Golden Minerals

Apex Silver Mines

Since its start in 1993, Apex Silver Mines Ltd. had become an exploration and development company and producer of silver, zinc and lead. Apex's largest asset was the San Cristóbal open-pit silver, lead and zinc mine located in Potosí Department, Bolivia. In September 2006, Sumitomo Corporation of Japan acquired a 35% share of the facility.

On January 12, 2009, Apex Silver and its wholly owned subsidiary, ASMC, filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code with the Bankruptcy Court. The Plan was approved by the Bankruptcy Court on March 4, 2009.

Reemergence as Golden Minerals

Golden Minerals emerged from Apex Chapter 11 on March 24, 2009. Under the Plan, all of the assets of Apex Silver, other than a small cash reserve for the payment of liquidation expenses, were transferred to Golden Minerals Company, a Delaware corporation that is Apex Silver's successor. Apex Silver was being liquidated in accordance with Cayman Islands law. Golden Minerals resides in Golden, Colorado. Golden Minerals owns and controls a large number of exploration properties located primarily in the high potential mining districts in Latin America, including the feasibility stage El Quevar Project in northern Argentina.In connection with Apex' emergence from bankruptcy as a newly formed Delaware corporation named Golden Minerals Company, Apex sold their remaining 65% interest in the San Cristóbal mine to Sumitomo. Golden Minerals continued to operate the San Cristóbal Mine on behalf of Sumitomo until June 30, 2010, for which it received $11.4 million in revenues, including reimbursement of $5.4 million in administrative costs. This was Golden Minerals primary source of revenue during this period.