FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * POLYGON GLOBAL OPPORTUNITIES MASTER FUND   2. Issuer Name and Ticker or Trading Symbol Golden Minerals Co [GDMN.PK] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) C/O POLYGON INVESTMENT PARTNERS LLP, 4 SLOANE TERRACE 3. Date of Earliest Transaction (Month/Day/Year) 05/21/2009 (Street) LONDON, X0 SW1X 9DQ 4. If Amendment, Date Original Filed(Month/Day/Year) 04/02/2009 6. Individual or Joint/Group Filing(Check Applicable Line) ___ Form filed by One Reporting Person _X_ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 05/21/2009   S   300,000 D $ 1.75 207,009 D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
POLYGON GLOBAL OPPORTUNITIES MASTER FUND C/O POLYGON INVESTMENT PARTNERS LLP 4 SLOANE TERRACE LONDON, X0 SW1X 9DQ		X
Polygon Investments Ltd. C/O POLYGON INVESTMENT PARTNERS LLP 4 SLOANE TERRACE LONDON, X0 SW1X 9DQ		X
Polygon Investment Management LTD C/O POLYGON INVESTMENT PARTNERS LLP 4 SLOANE TERRACE LONDON, X0 SW1X 9DQ		X
Polygon Investment Partners LLP C/O POLYGON INVESTMENT PARTNERS LLP 4 SLOANE TERRACE LONDON, X0 SW1X 9DQ		X
Polygon Investment Partners LP C/O POLYGON INVESTMENT PARTNERS LLP 4 SLOANE TERRACE LONDON, X0 SW1X 9DQ		X
Polygon Investment Partners HK LTD C/O POLYGON INVESTMENT PARTNERS LLP 4 SLOANE TERRACE LONDON, X0 SW1X 9DQ		X
Polygon Investment Partners GP, LLC C/O POLYGON INVESTMENT PARTNERS LLP 4 SLOANE TERRACE LONDON, X0 SW1X 9DQ		X
Reade E. Griffith C/O POLYGON INVESTMENT PARTNERS LLP 4 SLOANE TERRACE LONDON, X0 SW1X 9DQ		X
Patrick G. G. Dear C/O POLYGON INVESTMENT PARTNERS LLP 4 SLOANE TERRACE LONDON, X0 SW1X 9DQ		X

Signatures

POLYGON GLOBAL OPPORTUNITIES MASTER FUND; By: Polygon Investment Partners LLP, its investment manager; By: /s/ Patrick G. G. Dear, Principal		05/22/2009
**Signature of Reporting Person		Date
POLYGON INVESTMENTS LTD.; By: /s/ Patrick G. G. Dear, Principal		05/22/2009
**Signature of Reporting Person		Date
POLYGON INVESTMENT MANAGEMENT LIMITED; By: /s/ Patrick G. G. Dear, Principal		05/22/2009
**Signature of Reporting Person		Date
POLYGON INVESTMENT PARTNERS LLP; By: /s/ Patrick G. G. Dear, Principal		05/22/2009
**Signature of Reporting Person		Date
POLYGON INVESTMENT PARTNERS HK LIMITED; By: Patrick G. G. Dear, Principal		05/22/2009
**Signature of Reporting Person		Date
POLYGON INVESTMENTS PARTNERS GP, LLC; By: /s/ Patrick G. G. Dear, Principal		05/22/2009
**Signature of Reporting Person		Date
/s/ Reade E. Griffith		05/22/2009
**Signature of Reporting Person		Date
/s/ Patrick G. G. Dear		05/22/2009
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Remarks: This Form 4 is filed on behalf of Polygon Global Opportunities Master Fund, Polygon Investments Ltd., Polygon Investment Management Limited, Polygon Investment Partners LLP, Polygon Investment Partners LP, Polygon Investment Partners HK Limited, Polygon Investment Partners GP, LLC, Mr. Reade E. Griffith and Mr. Patrick G. G. Dear.

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