SOURCE: Golden Phoenix Minerals, Inc.

Golden Phoenix Minerals, Inc.

August 11, 2011 14:29 ET

Golden Phoenix Buys Back and Cancels 500,000 Shares of Common Stock; Previously Announced Stock Buyback Program Continues

SPARKS, NV--(Marketwire - Aug 11, 2011) - Golden Phoenix Minerals, Inc. (the "Company") (OTCBB: GPXM) is pleased to report it has repurchased and cancelled 500,000 shares of the Company's Common Stock as part of its ongoing stock buyback program.

"Golden Phoenix is continuing with its stock buyback program," stated Tom Klein, CEO of Golden Phoenix. "Based on current market dynamics, we believe the repurchase program is in the best interests of our shareholders."

In the Company's September 28, 2010 press release, it announced the Board of Directors had approved the repurchase of an aggregate of up to 20% of its outstanding Common Stock, effective immediately.

The repurchases will be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market. The repurchase program has continued since September 2010, and the Company has made additional repurchases as disclosed in its periodic filings with the U.S. Securities and Exchange Commission. The program is expected to continue for a full twelve (12) months from its start date, unless extended or shortened by the Board of Directors.

Please visit the Golden Phoenix website at:

About Golden Phoenix: Golden Phoenix Minerals, Inc. is a Nevada-based mining company whose focus is Royalty Mining in the Americas. Golden Phoenix is committed to delivering shareholder value by identifying, acquiring, developing and joint venturing gold, silver and strategic metal deposits throughout North, South and Central America. Golden Phoenix owns, has an interest in, or has entered into agreements with respect to mineral properties located in the United States, Canada, Panama and Peru including its 30% interest in the Mineral Ridge gold project near Silver Peak, Nevada.

Forward Looking Statements: Information contained herein regarding optimism related to the business, expanding exploration, development activities and other such statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to the safe harbors created thereby. While Golden Phoenix believes such statements are reasonable, they are based on current expectations, estimates and projections about the Company's business and are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Actual results could vary materially from the description contained herein due to many factors including continued market prices for the Company's mineral products, domestic and international business and economic conditions, and other risk factors listed in the Company's Securities and Exchange Commission (SEC) filings under "risk factors" and elsewhere. The Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

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