Golden Minerals Appoints Construction Manager for Velardena
GOLDEN, CO--(Marketwire -03/14/12)- Golden Minerals Company ("Golden Minerals" or the "Company") (AMEX: AUMN - News) (TSX: AUM.TO - News) is pleased to announce the appointment of Jan Dahlgren as Construction Manager for its wholly-owned subsidiary, Minera William, at the Velardeña Project in northeastern Durango State, Mexico. Mr. Dahlgren brings worldwide experience to the Golden team, having worked during his career for Bechtel, Aker Solutions, Hatch, SNC Lavelin and others. He has held senior construction positions with dozens of large projects including Toromocho, Pierina, Tintaya, Antamina and Yanacocha in Peru as well as Pelambres, El Abra and La Candelaria in Chile. Mr. Dahlgren will report to David Drips, Project Director for Mexico, as the team aggressively expands the Velardeña silver and gold operations.
David Drips said, "Jan is a first class professional and we are delighted that he has joined the Golden team. Jan will ensure that our projects are executed on a timely basis with the utmost cost and productivity efficiency."
24 million USD invested to reach 1300 tonnes per day (through the mill upgrade) and that should be in place pretty quickly probably somewhere in August-September the mill should be there and installed.
And as time goes they will up their mining out put towards the 1300 tonne per day.
Even at 700t/d we will produce quarterly silver of 320,000 ounces and 5100 ounces of gold and about a million lead and zinc. That's quarterly revenue of 20 million USD.
So return on investment in the new mill should be ultra quick.
BTW: I personally think Golden minerals will produce close to 150,000 ounces silver Q1 and about 1700 ounces gold, in the last presentation they ran the mill at 300t/d and it was increasing on a weekly basis.
Very excited, accumulate on these prices, aumn is so undervalued and the AUMN equation (top management, strong balance sheet, share structure, ore grade, implementation strategy) is very much intact.