's expectations or estimates of future developments, circumstances or results. These statements are subject to risks and uncertainties, including the possibility of modification in the use of proceeds due to lack of favourable exploration results or pursuit of other exploration or other opportunities, and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied. 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 and Canadian securities regulatory authorities by Golden Minerals, including the Company's Annual Report on Form 10-K for the year ended December 31, 2009.

For additional information please contact:

Golden Minerals Company

Jerry W. Danni

(303) 764 9160

Executive Vice President