Golden Minerals Co. sold its remaining interest in the Celaya silver-gold project in Guanajuato, Mexico, to a unit of Electrum Group LLC.

The company said Sept. 4 that it will receive US$3 million from the deal, with the funds to be used for further exploration at the El Quevar silver project in Argentina and other projects in Mexico.

In March, Golden Minerals estimated a new resource for the Yaxtché deposit at El Quevar, and said it plans to complete a preliminary economic assessment in the next few months based on the updated resource.