UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

o

Rule 13d-1(b)

x

Rule 13d-1(c)

o

Rule 13d-1(d)

CUSIP No. 381119106

1.

Names of Reporting Persons. I.R.S. Identification Nos. of Above Persons (Entities Only)
Polygon Global Opportunities Master Fund

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

x

(b)

o

3.

SEC Use Only

4.

Citizenship or Place of Organization
Cayman Islands, British West Indies

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

5.

Sole Voting Power
0

6.

Shared Voting Power
207,009 (See Item 4(a))

7.

Sole Dispositive Power
0

8.

Shared Dispositive Power
207,009 (See Item 4(a))

9.

Aggregate Amount Beneficially Owned by Each Reporting Person
207,009

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  o

11.

Percent of Class Represented by Amount in Row (9)
6.4%

12.

Type of Reporting Person (See Instructions)
OO

CUSIP No. 381119106

1.

Names of Reporting Persons. I.R.S. Identification Nos. of Above Persons (Entities Only)
Polygon Investments Ltd.

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

x

(b)

o

3.

SEC Use Only

4.

Citizenship or Place of Organization
Cayman Islands, British West Indies

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

5.

Sole Voting Power
0

6.

Shared Voting Power
207,009 (See Item 4(a))

7.

Sole Dispositive Power
0

8.

Shared Dispositive Power
207,009 (See Item 4(a))

9.

Aggregate Amount Beneficially Owned by Each Reporting Person
207,009

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  o

11.

Percent of Class Represented by Amount in Row (9)
6.4%

12.

Type of Reporting Person (See Instructions)
OO

CUSIP No. 381119106

1.

Names of Reporting Persons. I.R.S. Identification Nos. of Above Persons (Entities Only)
Polygon Investment Management Limited

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

x

(b)

o

3.

SEC Use Only

4.

Citizenship or Place of Organization
United Kingdom

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

5.

Sole Voting Power
0

6.

Shared Voting Power
207,009 (See Item 4(a))

7.

Sole Dispositive Power
0

8.

Shared Dispositive Power
207,009 (See Item 4(a))

9.

Aggregate Amount Beneficially Owned by Each Reporting Person
207,009

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  o

11.

Percent of Class Represented by Amount in Row (9)
6.4%

12.

Type of Reporting Person (See Instructions)
OO

CUSIP No. 381119106

1.

Names of Reporting Persons. I.R.S. Identification Nos. of Above Persons (Entities Only)
Polygon Investment Partners LLP

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

x

(b)

o

3.

SEC Use Only

4.

Citizenship or Place of Organization
United Kingdom

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

5.

Sole Voting Power
0

6.

Shared Voting Power
207,009 (See Item 4(a))

7.

Sole Dispositive Power
0

8.

Shared Dispositive Power
207,009 (See Item 4(a))

9.

Aggregate Amount Beneficially Owned by Each Reporting Person
207,009

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  o

11.

Percent of Class Represented by Amount in Row (9)
6.4%

12.

Type of Reporting Person (See Instructions)
PN

CUSIP No. 381119106

1.

Names of Reporting Persons. I.R.S. Identification Nos. of Above Persons (Entities Only)
Polygon Investment Partners LP

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

x

(b)

o

3.

SEC Use Only

4.

Citizenship or Place of Organization
Delaware

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

5.

Sole Voting Power
0

6.

Shared Voting Power
207,009 (See Item 4(a))

7.

Sole Dispositive Power
0

8.

Shared Dispositive Power
207,009 (See Item 4(a))

9.

Aggregate Amount Beneficially Owned by Each Reporting Person
207,009

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  o

11.

Percent of Class Represented by Amount in Row (9)
6.4%

12.

Type of Reporting Person (See Instructions)
PN

CUSIP No. 381119106

1.

Names of Reporting Persons. I.R.S. Identification Nos. of Above Persons (Entities Only)
Polygon Investment Partners HK Limited

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

x

(b)

o

3.

SEC Use Only

4.

Citizenship or Place of Organization
Hong Kong

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

5.

Sole Voting Power
0

6.

Shared Voting Power
207,009 (See Item 4(a))

7.

Sole Dispositive Power
0

8.

Shared Dispositive Power
207,009 (See Item 4(a))

9.

Aggregate Amount Beneficially Owned by Each Reporting Person
207,009

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  o

11.

Percent of Class Represented by Amount in Row (9)
6.4%

12.

Type of Reporting Person (See Instructions)
OO

CUSIP No. 381119106

1.

Names of Reporting Persons. I.R.S. Identification Nos. of Above Persons (Entities Only)
Polygon Investment Partners GP, LLC

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

x

(b)

o

3.

SEC Use Only

4.

Citizenship or Place of Organization
Delaware

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

5.

Sole Voting Power
0

6.

Shared Voting Power
207,009 (See Item 4(a))

7.

Sole Dispositive Power
0

8.

Shared Dispositive Power
207,009 (See Item 4(a))

9.

Aggregate Amount Beneficially Owned by Each Reporting Person
207,009

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  o

11.

Percent of Class Represented by Amount in Row (9)
6.4%

12.

Type of Reporting Person (See Instructions)
OO

CUSIP No. 381119106

1.

Names of Reporting Persons. I.R.S. Identification Nos. of Above Persons (Entities Only)
Reade E. Griffith

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

x

(b)

o

3.

SEC Use Only

4.

Citizenship or Place of Organization
United States

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

5.

Sole Voting Power
0

6.

Shared Voting Power
207,009 (See Item 4(a))

7.

Sole Dispositive Power
0

8.

Shared Dispositive Power
207,009 (See Item 4(a))

9.

Aggregate Amount Beneficially Owned by Each Reporting Person
207,009

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  o

11.

Percent of Class Represented by Amount in Row (9)
6.4%

12.

Type of Reporting Person (See Instructions)
IN

CUSIP No. 381119106

1.

Names of Reporting Persons. I.R.S. Identification Nos. of Above Persons (Entities Only)
Patrick G. G. Dear

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

x

(b)

o

3.

SEC Use Only

4.

Citizenship or Place of Organization
United Kingdom

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

5.

Sole Voting Power
0

6.

Shared Voting Power
207,009 (See Item 4(a))

7.

Sole Dispositive Power
0

8.

Shared Dispositive Power
207,009 (See Item 4(a))

9.

Aggregate Amount Beneficially Owned by Each Reporting Person
207,009

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  o

11.

Percent of Class Represented by Amount in Row (9)
6.4%

12.

Type of Reporting Person (See Instructions)
IN

Item 1(a).

Name of Issuer:
Golden Minerals Company (“Golden Minerals”).

Item 1(b).

Address of Issuer’s Principal Executive Offices:
Walker House, Mary Street, George Town, Grand Cayman, Cayman Islands, British West Indies

Item 2(a).

Name of Person Filing

Item 2(b).

Address of Principal Business Office

Item 2(c).

Citizenship

This Schedule 13G 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 (the “Reporting Persons”).

Polygon Global Opportunities Master Fund (the “Master Fund”)

c/o Polygon Investment Partners LLP

4 Sloane Terrace

London SW1X 9DQ

United Kingdom

Citizenship: Cayman Islands, British West Indies

Polygon Investments Ltd. (the “Investment Manager”)

c/o Polygon Investment Partners LLP

4 Sloane Terrace

London SW1X 9DQ

United Kingdom

Citizenship: Cayman Islands, British West Indies

Polygon Investment Management Limited (“PIML”)

c/o Polygon Investment Partners LLP

4 Sloane Terrace

London SW1X 9DQ

United Kingdom

Citizenship: United Kingdom

Polygon Investment Partners LLP (the “UK Investment Manager”)

4 Sloane Terrace

London SW1X 9DQ

United Kingdom

Citizenship: United Kingdom

Polygon Investment Partners LP (the “US Investment Manager”)

399 Park Avenue

22nd Floor

New York, NY 10022

Citizenship: Delaware

Polygon Investment Partners HK Limited (the “HK Investment Manager”)

Unit 1501- 1502,15/F Cheung Kong Center

2 Queen’s Road Central

Hong Kong

Citizenship: Hong Kong

Polygon Investment Partners GP, LLC (the “General Partner”)

c/o Polygon Investment Partners LP

399 Park Avenue

22nd Floor

New York, NY 10022

Citizenship: Delaware

Reade E. Griffith (“Mr. Griffith”)

c/o Polygon Investment Partners LLP

4 Sloane Terrace

London SW1X 9DQ

United Kingdom

Citizenship: United States

Patrick G. G. Dear (“Mr. Dear”)

c/o Polygon Investment Partners LLP

4 Sloane Terrace

London SW1X 9DQ

United Kingdom

Citizenship: United Kingdom

Item 2(d).

Title of Class of Securities:
Common stock, par value $0.01 per share, of Golden Minerals (“Common Stock”).

Item 2(e).

Golden Common Stock has the following CUSIP number:
381119106.

Item 3.

Not Applicable.

Item 4(a).

Amount beneficially owned:   

As of May 21, 2009, each Reporting Person may be deemed to be beneficial owner of 207,009 shares of Common Stock (the “Shares”).

Item 4(b).

Percent of class:   

6.4%

Item 4(c).

Number of shares as to which Reporting Persons have:

(i)

Sole power to vote or direct the vote:   

0

(ii)

Shared power to vote or direct the vote:    

207,009

(iii)

Sole power to dispose of or to direct the disposition of:   

0

(iv)

Shared power to dispose of or to direct the disposition of:   

207,009

All of the Shares are directly held by the Master Fund.  The Investment Manager, PIML, the UK Investment Manager, the US Investment Manager, the HK Investment Manager and the General Partner have voting and dispository control over securities owned by the Master Fund.  Messrs. Griffith and Dear control the Investment Manager, PIML, the UK Investment Manager, the US Investment Manager, the HK Investment Manager and the General Partner.

Item 5.

Ownership of Five Percent or Less of a Class

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following   o.

Item 6.

Ownership of More than Five Percent on Behalf of Another Person

Not Applicable.

Item 7.

Identification and Classification of the Subsidiary which Acquired the Security Being Reported on by the Parent Holding Company.

Not Applicable.

Item 8.

Identification and Classification of Members of the Group.

See Exhibit 1.

Item 9.

Notice of Dissolution of the Group.

Not Applicable.

Item 10.

Certification.

By signing below each of the undersigned certifies that, to the best of such person’s knowledge and belief, the securities referred to above were acquired in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

Date: May 22, 2009

POLYGON GLOBAL OPPORTUNITIES MASTER FUND

By Polygon Investment Partners LLP, its investment manager

By

/s/ Patrick G. G. Dear

Name: Patrick G. G. Dear

Title: Principal

Date: May 22, 2009

POLYGON INVESTMENTS LTD.

By

/s/ Patrick G. G. Dear

Name: Patrick G. G. Dear

Title: Principal

Date: May 22, 2009

POLYGON INVESTMENT MANAGEMENT LIMITED

By

/s/ Patrick G. G. Dear

Name: Patrick G. G. Dear

Title: Principal

Date: May 22, 2009

POLYGON INVESTMENT PARTNERS LLP

By

/s/ Patrick G. G. Dear

Name: Patrick G. G. Dear

Title: Principal

Date: May 22, 2009

POLYGON INVESTMENT PARTNERS LP

By

/s/ Patrick G. G. Dear

Name: Patrick G. G. Dear

Title: Principal

Date: May 22, 2009

POLYGON INVESTMENT PARTNERS HK LIMITED

By

/s/ Patrick G. G. Dear

Name: Patrick G. G. Dear

Title: Principal

Date: May 22, 2009

POLYGON INVESTMENT PARTNERS GP, LLC

By

/s/ Patrick G. G. Dear

Name: Patrick G. G. Dear

Title: Principal

Date: May 22, 2009

/s/ Reade E. Griffith

Reade E. Griffith

Date: May 22, 2009

/s/ Patrick G. G. Dear

Patrick G. G. Dear