Exhibit 10.1

SUPPLEMENTAL WARRANT INDENTURE

THIS SUPPLEMENTAL WARRANT INDENTURE is dated September 2, 2011.

BETWEEN:

ECU SILVER MINING INC , a company governed under the laws of the Province of Québec

(“ ECU ”)

AND:

GOLDEN MINERALS COMPANY , a company incorporated under the laws of the State of Delaware

(“ Golden ”)

AND:

COMPUTERSHARE TRUST COMPANY OF CANADA , a trust company incorporated under the laws of Canada

(the “ Warrant Agent ”)

WHEREAS on December 9, 2009, ECU entered into a warrant indenture (the “ Indenture ”), with the Warrant Agent pursuant to which 8,473,000 warrants of ECU to purchase common shares in the capital of ECU (“ ECU Common Shares ”) at a price of $0.90 per ECU Common Share until 5:00 p.m. (Toronto time) on December 9, 2011 were created and authorized to be issued (the “ Warrants ”);

AND WHEREAS ECU and Golden have entered into an arrangement agreement dated June 24, 2011 (the “ Arrangement Agreement ”) providing for, subject to the satisfaction or waiver of certain conditions precedent, ECU and Golden to effect a plan of arrangement (the “ Plan of Arrangement ”) pursuant to which Golden will acquire all of the issued and outstanding ECU Common Shares such that ECU will become a wholly-owned subsidiary of Golden;

AND WHEREAS the consideration payable by Golden for each ECU Common Share, other than those ECU Common Shares, if any, in respect of which dissent rights have been duly and validly exercised, and those ECU Common Shares, if any, held by Golden or any of its affiliates, will be 0.05 (the “ Exchange Ratio ”) of a share of common stock in the capital of Golden (a “ Golden Share ”) plus $0.000394;

AND WHEREAS under the terms of the Arrangement Agreement and the Plan of Arrangement and in accordance with the terms and conditions of the Indenture, including, without limitation, Section 10.2 of the Indenture, from and after the effective time of the Plan of Arrangement as contemplated therein (the “ Effective Time ”), the Warrants held by each Warrantholder will be exchanged for replacement warrants of Golden (“ Golden Warrants ”) that represent the right to acquire for the same aggregate consideration that number of Golden Shares that a Warrantholder would have been entitled to acquire in connection with the Plan of Arrangement if, immediately prior to the Effective Time, it had exercised its Warrants and had been the registered holder of the number of ECU Common Shares to which it was theretofor entitled upon exercise of such Warrants;

AND WHEREAS Golden will have the benefit of and be liable for ECU’s rights and obligations under the Indenture;

AND WHEREAS the parties are entering into this Supplemental Warrant Indenture (the “ Supplemental Warrant Indenture ”) to evidence the rights of the Warrantholders under the terms of the Indenture as a result of the Plan of Arrangement;

NOW THEREFORE THIS SUPPLEMENTAL WARRANT INDENTURE WITNESSES THAT , in consideration of the premises and in further consideration of the mutual covenants herein set forth, the parties hereto agree as follows:

1.                                        Unless otherwise defined herein, all capitalized terms in this Supplemental Warrant Indenture shall have the respective meanings ascribed to such terms in the Indenture.

2.                                        Notwithstanding anything to the contrary in the Indenture, the outstanding Warrants held by each Warrantholder at the Effective Time shall be exchanged for Golden Warrants that represent the right to acquire that number of Golden Shares that a Warrantholder would have been entitled to acquire in connection with the Plan of Arrangement if, immediately prior to the Effective Time, it had exercised its Warrants and had been the registered holder of the number of ECU Common Shares to which it was theretofor entitled upon exercise of the Warrants. Accordingly, as at the Effective Time, the outstanding Warrants held by each Warrantholder will hereby be exchanged for that number of Golden Warrants as is equal to the product of (i) the number of Warrants held by such Warrantholder, multiplied by (ii) the Exchange Ratio; provided however that no fractional Golden Warrants shall be issued to any person such that the number Golden Warrants to be issued to any person pursuant to the Plan of Arrangement shall be rounded up or down, as applicable, to the nearest whole Golden Warrant. For greater certainty, where such fractional interest is greater than or equal to 0.5, the number of Golden Warrants to be issued will be rounded up to the nearest whole number and where such fractional interest is less than 0.5, the number of Golden Warrants to be issued will be rounded down to the nearest whole number. In calculating such fractional interests, all Warrants registered in the name of or beneficially held by a Warrantholder or its nominee shall be aggregated.

3.                                        The exercise price of each Golden Warrant shall be $18.00 (being the Exercise Price of one Warrant divided by the Exchange Ratio).

4.                                        ECU and the Warrant Agent acknowledge and agree that from and after the Effective Time, Golden shall have all of the rights and be subject to all of the obligations of ECU under the Indenture, except as otherwise provided in this Supplemental Warrant Indenture.

5.                                        Golden acknowledges and agrees that from and after the Effective Time, Golden will assume the performance of each and every covenant and obligation contained in the Indenture, as modified by this Supplemental Warrant Indenture, to be performed by ECU.

6.                                        From and after the Effective Time, the parties agree that all references to “ECU Silver Mining Inc.” in the Indenture shall be read to mean “Golden Minerals Company”.

7.                                        From and after the Effective Time, the parties agree that all references to “Warrants” in the Indenture shall be read to mean “Golden Warrants” as defined herein.

8.                                        From and after the Effective Time, the definitions of “Common Shares”, “Corporation” “Corporation’s Auditors” and “Exercise Price” respectively set forth in Sections 1.1(k), 1.1(l), 1.1(m) and 1.1(v) of the Indenture shall be deleted in their entirety and replaced with the following:

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“ “ Common Shares ” means shares of common stock in the capital of the Corporation;”

“ “ Corporation ” means Golden Minerals Company and includes any successor corporation thereto;”

“ “ Corporation’s Auditors ” means PricewaterhouseCoopers LLP, the firm of chartered accountants duly appointed as auditors of the Corporation, or such other firm as may be duly appointed as auditors of the Corporation from time to time;”

“ “ Exercise Price ” means $18.00 per Common Share, unless such price shall have been adjusted in accordance with the provisions of Article 5, in which case it shall mean the adjusted price in effect at such time;”

9.                                        From and after the Effective Time, the definitions of “1933 Act”, “Regulation S”, “SEC”,  “United States” and “U.S. Person” respectively set forth in Sections 1.1(a), 1.1(aa), 1.1(dd), 1.1(kk) and 1.1(ll) of the Indenture shall be deleted in their entirety and each shall be replaced with the following:

“[RESERVED.]”

10.                                  From and after the Effective Time, notwithstanding Section 1.9 of the Indenture, references to “GAAP” in the Indenture shall be deemed to mean references United States generally accepted accounting principles.

11.                                  From and after the Effective Time, Sections 2.8(1), 2.8(2), 2.8(3), 2.8(4), 3.2(3), 3.2(4), 3.2(5), 3.2(6) and 4.8 of the Indenture shall be deleted in their entirety and each shall be replaced with the following:

“[RESERVED.]”

12.                                  From and after the Effective Time, all references in the Indenture to Sections 2.8(1), 2.8(2), 2.8(3), 2.8(4), 3.2(3), 3.2(4), 3.2(5), 3.2(6) and 4.8 of the Indenture shall be removed.

13.                                  From and after the Effective Time, the first sentence of Section 2.9(1) of the Indenture shall be deleted in its entirety and replaced with the following:

“The Corporation may, at its sole option, specify, in a written order of the Corporation delivered to the Warrant Agent, that some or all of the Warrants are to be represented by one or more Global Certificates registered in the name of CDS or its nominee, and in such event the Corporation shall execute and the Warrant Agent shall certify and deliver one or more Global Certificates that shall: “

14.                                  From and after the Effective Time, Section 7.1(h) of the Indenture shall be deleted in its entirety and replaced with the following:

“it will use its commercially reasonable best efforts to maintain its status as a “reporting issuer” not in default of the requirements of the securities laws of the Province of Ontario, provided that this Section 7.1(h) shall not restrict the Corporation from completing a Capital Reorganization in accordance with subsection 5.2(5);”

15.                                  From and after the Effective Time, Article 13 of the Indenture shall be deleted in its entirety and replaced with the following:

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“ARTICLE 13
FORMS

13.1                                                                            Form of Warrant Certificate

The following is the form of Warrant Certificate:

(FORM OF WARRANT CERTIFICATE)

THE WARRANTS EVIDENCED HEREBY ARE EXERCISABLE ON OR BEFORE 5:00 P.M. (TORONTO TIME) ON DECEMBER 9, 2011, AFTER WHICH TIME THE WARRANTS EVIDENCED HEREBY SHALL BE DEEMED TO BE VOID AND OF NO FURTHER FORCE OR EFFECT.

GOLDEN MINERALS COMPANY

COMMON SHARE PURCHASE WARRANTS

THIS IS TO CERTIFY THAT for value received                                             , the registered holder hereof is entitled for each whole Warrant represented hereby to purchase one fully paid and non-assessable share of common stock (“ Common Share ”) of Golden Minerals Company (the “ Corporation ”) at a price per share of $18.00 (Canadian) , subject to adjustment as hereinafter described.

Such right to purchase may be exercised by the registered holder hereof at any time on the date of issue hereof up to and including 5:00 p.m. (Toronto time) on December 9, 2011 (the “ Time of Expiry ”) by surrender of this Warrant Certificate to Computershare Trust Company of Canada (the “ Warrant Agent ”) at the principal transfer office of the Warrant Agent in Montreal, Quebec, together with the subscription form as prescribed in the Indenture (as defined below) and as attached hereto duly executed and completed for the number of Common Shares which the holder hereof is entitled to purchase and the purchase price of such Common Shares as herein provided.

This Warrant Certificate and such payment shall be deemed not to have been surrendered and made except upon personal delivery thereof or, if sent by post or other means of transmission, upon actual receipt thereof by the Warrant Agent at the office specified above.

The purchase price of Common Shares subscribed for hereunder shall be paid by certified cheque, money order or bank draft in lawful money of Canada payable to the order of the Corporation at par in the city where this Warrant Certificate is delivered.

Upon due exercise of the Warrants represented by this Warrant Certificate and payment of the purchase price, the Corporation will issue to the registered holder of this Warrant Certificate, or to a person so specified in the subscription form, the Common Shares so subscribed for. Certificates for the Common Shares subscribed for will be mailed to the persons specified in the subscription form at their respective addresses specified therein or, if so specified in such subscription form, delivered to such

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persons at the office where the applicable Warrant Certificate was surrendered, when the transfer registers of the Corporation have been open for three Business Days after the due surrender of such Warrant Certificate and payment as aforesaid.  In the event of a purchase of a number of Common Shares fewer than the number which can be purchased pursuant to this Warrant Certificate, the holder shall be entitled to receive without charge a new Warrant Certificate in respect of the balance of such Warrants.

This Warrant Certificate and other Warrant Certificates are issued under and pursuant to a certain warrant indenture dated December 9, 2009 as supplemented by a supplemental indenture dated September 2, 2011 between the Corporation and the Warrant Agent (herein collectively referred to as the “ Indenture ”), to which Indenture and any further instruments supplemental thereto reference is hereby made for a description of the terms and conditions upon which such Warrant Certificates are issued and are to be held, all to the same effect as if the provisions of the Indenture and all instruments supplemental thereto were herein set forth, to all of which provisions the holder of this Warrant Certificate by acceptance hereof assents.  The Corporation will furnish to the holder of this Warrant Certificate, upon request and without charge, a copy of the Indenture. In the event of any conflict between the provisions of this Warrant Certificate and the provisions of the Indenture, the provisions of the Indenture will govern.

Subject to the Indenture and to any restriction under applicable law or policy of any applicable regulatory body, the Warrants and Warrants Certificates and the rights thereunder shall only be transferable by the registered holder hereof in compliance with the conditions prescribed in the Indenture and upon the due completion, execution and delivery of a Transfer Form (as attached hereto) in accordance with the terms of the Indenture.  THE TRANSFER OF THE WARRANTS EVIDENCED HEREBY MAY BE RESTRICTED BY APPLICABLE SECURITIES LAWS. HOLDERS ARE ADVISED TO CONSULT THEIR LEGAL COUNSEL IN THIS REGARD.

The holding of this Warrant Certificate shall not constitute the holder hereof a holder of Common Shares nor entitle him to any right of interest in respect thereof.

The Indenture provides for adjustment in the number of Common Shares to be delivered upon the exercise of the right of purchase hereby granted and to the Exercise Price in certain events therein set forth.

The Indenture contains provisions making binding upon all holders of Warrants outstanding thereunder resolutions passed at meetings of such holders held in accordance with such provisions by the Warrantholders holding a specified majority of all the then outstanding Warrants.

The holder of this Warrant Certificate may at any time up to and including the Time of Expiry, upon the surrender hereof to the Warrant Agent at its principal transfer office in Montreal, Quebec, and payment of any charges provided for in the Indenture, exchange this Warrant Certificate for other Warrant Certificates representing in the aggregate the same number of Warrants as is expressed in this Warrant Certificate.

This Warrant Certificate shall not be valid for any purpose whatsoever unless and until it has been countersigned by the Warrant Agent for the time being under the Indenture.

Nothing contained herein or in the Indenture shall confer any right upon the holder hereof or any other person to subscribe for or purchase any Common Shares of the Corporation at any time subsequent to the Time of Expiry.  After the Time of Expiry, this Warrant Certificate and all rights thereunder shall be void and of no value.

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Time is of the essence hereof.

This Warrant Certificate shall be construed in accordance with the laws of the Province of Quebec and the federal laws of Canada applicable therein.

IN WITNESS WHEREOF this Warrant Certificate has been executed on behalf of Golden Minerals Company as of the           day of                     , 20       .

13.2                                                                            Subscription Form

The following is the form of subscription:

SUBSCRIPTION FORM

The undersigned registered holder of the within Warrant Certificate, subject to that certain warrant indenture dated December 9, 2009 as supplemented by a supplemental indenture dated September 2, 2011 (herein collectively referred to as the “ Indenture ”) between Golden Minerals Company (the “ Corporation ”) and Computershare Trust Company of Canada , as Warrant Agent, hereby:

(a)                                   subscribes for                       shares of Common Stock (“ Common Shares ”) (or such number of Common Shares or other securities or property to which such subscription entitles the undersigned in lieu thereof or in addition thereto under the Indenture) of the Corporation at the price per Common Share of $18.00 (Canadian) (or such adjusted price which may be in effect under the provisions of the Indenture) and in payment of the exercise price encloses a certified cheque, money order or bank draft, in any case in lawful money of Canada payable at par in the City of Montreal, Quebec to the Corporation; and

(b)                                  delivers herewith the above-mentioned Warrant Certificate entitling the undersigned to subscribe for the above-mentioned number of Common Shares.

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The undersigned hereby directs that the said Common Shares be registered as follows:

DATED this         day of                      , 20      .

(*The name of the Subscriber must correspond with the name upon the face of the certificate in every particular and the Corporation reserves the right to require reasonable assurance that such signature is genuine and effective.)

Instructions

1.                                      The registered holder may exercise its right to receive Common Shares by completing this form and surrendering this form and the Warrant Certificate representing the Warrants being exercised along with a certified cheque, money order or bank draft in lawful money of Canada payable to the order of the Corporation at par in an amount equal to the Exercise Price applicable at the time of such surrender in respect of each Common Share which the Warrantholder desires to acquire (being not more than those which the Warrantholder is entitled to acquire pursuant to the Warrants represented by the Warrant Certificate so surrendered) to Computershare Trust Company of Canada, at its principal offices at 1500 University Street, Suite 700, Montreal, Quebec  H3A 3S8.

2.                                      The certificates will be mailed by registered mail to the address appearing in this Subscription Form.

3.                                      If Common Shares are issued to a person other than the registered Warrantholder, the signature of the holder must be guaranteed by a Canadian Schedule 1 chartered bank or by a member firm of an acceptable Medallion Signature Guarantee Program (STAMP, SMP, MSP).  The stamp must bear the words “Signature Medallion Guaranteed .

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4.                                      In the United States, signature guarantees must be done by members of a Medallion Signature Guarantee Program only.  Signature guarantees are not accepted from Treasury Branches, Credit Unions or Caisses Populaires unless they are members of the Stamp Medallion Program.

5.                                      If the subscription form is signed by a trustee, executor, administrator, curator, guardian, attorney, officer of a corporation or any person acting in a fiduciary or representative capacity, the certificate must be accompanied by evidence of authority to sign satisfactory to the Warrant Agent and the Corporation.

6.                                      The Common Shares issued upon exercise of a Warrant may be subject to resale restrictions in certain jurisdictions, which may never expire, and may be issued with a legend reflecting such restrictions.

7.                                      The Warrants will expire at 5:00 p.m. (Toronto time) on December 9, 2011 and must be exercised before that time, otherwise the same shall expire and be void and of no value.

13.3                                                                            Form of Transfer

The following is the form of transfer:

TRANSFER FORM

FOR value received I/we hereby sell, assign, and transfer unto:

GOLDEN MINERALS COMPANY (the “ Corporation ”)

and the undersigned hereby irrevocably constitutes and appoints:

the attorney to transfer the said Warrants on the books of the Corporation with full power of substitution in the premises.

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DATED this                       day of                                                 , 20      .

Signature Guaranteed By:

Instructions:

1.                                        The signature on this assignment must correspond with the name as written upon the face of the certificate, in every particular, without alteration or enlargement, or change whatever.

2.                                        The signature must be guaranteed by a Canadian Schedule 1 chartered bank or by a member firm of an acceptable Medallion Signature Guarantee Program (STAMP, SMP, MSP).  The stamp must bear the words “Signature Medallion Guaranteed”.

3.                                        In the United States, signature guarantees must be done by members of a Medallion Signature Guarantee Program only.  Signature guarantees are not accepted from Treasury Branches, Credit Unions or Caisses Populaires unless they are members of the Stamp Medallion Program.”

16.                                  From and after the Effective Time, the address and contact information of ECU and its counsel, Blake Cassels & Graydon LLP, set forth in Section 14.1(1) of the Indenture shall be deleted in its entirety and replaced with the following:

“If to the Corporation, to:

Golden Minerals Company

350 Indiana Street, Suite 800

Golden, Colorado, 80401

U.S.A.

Attention:               Jeffrey G. Clevenger, President

Facsimile:                 (303) 839-5907

with copies (which shall not constitute notice) to:

Fasken Martineau DuMoulin LLP
333 Bay Street, Suite 2400
Bay Adelaide Centre, Box 20
Toronto, ON M5H 2T6

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Attention:                 John M. Sabetti

Facsimile:                 (416) 364 7813

and

Davis Graham & Stubbs LLP

1550 Seventeenth Street, Suite 500

Denver, Colorado 80202

Attention:                 Deborah Friedman

Facsimile:                 (303) 893 1379 “

17.                                  From and after the Effective Time, Schedules “A” and “B” to the Indenture shall be deleted in their entirety.

18.                                  In the event that the Arrangement Agreement is terminated without giving effect to the Plan of Arrangement, this Supplemental Warrant Indenture shall terminate and have no further force and effect.

19.                                  Notwithstanding any provision of this Supplemental Warrant Indenture or the Indenture, but subject to Section 10.2 of the Indenture, nothing shall restrict or prevent any amalgamation, merger, sale, consolidation, arrangement, liquidation or winding-up of Golden or restrict or prevent Golden from entering into any other transaction or series of transactions, regardless of any affect which such transaction or transactions may have upon Golden or the Golden Shares. This Section shall not have the effect of reducing or terminating the rights of Warrantholders under the adjustment mechanisms in Article 5 of the Indenture.

20.                                  This Supplemental Warrant Indenture is supplemental to the Indenture and this Supplemental Warrant Indenture shall hereafter be read together and shall have effect as if all provisions thereof and hereof were contained in one instrument. Except as herein amended, the Indenture, as amended, and all the terms and conditions therein shall continue in full force and effect.

21.                                  In the event that there is any inconsistency or a conflict between the provisions of the Indenture and the provisions of this Supplemental Warrant Indenture, the provisions of this Supplemental Warrant Indenture and the intent of the parties as evidenced hereby shall prevail, and such provisions shall be deemed to be amended pursuant to the terms of this Supplemental Warrant Indenture.

22.                                  Each party hereto agrees to execute and deliver all such documents and instruments and do such other acts as may be necessary or advisable to give effect to the terms hereof.

23.                                  This Supplemental Warrant Indenture shall be governed by and construed in accordance with the laws of the Province of Québec and the laws of Canada applicable therein.

24.                                  This Supplemental Warrant Indenture may be executed and delivered in one or more counterparts each of which when executed and delivered shall be deemed an original but all of which shall be deemed to constitute one and the same instrument.

(Signature page to follow)

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IN WITNESS WHEREOF ECU, Golden and the Warrant Agent have executed this Supplemental Warrant Indenture as of the day and year first above written.

Exhibit 10.2

THIRD SUPPLEMENTAL WARRANT INDENTURE

THIS THIRD SUPPLEMENTAL WARRANT INDENTURE is dated September 2, 2011.

BETWEEN:

ECU SILVER MINING INC , a company governed under the laws of the Province of Québec

(“ ECU ”)

AND:

GOLDEN MINERALS COMPANY , a company incorporated under the laws of the State of Delaware

(“ Golden ”)

AND:

COMPUTERSHARE TRUST COMPANY OF CANADA , a trust company incorporated under the laws of Canada

(the “ Warrant Agent ”)

WHEREAS on February 20, 2009, ECU entered into a warrant indenture as amended and supplemented on March 26, 2009 and May 8, 2009 (collectively, the “ Indenture ”), with the Warrant Agent pursuant to which ECU may issue up to 40,388,576 warrants to purchase common shares in the capital of ECU (“ ECU Common Shares ”) at a price of $0.95 per ECU Common Share until 5:00 p.m. (Toronto time) on February 20, 2014 (the “ Warrants ”);

AND WHEREAS ECU and Golden have entered into an arrangement agreement dated June 24, 2011 (the “ Arrangement Agreement ”) providing for, subject to the satisfaction or waiver of certain conditions precedent, ECU and Golden to effect a plan of arrangement (the “ Plan of Arrangement ”) pursuant to which Golden will acquire all of the issued and outstanding ECU Common Shares such that ECU will become a wholly-owned subsidiary of Golden;

AND WHEREAS the consideration payable by Golden for each ECU Common Share, other than those ECU Common Shares, if any, in respect of which dissent rights have been duly and validly exercised, and those ECU Common Shares, if any, held by Golden or any of its affiliates, will be 0.05 (the “ Exchange Ratio ”) of a share of common stock in the capital of Golden (a “ Golden Share ”) plus $0.000394;

AND WHEREAS under the terms of the Arrangement Agreement and the Plan of Arrangement and in accordance with the terms and conditions of the Indenture, including, without limitation, Section 10.02 of the Indenture, from and after the effective time of the Plan of Arrangement, as contemplated therein (the “ Effective Time ”), the Warrants held by each

Warrantholder will be exchanged for replacement warrants of Golden (“ Golden Warrants ”) that represent the right to acquire for the same aggregate consideration that number of Golden Shares that a Warrantholder would have been entitled to acquire in connection with the Plan of Arrangement if, immediately prior to the Effective Time, it had exercised its Warrants and had been the registered holder of the number of ECU Common Shares to which it was theretofor entitled upon exercise of such Warrants;

AND WHEREAS Golden will have the benefit of and be liable for ECU’s rights and obligations under the Indenture;

AND WHEREAS the parties are entering into this Third Supplemental Warrant Indenture (the “ Supplemental Warrant Indenture ”) to evidence the rights of the Warrantholders under the terms of the Indenture as a result of the Plan of Arrangement;

NOW THEREFORE THIS SUPPLEMENTAL WARRANT INDENTURE WITNESSES THAT , in consideration of the premises and in further consideration of the mutual covenants herein set forth, the parties hereto agree as follows:

1.                                        Unless otherwise defined herein, all capitalized terms in this Supplemental Warrant Indenture shall have the respective meanings ascribed to such terms in the Indenture.

2.                                        Notwithstanding anything to the contrary in the Indenture, the outstanding Warrants held by each Warrantholder at the Effective Time shall be exchanged for Golden Warrants that represent the right to acquire that number of Golden Shares that a Warrantholder would have been entitled to acquire in connection with the Plan of Arrangement if, immediately prior to the Effective Time, it had exercised its Warrants and had been the registered holder of the number of ECU Common Shares to which it was theretofor entitled upon exercise of the Warrants. Accordingly, as at the Effective Time, the outstanding Warrants held by each Warrantholder will hereby be exchanged for that number of Golden Warrants as is equal to the product of (i) the number of Warrants held by such Warrantholder, multiplied by (ii) the Exchange Ratio; provided however that no fractional Golden Warrants shall be issued to any person such that the number Golden Warrants to be issued to any person pursuant to the Plan of Arrangement shall be rounded up or down, as applicable, to the nearest whole Golden Warrant. For greater certainty, where such fractional interest is greater than or equal to 0.5, the number of Golden Warrants to be issued will be rounded up to the nearest whole number and where such fractional interest is less than 0.5, the number of Golden Warrants to be issued will be rounded down to the nearest whole number. In calculating such fractional interests, all Warrants registered in the name of or beneficially held by a Warrantholder or its nominee shall be aggregated.

3.                                        The exercise price of each Golden Warrant shall be $19.00 (being the Exercise Price of one Warrant divided by the Exchange Ratio).

4.                                        ECU and the Warrant Agent acknowledge and agree that from and after the Effective Time, Golden shall have all of the rights and be subject to all of the obligations of ECU under the Indenture, except as otherwise provided in this Supplemental Warrant Indenture.

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5.                                        Golden acknowledges and agrees that from and after the Effective Time, Golden will assume the performance of each and every covenant and obligation contained in the Indenture, as modified by this Supplemental Warrant Indenture, to be performed by ECU.

6.                                        From and after the Effective Time, the parties agree that all references to “ECU Silver Mining Inc.” in the Indenture shall be read to mean “Golden Minerals Company”.

7.                                        From and after the Effective Time, the parties agree that all references to “Warrants” in the Indenture shall be read to mean “Golden Warrants” as defined herein.

8.                                        From and after the Effective Time, the definitions of “Common Shares”, “Corporation” and “Exercise Price” respectively set forth in Sections 1.01(a), 1.01(e), 1.01(f) and 1.01(n) of the Indenture shall be deleted in their entirety and replaced with the following:

“ “ Applicable Legislation ” means the provisions, if any, of the Delaware General Corporation Law and any statute of Canada or a province thereof, and of the regulations under any such statutes, relating to warrant indentures or to the rights, duties and obligations of trustees and of corporations under warrant indentures, to the extent that such provisions are at the time in force and applicable to this Indenture;”

“ “ Common Shares ” means shares of common stock in the capital of the Corporation which the Corporation is authorized to issue, provided that in the event of any adjustment pursuant to the provisions of Article Five hereof, “ Common Shares ” shall thereafter mean the shares or other securities or property resulting from such adjustment;”

“ “ Corporation ” means Golden Minerals Company and includes any successor corporation thereto;”

“ “ Exercise Price ” means $19.00 per Common Share, unless such amount shall have been adjusted pursuant to the provisions of Article Five hereof in which case such term shall mean the adjusted price in effect at the applicable time;”

9.                                        From and after the Effective Time, the definitions of “Original U.S. Purchaser”, “Regulation S”, “Rule 144”, “United States”, “U.S. Person” and “U.S. Securities Act” respectively set forth in Sections 1.01(r), 1.01(t), 1.01(w), 1.01(dd), 1.01(ee) and 1.01(ff) of the Indenture shall be deleted in their entirety and each shall be replaced with the following:

“[RESERVED.]”

10.                                  From and after the Effective Time, Sections 2.01(c), 2.08(h) and 4.01(b) of the Indenture shall be deleted in their entirety and each shall be replaced with the following:

“[RESERVED.]”

11.                                  From and after the Effective Time, all references in the Indentures to Sections 2.01(c), 2.08(h) and 4.01(b) of the Indenture shall be removed.

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12.                                  From and after the Effective Time, Section 2.08(d) of the Indenture shall be deleted in its entirety and replaced with the following:

“ Refusal of Registration :  The Corporation will be entitled, and may direct the Warrant Agent, to refuse to recognize any transfer, or enter the name of any transferee, of any Warrant on the registers referred to in subsection 2.08(a) hereof, or on any branch registers maintained pursuant to subsection 2.08(g) hereof, if such transfer would constitute a violation of the laws of any jurisdiction or the rules, regulations or policies of any regulatory authority having jurisdiction.”

13.                                  From and after the Effective Time, Section 2.08(a) of the Indenture shall be deleted in its entirety and replaced with the following:

(a)                                   “ Register : The Corporation will cause to be kept by the Warrant Agent:

(i)                                    at the principal office of the Warrant Agent in Montreal, Quebec, a register of holders in which shall be entered in alphabetical order the names and addresses of the holders of Warrants and particulars of the Warrants held by them; and

(ii)                                 at the principal office of the Warrant Agent in each of Montreal, Quebec and Toronto, Ontario, a register of transfers in which transfers of Warrants and the date and other particulars of each such transfer shall be entered.”

14.                                  From and after the Effective Time, Section 7.01(g) of the Indenture shall be deleted in its entirety and replaced with the following:

“the Corporation will, at all times, use commercially reasonable efforts to preserve and maintain its status as a “reporting issuer” or the equivalent thereof not in default under securities legislation of the Province of Ontario for a period of at least 18 months following the Effective Date;”

15.                                  From and after the Effective Time, Schedule A to the Indenture shall be deleted in its entirety and replaced with the following:

“SCHEDULE A
 TO THE WARRANT INDENTURE DATED AS OF FEBRUARY 20, 2009, AS SUPPLEMENTED ON MARCH 26, 2009, MAY 8, 2009 AND SEPTEMBER 2, 2011, BETWEEN

GOLDEN MINERALS COMPANY AND COMPUTERSHARE TRUST COMPANY OF CANADA

FORM OF BILINGUAL WARRANT CERTIFICATE

EXERCISABLE ONLY PRIOR TO 5:00 P.M., TORONTO TIME, ON THE EXPIRY DATE AFTER WHICH TIME THIS WARRANT CERTIFICATE SHALL BE NULL AND VOID .

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WARRANT

TO PURCHASE COMMON SHARES OF GOLDEN MINERALS COMPANY

THIS IS TO CERTIFY THAT, for value received, · (the “ holder ”) is entitled to subscribe for and to purchase, AT ANY TIME PRIOR TO 5:00 P.M., TORONTO TIME, ON FEBRUARY 20, 2014 (the “ Expiry Date ”), fully paid and non-assessable shares of common stock (“ Common Shares ”) of Golden Minerals Company (the “ Corporation ”) as constituted on the date hereof, on the basis of one Common Share for each one Warrant, at an exercise price of $19.00 (Canadian) per Common Share, by surrendering this Warrant Certificate to the Warrant Agent specified below with a subscription form (FORM 1) properly completed and executed and a certified cheque, bank draft or money order in lawful money of Canada payable to or to the order of the Corporation for the total purchase price of the Common Shares so subscribed for and purchased.

The holder of this Warrant Certificate may subscribe for and purchase less than the number of Common Shares entitled to be subscribed for and purchased on surrender of this Warrant Certificate.  If the subscription does not exhaust the Warrants represented by this Warrant Certificate, a Warrant Certificate representing the balance of the Warrants will be issued to the holder.  No Warrant Certificate representing fractional Warrants will be issued and the holder hereof understands and agrees that such holder will not be entitled to any cash payment or other form of compensation in respect of a fractional Warrant.  By acceptance hereof, the holder expressly waives any right to receive fractional Common Shares upon exercise hereof.  If the number of Common Shares to which the holder would otherwise be entitled upon the exercise of this Warrant Certificate is not a whole number, then the number of Common Shares to be issued will be rounded down to the next whole number.

The principal office of Computershare Trust Company of Canada (the “ Warrant Agent ”) in the City of Montreal, Quebec has been appointed the warrant agent to receive subscriptions for Common Shares and payments from holders of Warrant Certificates.  This Warrant Certificate, the subscription form (FORM 1) and a certified cheque, bank draft or money order shall be deemed to be surrendered to the Warrant Agent only upon personal delivery thereof or, if sent by post or other means of transmission, upon receipt thereof by the Warrant Agent at the office specified above.  The Corporation may also provide for other places at which this Warrant Certificate may be surrendered for exchange or exercise.  If mail is used for delivery of a Warrant Certificate, for the protection of the holder, registered mail should be used and sufficient time should be allowed to avoid the risk of late delivery.  Subject to adjustment hereof in the events and in the manner set forth in the Warrant Indenture hereafter mentioned and summarized below, the price payable for each Common Share upon exercise of this Warrant Certificate shall be $19.00 (Canadian).

Certificates representing Common Shares subscribed for and purchased will be mailed to the Persons specified in the subscription form (FORM 1) at the respective addresses specified therein or, if so specified in the subscription form (FORM 1), delivered to such Persons at the office of the Warrant Agent where the applicable Warrant Certificate was surrendered, when the transfer books of the Corporation have been opened, five Business Days after the due surrender of such Warrant Certificate and payment as aforesaid, including any applicable taxes.

This Warrant Certificate may, upon compliance with the reasonable requirements and charges of the Warrant Agent, be divided by completing and executing FORM 2 and delivering the Warrant Certificate to the Warrant Agent.

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The Warrants represented by this Warrant Certificate may only be transferred, upon compliance with the conditions prescribed in the Warrant Indenture, on the registers of transfers to be kept at the principal office of the Warrant Agent in Montreal, Quebec or Toronto, Ontario by the holder or his executors, administrators or other legal representatives or his or their attorney duly appointed completing and executing FORM 3, or any other instrument in writing in form and executed in a manner satisfactory to the Warrant Agent, and delivering the Warrant Certificate to the Warrant Agent.  Upon compliance with such requirements and such other reasonable requirements as the Warrant Agent may prescribe, such transfer will be duly recorded on the applicable register of transfers by the Warrant Agent.  Notwithstanding the foregoing, the Corporation will be entitled, and may direct the Warrant Agent, to refuse to record any transfer of any Warrant on such register if such transfer would constitute a violation of the securities laws of any jurisdiction.

This Warrant Certificate represents warrants of the Corporation issued or issuable under the provisions of an indenture dated as of February 20, 2009, as supplemented on March 26, 2009, May 8, 2009 and September 2, 2011, (which indenture together with all other instruments supplemental or ancillary thereto is herein referred to as the “ Warrant Indenture ”), between the Corporation and the Warrant Agent, to which reference is hereby made for particulars of the rights of the holders of the Warrant Certificates, the Corporation and the Warrant Agent in respect thereof and the terms and conditions upon which the Warrants represented hereby are issued and held, all to the same effect as if the provisions of the Warrant Indenture were herein set forth in full, to all of which the holder of this Warrant Certificate by acceptance hereof assents, it being expressly understood that the provisions of the Warrant Indenture and this Warrant Certificate are for the sole benefit of the Corporation, the Warrant Agent and the Warrantholders.  Words and terms in this Warrant Certificate with the initial letter or letters capitalized and not defined herein shall have the meanings ascribed to such capitalized words and terms in the Warrant Indenture.  A copy of the Warrant Indenture may be obtained on request without charge from the Corporate Secretary of the Corporation, at 350 Indiana Street, Suite 800, Golden, Colorado, 80401 U.S.A., telephone: (303) 839-5060.

Nothing contained in this Warrant Certificate, the Warrant Indenture or otherwise shall be construed as conferring upon the holder hereof any right or interest whatsoever as a holder of Common Shares or other shareholder of the Corporation or any other right or interest except as herein and in the Warrant Indenture expressly provided.

The Warrant Indenture provides for adjustments to the exercise price of the Warrants and to the number and kind of securities purchasable upon exercise upon the happening of certain stated events including the subdivision or consolidation of the Common Shares, certain distributions of Common Shares or securities exchangeable for or convertible into Common Shares or of other assets or property of the Corporation, certain offerings of rights, warrants or options and certain reorganizations.  The Warrant Indenture provides for the giving of notice by the Corporation prior to taking certain actions specified therein.

The Corporation may from time to time purchase any of the Warrants by private contract or otherwise.  Any such Warrants purchased by the Corporation shall be cancelled.

This Warrant Certificate, the Warrants represented by this Warrant Certificate and the Warrant Indenture shall be governed by and performed, construed and enforced in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein.

This Warrant Certificate shall not be valid for any purpose until it has been countersigned by or on behalf of the Warrant Agent for the time being under the Warrant Indenture.

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IN WITNESS WHEREOF the Corporation has caused this Warrant Certificate to be signed by its proper officer.

This Warrant Certificate is one of the Warrant Certificates referred to in the Warrant Indenture.

Dated:

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SUBSCRIPTION FORM

(FORM 1)

THE HOLDER HEREBY SUBSCRIBES FOR            Common Shares of Golden Minerals Company at $19.00 (Canadian) per Common Share and on the other terms set out in the Warrant Certificate and Warrant Indenture and encloses herewith a certified cheque, bank draft or money order in Canadian dollars payable to “Golden Minerals Company” in payment of the aggregate subscription price therefor.

The undersigned hereby irrevocably directs that the Common Shares be delivered, subject to the conditions set out in this certificate and the provisions of the Warrant Indenture, and that the said Common Shares be registered as follows:

Please print full name in which certificate(s) are to be issued.  If any of the Common Shares are to be issued to a Person or Persons other than the Warrantholder, the Warrantholder must pay to the Warrant Agent all requisite taxes or other government charges, if any.

DATED this        day of                             , 20     .

Print Name and Address in full below:

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TO DIVIDE OR COMBINE WARRANT CERTIFICATES

(FORM 2)

Fill in and sign this FORM 2 and surrender this Warrant Certificate to the Warrant Agent in ample time for new Warrant Certificates to be issued and used.

Deliver to the undersigned Warrantholder, at the address mentioned below, new certificates as follows:

Certificate(s) for                                                                 Warrants each

Certificate(s) for                                                                 Warrants each

Certificate(s) for                                                                 Warrants each

Dated this       day of                                 , 20    .

Print name and address in full below.

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FORM OF TRANSFER

(FORM 3)

FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers the Warrants represented by this Warrant Certificate to:

as the attorney of the undersigned with full power of substitution to transfer the Warrants on the appropriate register of the Warrant Agent.

DATED this        day of                              , 20    .

CERTAIN REQUIREMENTS RELATING TO TRANSFERS

1.                                        The Warrant Indenture contains certain other requirements relating to the transfer of Warrants.

2.                                        The signature of the transferor must correspond in every particular with the surname and the first name(s) or initials shown on the face of this certificate and the endorsement must be signature guaranteed, in either case, by a Schedule “1” Canadian chartered bank or a member of a recognized securities transfer agents medallion program (STAMP). The stamp affixed thereon by the guarantor must bear the actual words “signature guarantee”, or “signature medallion guaranteed” and otherwise be in accordance with industry standards.”

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ANNEXE A À L’ACTE RELATIF AUX BONS

DATÉ DU 20 FÉVRIER 2009, TEL QUE COMPLÉTÉ LES 26 MARS 2009,
8 MAI 2009 ET 2 SEPTEMBRE 2011 INTERVENU ENTRE GOLDEN MINERALS COMPANY ET SOCIÉTÉ DE FIDUCIE COMPUTERSHARE DU CANADA

CERTIFICAT DE BONS DE SOUSCRIPTION

LE PRÉSENT CERTIFICAT DE BONS DE SOUSCRIPTION NE PEUT ÊTRE EXERCÉ QU’AVANT 17 H, HEURE DE TORONTO, À LA DATE D’ÉCHÉANCE, APRÈS QUOI IL SERA NUL.

BON DE SOUSCRIPTION

VISANT L’ACHAT D’ACTIONS ORDINAIRES DE GOLDEN MINERALS COMPANY

LA PRÉSENTE ATTESTE QUE, pour valeur reçue, · (le «  porteur  ») a le droit de souscrire et d’acheter À TOUT MOMENT AVANT 17 H, HEURE DE TORONTO, LE 20 FÉVRIER 2014 (la «  date d’échéance  »), des actions ordinaires entièrement libérées et non susceptibles d’appels subséquents (les «  actions ordinaires  ») de Golden Minerals Company (la «  Société  ») telle qu’elle est constituée à la date des présentes, à raison de une action ordinaire pour chaque bon de souscription, au prix d’exercice de 19,00 $ (dollars canadiens) par action ordinaire, en remettant le présent certificat de bons de souscription à l’agent pour les bons de souscription mentionné ci-après avec le formulaire de souscription (FORMULAIRE 1) dûment rempli et signé et un chèque certifié, une traite bancaire ou un mandat libellé en monnaie ayant cours légal au Canada payable à la Société, ou à son ordre, pour le prix d’achat total des actions ordinaires ainsi souscrites et achetées.

Le porteur du présent certificat de bons de souscription peut souscrire et acheter moins que le nombre d’actions ordinaires qu’il a le droit de souscrire et d’acheter à la remise du présent certificat de bons de souscription. Si la souscription ne vise pas tous les bons de souscription représentés par le présent certificat de bons de souscription, un certificat de bons de souscription représentant les bons de souscription restants sera émis au porteur. Aucun certificat de bons de souscription représentant des fractions de bons de souscription ne sera émis et le porteur des présentes comprend et convient qu’il n’aura droit à aucun paiement en espèces ni à aucune autre forme de compensation relativement à une fraction de bon de souscription. Par son acceptation des présentes, le porteur renonce expressément au droit de recevoir des fractions d’actions ordinaires à l’exercice des présentes. Si le nombre d’actions ordinaires auquel le porteur aurait par ailleurs droit à l’exercice du présent certificat de bons de souscription n’est pas un nombre entier, le nombre d’actions ordinaires à émettre sera alors arrondi à la baisse au nombre entier le plus près.

Les principaux bureaux de Société de fiducie Computershare du Canada (l’«  agent pour les bons de souscription  ») à Montréal, au Québec, ont été désignés comme l’endroit où l’agent pour les bons de souscription recevra les souscriptions d’actions ordinaires et les paiements des porteurs de certificats de bons de souscription. Le présent certificat de bons de souscription, le formulaire de souscription (FORMULAIRE 1) et le chèque certifié, la traite bancaire ou le mandat seront réputés avoir été remis à l’agent pour les bons de souscription uniquement à leur remise en mains propres ou, s’ils ont

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été envoyés par la poste ou par un autre moyen de transmission, à leur réception par l’agent pour les bons de souscription aux bureaux indiqués ci-dessus. La Société peut également prévoir d’autres endroits où le présent certificat de bons de souscription peut être remis pour son échange ou son exercice. Si la livraison d’un certificat de bons de souscription s’effectue par la poste, le porteur devrait, pour sa protection, avoir recours au courrier recommandé et prévoir suffisamment de temps pour éviter le risque de livraison tardive. Sous réserve du rajustement des présentes dans les cas et de la manière énoncés dans l’acte relatif aux bons de souscription mentionné et résumé ci-après, le prix payable pour chaque action ordinaire à l’exercice du présent certificat de bons de souscription s’élève à 19,00 $ (dollars canadiens).

Les certificats représentant les actions ordinaires souscrites et achetées seront envoyés par la poste aux personnes nommées sur le formulaire de souscription (FORMULAIRE 1) à leur adresse respective qui y est indiquée ou, si le formulaire de souscription (FORMULAIRE 1) l’indique, remis à ces personnes aux bureaux de l’agent pour les bons de souscription où le certificat de bons de souscription en cause a été remis, après l’ouverture des registres des transferts de la Société, cinq jours ouvrables après la remise en bonne et due forme du certificat de bons de souscription et du paiement de la manière susmentionnée, y compris les taxes applicables.

Le présent certificat de bons de souscription peut, sous réserve du respect des exigences raisonnables et du paiement des frais raisonnables de l’agent pour les bons de souscription, être divisé en remplissant et en signant le FORMULAIRE 2 et en remettant le certificat de bons de souscription à l’agent pour les bons de souscription.

Sous réserve du respect des conditions prévues dans l’acte relatif aux bons de souscription, les bons de souscription représentés par le présent certificat de bons de souscription ne peuvent être transférés qu’aux registres des transferts qui seront conservés aux bureaux principaux de l’agent pour les bons de souscription à Montréal, au Québec, ou à Toronto, en Ontario, par le porteur, ses liquidateurs, administrateurs ou autres représentants légaux ou son ou leurs fondés de pouvoir dûment nommés en remplissant et en signant le FORMULAIRE 3 ou un autre instrument écrit et signé qui convient à l’agent pour les bons de souscription et en remettant le certificat de bons de souscription à l’agent pour les bons de souscription. Au respect de ces exigences et des autres exigences raisonnables de l’agent pour les bons de souscription, ce dernier inscrira en bonne et due forme le transfert au registre des transferts applicable. Malgré ce qui précède, la Société aura le droit et la possibilité de donner la directive à l’agent pour les bons de souscription de refuser d’inscrire le transfert d’un bon de souscription au registre si le transfert constitue une violation des lois sur les valeurs mobilières d’un territoire.

Le présent certificat de bons de souscription représente les bons de souscription de la Société émis ou à émettre aux termes d’un acte daté du 20 février 2009, tel que complété les 26 mars 2009, 8 mai 2009 et 2 septembre 2011 (cet acte avec tous autres instruments supplémentaires ou complémentaires étant appelés aux présentes l’«  acte relatif aux bons de souscription  »), intervenu entre la Société et l’agent pour les bons de souscription; il faut se reporter à l’acte pour obtenir des renseignements détaillés sur les droits des porteurs de certificats de bons de souscription, de la Société et de l’agent pour les bons de souscription à l’égard de ceux-ci et sur les conditions d’émission et de détention des bons de souscription représentés par les présentes, avec le même effet que si les dispositions de l’acte relatif aux bons de souscription étaient énoncées intégralement aux présentes, et le porteur du présent certificat de bons de souscription y consent en acceptant les présentes; il est expressément entendu que les dispositions de l’acte relatif aux bons de souscription et du présent certificat de bons de souscription sont stipulées au seul profit de la Société, de l’agent pour les bons de souscription et des porteurs des bons de souscription. Les termes et expressions utilisés dans le présent certificat de bons de souscription et qui n’y sont pas définis ont le sens qui est attribué à leur équivalent anglais dans l’acte relatif aux bons de souscription. On peut obtenir sans frais un exemplaire de l’acte relatif aux bons de

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souscription sur demande adressée au secrétaire de la Société au 350 Indiana Street, suite 800, Golden, Colorado 80401 USA, téléphone : (303) 839-5060.

Rien dans le présent certificat de bons de souscription, dans l’acte relatif aux bons de souscription ou ailleurs ne doit être interprété comme conférant au porteur des présentes un droit ou un intérêt de quelque nature que ce soit en tant que porteur d’actions ordinaires ou autre actionnaire de la Société ou un autre droit ou intérêt, sauf comme il est expressément prévu aux présentes et dans l’acte relatif aux bons de souscription.

L’acte relatif aux bons de souscription prévoit des rajustements du prix d’exercice des bons de souscription ainsi que du nombre et de la nature des titres qui peuvent être achetés à l’exercice à la survenance de certains événements désignés, y compris la subdivision ou le regroupement des actions ordinaires, certains placements d’actions ordinaires ou de titres échangeables contre des actions ordinaires ou convertibles en actions ordinaires ou d’autres actifs ou biens de la Société, certains placements de droits, d’autres bons de souscription ou d’options et certaines réorganisations. L’acte relatif aux bons de souscription prévoit qu’un avis doit être donné à la Société avant de prendre certaines mesures qui y sont énumérées.

La Société peut à l’occasion acheter des bons de souscription, notamment de gré à gré. Les bons de souscription que la Société achète ainsi sont annulés.

Le présent certificat de bons de souscription, les bons de souscription représentés par le certificat de bons de souscription et l’acte relatif aux bons de souscription sont régis par les lois de la province d’Ontario et les lois fédérales du Canada qui s’y appliquent et sont exécutés et interprétés conformément à celles-ci.

Le présent certificat de bons de souscription n’est valide à toute fin que s’il est contresigné par ou pour l’agent pour les bons de souscription agissant à ce moment aux termes de l’acte relatif aux bons de souscription.

EN FOI DE QUOI la Société a fait signer le présent certificat de bons de souscription par son dirigeant compétent.

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Le présent certificat de bons de souscription est l’un des certificats de bons de souscription dont il est question dans l’acte relatif aux bons de souscription.

Date :

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FORMULAIRE DE SOUSCRIPTION

(FORMULAIRE 1)

PAR LES PRÉSENTES LE PORTEUR SOUSCRIT         actions ordinaires de Golden Minerals Company à 19,00 $ (dollars canadiens) par action ordinaire et aux autres conditions énoncées dans le certificat de bons de souscription et l’acte relatif aux bons de souscription et joint aux présentes un chèque certifié, une traite bancaire ou un mandat libellé en dollars canadiens et payable à « Golden Minerals Company  » en paiement du prix de souscription global de celles-ci.

Le soussigné donne irrévocablement par les présentes instruction que les actions ordinaires soient remises, sous réserve des conditions énoncées dans le présent certificat et l’acte relatif aux bons de souscription, et qu’elles soient enregistrées de la manière suivante :

Veuillez indiquer en caractères d’imprimerie le nom complet de la personne à qui le ou les certificats doivent être émis. Si des actions ordinaires doivent être émises à une personne ou des personnes autres que le porteur du bon de souscription, ce dernier doit payer à l’agent pour les bons de souscription tous les impôts et taxes ou autres frais gouvernementaux requis, s’il en est.

DATÉ ce                 jour de                                           20    .

Nom et adresse complets (en caractères d’imprimerie) :

o             Veuillez cocher cette case si les certificats représentant les actions ordinaires doivent être remis aux bureaux de l’agent pour les bons de souscription où le présent certificat de bons de souscription est remis, à défaut de quoi les certificats seront envoyés

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par la poste à l’adresse indiquée ci-dessus. Si les certificats doivent être remis aux bureaux de l’agent pour les bons de souscription où le présent certificat de bons de souscription est remis et qu’ils ne sont pas cueillis dans les cinq jours de leur remise, ils seront expédiés par la poste à la dernière adresse connue du porteur figurant dans les registres tenus par l’agent pour les bons de souscription.

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DIVISION OU REGROUPEMENT DE CERTIFICATS DE BONS DE SOUSCRIPTION

(FORMULAIRE 2)

Remplir et signer le présent FORMULAIRE 2 et remettre le présent certificat de bons de souscription à l’agent pour les bons de souscription suffisamment à l’avance pour que les nouveaux certificats de bons de souscription soient émis et utilisés.

Remettre au porteur de bon de souscription soussigné, à l’adresse indiquée ci-après, les nouveaux certificats de la manière suivante :

certificat(s) pour                                                                 bons de souscription chacun

certificat(s) pour                                                                 bons de souscription chacun

certificat(s) pour                                                                 bons de souscription chacun

DATÉ ce                jour de                                          20   .

Nom et adresse complets (en caractères d’imprimerie) :

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FORMULAIRE DE TRANSFERT

(FORMULAIRE 3)

CONTRE VALEUR REÇUE le soussigné vend, cède et transfère par les présentes les bons de souscription représentés par le présent certificat de bons de souscription à :

à titre de fondé de pouvoir du soussigné avec plein pouvoir de substitution pour transférer les bons de souscription au registre approprié de l’agent pour les bons de souscription.

CERTAINES EXIGENCES RELATIVES AUX TRANSFERTS

1.                                        L’acte relatif aux bons de souscription contient certaines autres exigences relatives au transfert de bons de souscription.

2.                                        La signature du cédant doit correspondre en tous points au nom de famille et au(x) prénom(s) ou aux initiales paraissant au recto au présent certificat et l’endossement doit se faire par signature avalisée, dans chaque cas, par une banque à charte canadienne de l’annexe 1 ou un membre d’un programme medallion de transfert de titres reconnu (STAMP). Le timbre apposé sur celui-ci par le garant doit porter les termes « aval de signature » ou « signature avalisée par medallion  » et doit par ailleurs être conforme aux normes du secteur.

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16.           From and after the Effective Time, the address and contact information of ECU set forth in Section 15.01(a) of the Indenture shall be deleted in its entirety and replaced with the following:

“to the Corporation at:

350 Indiana Street, Suite 800
Golden, Colorado, 80401
U.S.A.

Attention: Chief Executive Officer
Fax: (303) 839-5907”

17.           In the event that the Arrangement Agreement is terminated without giving effect to the Plan of Arrangement, this Supplemental Warrant Indenture shall terminate and have no further force and effect.

18.           Notwithstanding any provision of this Supplemental Warrant Indenture or the Indenture, but subject to Section 10.02 of the Indenture, nothing shall restrict or prevent any amalgamation, merger, sale, consolidation, arrangement, liquidation or winding-up of Golden or restrict or prevent Golden from entering into any other transaction or series of transactions, regardless of any affect which such transaction or transactions may have upon Golden or the Golden Shares. This Section shall not have the effect of reducing or terminating the rights of Warrantholders under the adjustment mechanisms in Article 5 of the Indenture.

19.           This Supplemental Warrant Indenture is supplemental to the Indenture and this Supplemental Warrant Indenture shall hereafter be read together and shall have effect as if all provisions thereof and hereof were contained in one instrument. Except as herein amended, the Indenture, as amended, and all the terms and conditions therein shall continue in full force and effect.

20.           In the event that there is any inconsistency or a conflict between the provisions of the Indenture and the provisions of this Supplemental Warrant Indenture, the provisions of this Supplemental Warrant Indenture and the intent of the parties as evidenced hereby shall prevail, and such provisions shall be deemed to be amended pursuant to the terms of this Supplemental Warrant Indenture.

21.           Each party hereto agrees to execute and deliver all such documents and instruments and do such other acts as may be necessary or advisable to give effect to the terms hereof.

22.           This Supplemental Warrant Indenture shall be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein.

23.           This Supplemental Warrant Indenture may be executed and delivered in one or more counterparts each of which when executed and delivered shall be deemed an original but all of which shall be deemed to constitute one and the same instrument.

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IN WITNESS WHEREOF ECU, Golden and the Warrant Agent have executed this Supplemental Warrant Indenture as of the day and year first above written.