SOURCE: Golden Phoenix Minerals, Inc.

Golden Phoenix Minerals, Inc.

June 28, 2011 09:26 ET

Golden Phoenix Joint Venture Partner Scorpio Gold Announces First Gold and Silver Sales From Mineral Ridge Gold Project, Nevada

SPARKS, NV--(Marketwire - Jun 28, 2011) - Golden Phoenix Minerals, Inc. (the "Company") (OTCBB: GPXM) joint venture partner Scorpio Gold is pleased to announce on June 23rd, 2011, the first gold and silver sales were made from the Mineral Ridge Gold Project in 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.

The precious metals sale was made from the first production batch of gold and silver in loaded carbon. In total, 623 ounces of gold and 301 ounces of silver were sold to Waterton Global Resource Management.

"Gold production has officially begun at Mineral Ridge," stated Tom Klein, CEO of Golden Phoenix. "The efficiency and production expertise demonstrated at last week's mine tours puts Mineral Ridge on track for continued advancement."

Peter J. Hawley, President & CEO of Scorpio Gold, reports, "This was a monumental day for Scorpio Gold, and marks the start of on-going sales of precious metals from Mineral Ridge. Scorpio Gold would like to thank the operations team for their commitment and hard work to make this happen in a very short period of time, as well as the shareholders for their continued support."

During the week of June 20th 2011, two mine tours of the Mineral Ridge operation were attended by representatives of financial institutions, mining analysts, industry media and high net worth investors. This successful review of operations included visits to various mineralized sites, allowing attendees to witness both the efficiency of the current mining operation and the significant upside potential from property-wide exploration. Highlights of the tour included participation in a 250-hole, open pit blast of approximately 15,000 tons of mineralization plus the handling of physical gold from assays in the assay lab.

Mr. Peter J. Hawley, PGeo, is Scorpio Gold's Qualified Person and CEO for the various Scorpio Gold projects. Mr. Hawley is responsible for the current exploration and development program at Mineral Ridge.

Scorpio Gold reports its results under Canadian mining and TSX Venture Exchange guidelines, which report mineral reserve and resource estimates differently than in the U.S., and may not meet the standards of "proven" and "probable" reserves set forth in SEC Industry Guide 7.

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 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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