1011509--3/29/2010--Golden_Minerals

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{loss, insurance, financial}

{gas, price, oil}

{stock, price, share}

{cost, contract, operation}

{regulation, change, law}

{debt, indebtedness, cash}

{personnel, key, retain}

{operation, international, foreign}

{system, service, information}

{competitive, industry, competition}

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Risks related to our business We expect to incur operating losses at least through 2010 and our profitability in the foreseeable future depends entirely on the success of the El Quevar project, which has not been shown to contain proven or probable reserves. We will need substantial additional financing to advance the El Quevar project and we may not be able to obtain such financing. We depend on the services of key executives. The exploration of mineral properties is highly speculative in nature, involves substantial expenditures and is frequently non-productive. Our long-term cash flow and profitability will be affected by changes in the prices of silver and other metals. Our revenues currently depend primarily on our agreement to manage the San Crist bal mine. We have limited experience managing mining properties for third parties and our mine management business may not be successful. If we are unable to obtain all of our required governmental permits or property rights, our operations could be negatively impacted. Lack of infrastructure could forestall or prevent further exploration and development. Our exploration and mine management activities are in countries with developing economies and are subject to the risks of political and economic instability associated with these countries. Title to our mineral properties may be challenged. We may lose rights to properties if we fail to meet payment requirements or development or production schedules. The management services we provide at the San Crist bal mine could be negatively affected by future actions of the Bolivian government. Even if we are successful in bringing the El Quevar project into production, mining operations are hazardous, raise environmental concerns and raise insurance risks. Our activities are subject to foreign environmental laws and regulations that may materially adversely affect our future operations. We compete against larger and more experienced companies. We may be required to indemnify Sumitomo in certain circumstances under the terms of the San Crist bal Purchase and Sale Agreement, and such payments could have a material adverse effect on our financial condition. Risks related to our common stock We do not anticipate paying a dividend in the foreseeable future. We have a large number of authorized but unissued shares of our common stock which may lead to the dilution of our common stock.

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1011509--3/29/2010--Golden_Minerals_Co