SOURCE: Golden Phoenix Minerals, Inc.

Golden Phoenix Minerals, Inc.

August 25, 2011 13:07 ET

Golden Phoenix Engages Telesto Nevada to Prepare Vanderbilt Silver and Gold Project for Exploratory Drilling Program

SPARKS, NV--(Marketwire - Aug 25, 2011) - Golden Phoenix Minerals, Inc. (the "Company") (OTCBB: GPXM) is pleased to announce it has engaged Telesto Nevada, Inc. ("Telesto") to prepare a Notice of Intent to conduct mineral exploration on its Vanderbilt claim group near the town of Silver Peak and adjacent to the Mineral Ridge gold project in Esmeralda County, NV.

Telesto will assist Golden Phoenix in map generation and reclamation calculations for a final determination of the bonding required prior to commencement of exploratory drilling on the Company's Vanderbilt Silver and Gold Project. The scope of exploration will use existing disturbance and any new disturbance that is planned will be less than five acres.

"Golden Phoenix is beginning to advance its multi-project drill program as discussed on our recent conference call," stated Tom Klein, CEO of Golden Phoenix. "We expect to announce developments on other projects in the near future."

Telesto provides full-service consulting in engineering and science including design, construction, and construction management services. Telesto has extensive experience in the fields of geotechnical and civil engineering, hydrology, geology and geochemistry.

Golden Phoenix has an option to earn an 80% interest in the Vanderbilt Silver and Gold Project, and the Coyote Fault Gold and Silver Project, both of which are adjacent to the Mineral Ridge gold project near Silver Peak, Nevada. Golden Phoenix currently maintains a thirty percent (30%) interest in the Mineral Ridge Gold Project via its membership interest in Mineral Ridge Gold LLC, the joint venture entity that owns and operates the Mineral Ridge property with Scorpio Gold.

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.

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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