On June 24, 2011, ECU Silver Mining Inc. (TSX: ECU) (“ECU”) and Golden Minerals Company (“Golden”) announced that they had entered into an agreement to effect a “merger of equals” transaction structured as a plan of arrangement pursuant to the Quebec Business Corporations Act (the “Plan of Arrangement”). ECU is pleased to report that the Quebec Superior Court (the “Court”) has issued an interim order authorizing ECU to, among other things, call a special meeting of its securityholders (the “Special Meeting”) to obtain their approval of the Plan of Arrangement.

ECU expects to hold the Special Meeting in late August or early September, 2011 in Montreal, Quebec. The record date for determining the ECU securityholders entitled to receive notice of and vote at the Special Meeting has been set as July 26, 2011. The notice of meeting, management information circular, forms of proxy and letters of transmittal with respect to the Special Meeting are expected to be mailed to ECU securityholders in early August, 2011. ECU’s board of directors has unanimously recommended that ECU securityholders vote in favour of the Plan of Arrangement. The hearing for the final order of the Court approving the Plan of Arrangement is expected to be held in late August or early September, 2011, with the closing of the Plan of Arrangement expected to occur in early September, 2011.

Cautionary Statement on Forward-Looking Information

This press release contains forward-looking statements within the meaning of applicable Canadian securities laws, including, but not limited to, forward looking statements in respect of the Plan of Arrangement. There are risks inherent in the nature of the proposed transaction, including risks regarding the integration of the two entities, incorrect assessments of the values of the other entity, and failure to obtain the required security holder, court, regulatory and other third party approvals.

This press release also contains forward-looking statements and information concerning the anticipated timing and completion of the Plan of Arrangement. ECU has provided these anticipated times in reliance on certain assumptions that they believe are reasonable at this time, including assumptions as to the time required to prepare meeting materials for mailing, the timing of receipt of the necessary regulatory and court approvals, and the satisfaction of and time necessary to satisfy the conditions to the closing of the Plan of Arrangement. These dates may change for a number of reasons, including unforeseen delays in preparing meeting materials, inability to secure necessary regulatory or court or other approvals in a timely manner or the need for additional time to satisfy the conditions to the completion of the Plan of Arrangement. In addition, the Plan of Arrangement is subject to a number of conditions which are typical for transactions of this nature. Failure to satisfy any of these conditions may result in the termination of the agreement to combine ECU and Golden and the Plan of Arrangement not being completed. Readers are cautioned that the foregoing list of factors is not exhaustive. Forward-looking statements are typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate” and similar expressions, or are those which, by their nature, refer to future events. Although ECU believes that such statements are reasonable, they can give no assurance that such expectations will prove to be correct.

Additional information on these and other factors that could affect ECU’s, or the combined company’s, operations or financial results are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) or ECU’s website (www.ecu.ca).

The forward-looking statements and information contained in this press release are made as of the date hereof. ECU undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless expressly required by applicable securities laws.

About ECU:

ECU Silver Mining Inc. is focused on the exploration, development and mining of silver, gold and base metals at its Velardena District Properties in Durango, Mexico, where it holds an NI 43-101 compliant mineral resource of 40 million silver equivalent ounces in the Measured and Indicated category and 391 million silver equivalent ounces in the Inferred category. ECU also owns and operates two mills with a combined capacity of 820 tonnes per day.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this press release.