SOURCE: Golden Phoenix Minerals, Inc.

Golden Phoenix Minerals, Inc.

August 15, 2011 10:00 ET

Golden Phoenix Hires Mining-Geology Expert John Bolanos as V.P. Exploration to Coordinate Mining Activities Throughout North, South and Central America

SPARKS, NV--(Marketwire - Aug 15, 2011) - Golden Phoenix Minerals, Inc. (the "Company") (OTCBB: GPXM) is pleased to announce it has hired mining-geology expert John Bolaños to serve as the Company's Vice President of Exploration and coordinate all of its development activities in Nevada, Panama, Peru and Ontario, effective September 1st, 2011.

John earned his Masters Degree in Mining Geology (M.Sc.) from the Camborne School of Mines, University of Exeter, United Kingdom in 1995, and is fluent in both Spanish and English. From 2005-2010 he served as General Manager of AndeanGold Ltd. with exploration/operations in Colombia, Ecuador, Peru and Mexico.

John's expertise includes project evaluation, organization of exploration teams, field operations management, community relations, administration, environmental control and securing/negotiating specific mining projects. John's experience includes mapping, diamond drilling, logging, geophysics, geochemistry, as well as pre-feasibility and feasibility studies. John has participated in and is familiar with IPOs on the TSX, 43-101 reports and the creation of exploration and operational budgets.

"The addition of John Bolaños as V.P. of Exploration provides Golden Phoenix with significant internal mining-geology expertise," stated Tom Klein, CEO of Golden Phoenix. "John's broad range of experience will allow him to coordinate our network of geological consultants as we finalize drilling and exploration programs on several key properties."

John Bolaños comments: "Golden Phoenix has a strong and innovative business model. I look forward to using my skills to help the Company leverage and develop its portfolio of mining properties throughout the Americas."

John's career includes work with AndeanGold Ltd, Ascendant Exploration S.A., Hampton Court Resources, Grantmining S.A., the British Geological Survey and individual consulting contracts. In addition to his Masters Degree in Mining Geology (M.Sc.) from Camborne School of Mines in the U.K., John graduated from Central University of Ecuador in 1991 (B.Sc./Eng) as a Geologist and was recognized as a Gold Medal Best Student. In addition, John received a Bachelor in Physics and Mathematics when he graduated from Bolivar High School in Tulcán, Ecuador.

John is a member of the Society of Economic Geologists Inc. (USA), a Fellow of the Geological Society of London, an Environmental Consultant, a Qualified Geologist in Ecuador and a member of both the Engineering College of Ecuador and the Ecuadorian Mining Chamber. In his spare time he enjoys guitar, biking, mountain climbing and Taekwondo.

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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