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SOURCE Golden Minerals Company
GOLDEN, Colo., March 1, 2013 /PRNewswire/ -- Golden Minerals Company (NYSE MKT: AUMN; TSX: AUM) ("Golden Minerals" or "the Company") announces 2012 year-end results.
For the period January 1, 2012 through December 31, 2012, Golden Minerals recorded revenue of $26.1 million and costs of metals sold of $33.4 million for a negative gross margin of $7.3 million from the sale of metals at the Velardena Operations in Mexico. For the same period the Company recorded a total net loss of $92.0 million, which includes the negative gross margin at the Velardena Operations and $58.5 million associated with a non-cash goodwill impairment charge, $57.2 million of which was recorded previously in the third quarter. The net loss also includes $7.9 million for project expenses and mine development costs related to the Velardena Operations, $10.0 million of non-cash depreciation and amortization-related expense, $7.1 million of corporate general and administrative expense, $7.0 million of exploration expense and $5.1 million of expense associated with the El Quevar project. These expenses were partially offset by other operating income of $2.5 million related primarily to net gains on the sale of certain fixed assets and non-strategic mineral properties and interest and other income of $2.5 million related primarily to the sale of the Platosa net smelter royalty.
The Company's cash and cash equivalents balance totaled $44.4 million at December 31, 2012 compared to $48.6 million at December 31, 2011. The $4.2 million decrease in cash and cash equivalents during 2012 resulted primarily from the cash operating expenditures described above plus $9.6 million in capitalized property and plant expenditures, incurred primarily at the Velardena Operations, offset by the Company's receipt of approximately $37.0 million related to a public offering and private placement of units comprised of common stock and warrants in September 2012, plus $5.1 million received in net proceeds from asset sales.
About Golden Minerals
Golden Minerals Company is a Delaware corporation based in Golden, Colorado, primarily engaged in silver and gold mining at its Velardena Operations in Mexico and advancement of the evaluation stage El Quevar project in Argentina.
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