SOURCE: Golden Phoenix Minerals, Inc.

Golden Phoenix Minerals, Inc.

November 03, 2011 13:44 ET

Golden Phoenix Completes Joint Venture Operating Agreement for Santa Rosa Gold Mine, Panama

LAS VEGAS, NV--(Marketwire - Nov 3, 2011) - Golden Phoenix Minerals, Inc. ("Golden Phoenix") (OTCBB: GPXM) is pleased to announce that on October 28, 2011, it entered into a Joint Venture Operating Agreement (the "JV Agreement") with Silver Global, S.A., a Panamanian corporation ("Silver Global"), to govern the operational and management-related aspects of the newly formed joint venture company, Golden Phoenix Panama, S.A., a Panamanian corporation ("JV Company") formed for the purpose of holding, operating, running and mining the existing and future exploration, extraction, transport and benefit concessions encompassing the Santa Rosa gold mine ("Santa Rosa" or "Mina Santa Rosa") located in Cañazas, Panama.

Under the terms of the JV Agreement, Golden Phoenix will be the Manager of the JV Company and will have the powers and management responsibilities for all operational aspects of JV Company. Silver Global will be responsible for handling all social programs, political and community relations, and human resource matters within Panama.

Golden Phoenix and Silver Global have agreed to an area of interest, encompassing the entirety of Panama, and accordingly to work together on all future acquisitions within Panama and to bring such new opportunities to the JV Company.

Golden Phoenix will be earning in to a 60% interest (and potentially up to an 80% interest) in the Santa Rosa gold mine via its acquisition of share capital in the JV Company as discussed in its September 19, 2011, press release. Upon signing the JV Agreement and completing the corresponding acquisition payment, Golden Phoenix will earn an initial 15% interest in the JV Company.

Tom Klein, CEO of Golden Phoenix, comments: "The completion of our Joint Venture Operating Agreement with Silver Global creates a solid foundation for the development and planned re-opening of Mina Santa Rosa."

Tony Bonilla, President of Silver Global, comments: "This Agreement establishes a strong partnership with Golden Phoenix and sets the stage for new employment and expanded growth within Panama."

Mr. Klein concluded: "Work has already begun on multiple fronts to advance Santa Rosa to the next level of development, including work by SRK Consulting to prepare a resource estimate and NI-43-101 Technical Report."

Please visit the Golden Phoenix website at: www.goldenphoenix.us.

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.

About Silver Global: Silver Global is a Panama-based mining company whose focus is to identify and develop mining opportunities in the Republic of Panama. Silver Global is committed to delivering shareholder value by identifying, acquiring, developing and joint venturing gold, silver and strategic metal deposits throughout Panama. Silver Global, prior to commencing the process of transferring its interests to the JV Company, was the sole owner of Mina Santa Rosa Panama and has just signed a definitive joint venture agreement with Golden Phoenix for the development of Mina Santa Rosa Panama.

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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