Golden Minerals Company announced that it has received promising results from metallurgical test work conducted on pyrite-arsenopyrite flotation concentrates from its Velardeña Properties located in Durango, Mexico. Gold and silver recoveries of 91% and 92%, respectively, were obtained from cyanide leaching of the bio-oxidized concentrate samples. BIOX achieved 93% oxidation on the concentrate sample in batch tests, which the Company believes should translate to a 5 to 6-day retention time in a commercial bio-oxidation plant. Metallurgical Test Work: A pyrite-arsenopyrite flotation concentrate sample was prepared from vein material that is representative of the primary veins exposed in the current deepest accessible stopes in the San Mateo and Santa Juana mines of Golden's Velardeña Properties. The concentrate sample was processed at Outotec's laboratory in South Africa using their patented BIOX process to oxidize the sample. After oxidation, the sample was leached using a cyanide solution. The results indicate that the Velardeña flotation concentrate tested is suitable for treatment using the BIOX process and subsequent cyanide leaching, yielding recoveries for gold and silver of 91% and 92%, respectively.