ECU Silver Announces That Leading Corporate Governance Analysis and Proxy Voting Firms Recommend That Securityholders Vote FOR the Merger With Golden Minerals Company

TORONTO, ONTARIO -- (Marketwire) -- 08/17/11 -- ECU Silver Mining Inc. ('ECU') (TSX: ECU) is pleased to announce that Institutional Shareholder Services ('ISS') and Glass Lewis & Co., LLC ('GL') have recommended that Securityholders of ECU vote FOR the plan of arrangement (the 'Arrangement'), which would result in the business combination of ECU and Golden Minerals Company ('Golden'), at the upcoming Special Meeting of Securityholders to be held on August 30, 2011.

ISS and GL are leading independent international corporate governance analysis and proxy voting firms. Their recommendations assist shareholders to make decisions regarding proxy voting. In their analysis GL said:

'The combination has clear strategic merits, as ECU and Golden have similar geographic footprints and a mutual interest in further development of high-quality silver assets.'(i)

ISS noted that:

'The strategic rationale appears reasonable as size, scale and financial strength will be enhanced. The transaction is the culmination of an extensive strategic review in which other alternatives were considered.'(i)

Michel Roy, Chairman and Chief Executive Officer of ECU said, 'We are pleased that both ISS and GL support the board's view that the combined company will have the advantage of greater scale and financial strength to advance the expansion and development of current mining properties. We believe that Securityholders will benefit from the proven track records of success of the combined management teams and look forward to the enhancement and expansion of the portfolio of assets of the combined company.'

Securityholders are reminded to vote their proxy FOR the Arrangement before the proxy deadline of Friday, August 26, 2011 at 5:00 P.M (Eastern Time).

For further information or assistance in connection with the Arrangement, including assistance in voting your securities or to request additional copies of the Meeting Materials, Securityholders should contact Kingsdale Shareholder Services Inc. at 1-877-659-1819 or email to contactus@kingsdaleshareholder.com.

(i) Permission to quote from the ISS and GL reports was neither sought nor obtained.

About ECU Silver

ECU Silver Mining Inc. is focused on the exploration, development and mining of gold, silver and base metals at its Velardena District Properties in Durango, Mexico. The Company holds a NI 43-101 compliant mineral resource of 40 million silver equivalent ounces in the measured and indicated category and 391 million silver equivalent ounces in the inferred category. The Company also owns two mills with a combined capacity of 820 tonnes per day. ECU's mission is to become a pre-eminent silver and gold producer through the development of its existing and potential mineral resources at Velardena.

Cautionary Statements

Readers are cautioned that there are no assurances that all or any part of ECU Silver's mineral resource will be economically viable. Until a prefeasibility study is completed, there are no assurances the release of an updated mineral resource will be economically viable.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including potential property acquisitions, the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/reserves, geological interpretations, proposed production rates, potential mineral recovery processes and rates, the proposed construction of a mill, business and financing plans, business trends and future operating revenues. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, significant downward variations in the market price of any minerals produced, the Company's inability to obtain any necessary permits, consents or authorizations required for their activities, to produce minerals from their properties successfully or profitably, to continue their projected growth, to raise the necessary capital or to be fully able to implement their business strategies. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this Press Release.

Contacts:

Michel Roy

Chairman and CEO

Torreon, Mexico

011 52 871 747 5750


Stephen Altmann

President

Toronto, Canada

(416) 366-2428


Mark Butler

Investor Relations

Toronto, Canada

(905) 602-4248