SOURCE: Golden Phoenix Minerals, Inc.

Golden Phoenix Minerals, Inc.

September 29, 2011 11:44 ET

Golden Phoenix Joint Venture Partner Scorpio Gold Intersects 3.05 Meters Grading 15.85 g/t Gold on Solberry Zone, Mineral Ridge Gold Project

SPARKS, NV--(Marketwire - Sep 29, 2011) - Golden Phoenix Minerals, Inc. (the "Company") (OTCBB: GPXM) joint venture partner Scorpio Gold announces initial drill results from the Solberry Zone at the Mineral Ridge Gold Project grading 15.85 g/t gold over 3.05 meters.

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.

Peter J. Hawley, President and CEO of Scorpio Gold, reports, "In following up on historical drill results (Table 1), our initial drilling on the Solberry Zone has intersected a high-grade zone of enrichment of currently unknown extent at the northwest margin of the zone, returning 15.85 g/t gold over 3.05 meters (Table 2). The Solberry Zone is located approximately 760 meters (2,500 feet) west of the Drinkwater open pit where Scorpio is currently mining. Planning for a follow-up program to conduct in-fill and step-out drilling of the area of interest is in progress. Meanwhile, the drill has moved to the Brodie Zone located 975 meters (3,200 feet) southwest of the Drinkwater pit, to follow up on historical drill results in that area."

Table 1 - Solberry Zone - Historical Drill Results

Hole No. From (ft) To (ft) Width (ft) From (m) To (m) Width (m) Gold (OPT) Gold (g/t)
BMR-028 55 60 5 16.77 18.29 1.52 0.161 4.56
BMR-029 85 90 5 25.91 27.44 1.52 0.061 1.73
100 105 5 30.49 32.01 1.52 0.058 1.64
BMR-030 85 105 20 25.91 32.01 6.10 0.052 1.47
BMR-050 5 10 5 1.52 3.05 1.52 0.027 0.77
30 40 10 9.15 12.20 3.05 0.108 3.06
BMR-051 0 5 5 0.00 1.52 1.52 0.027 0.77
35 40 5 10.67 12.20 1.52 0.034 0.96
BMR-053 25 30 5 7.62 9.15 1.52 0.146 4.14
BMR-057 40 45 5 12.20 13.72 1.52 0.018 0.51
BMR-101 40 50 10 12.20 15.24 3.05 0.067 1.90
95 105 10 28.96 32.01 3.05 0.056 1.59
GW-60-86 45 50 5 13.72 15.24 1.52 0.065 1.84
145 150 5 44.21 45.73 1.52 0.072 2.04
165 170 5 50.30 51.83 1.52 0.025 0.71
GW-61-86 10 20 10 3.05 6.10 3.05 0.035 0.99
25 30 5 7.62 9.15 1.52 0.023 0.65
110 115 5 33.54 35.06 1.52 0.063 1.79
GW-62-86 85 95 10 25.91 28.96 3.05 0.055 1.56

Table 2 - Solberry Zone - Significant Drill Results From 2011 Program

Hole No. From (ft) To (ft) Width (ft) From (m) To (m) Width (m) Gold (OPT) Gold (g/t)
MR11158 60 80 20 18.29 24.39 6.10 0.017 0.48
MR11159 5 15 10 1.52 4.57 3.05 0.029 0.82
MR11165 45 65 20 13.72 19.82 6.10 0.116 3.29
MR11167 20 55 35 6.10 16.77 10.67 0.023 0.65
105 125 20 32.01 38.11 6.10 0.117 3.32
MR11168 50 60 10 15.24 18.29 3.05 0.019 0.54
MR11170 40 45 5 12.20 13.72 1.52 0.018 0.51
MR11174 0 10 10 0.00 3.05 3.05 0.039 1.11
30 40 10 9.15 12.20 3.05 0.559 15.85
110 120 10 33.54 36.59 3.05 0.017 0.48

All holes presented in the above tables were by reverse circulation (RC) drilling. True width is estimated at ~90% of downhole width. Analytical results were performed by American Assay Laboratory Inc. ("AAL") in Sparks, Nevada, USA. AAL does not have ISO/IEC 17025 accreditation but implements a quality management system following ISO/IEC 17025 standards and maintains a paperwork trail for ISO/IEC 17025 accreditation. AAL participates in a number of testing and certification programs, details of which are presented in Scorpio's quality assurance and quality control (QA/QC) program for the Mineral Ridge project: http://www.scorpiogold.com/i/pdf/reports/QAQC-MR.pdf External check assays to verify lab accuracy are routinely completed by ALS Chemex, an ISO 9001:2000 certified and ISO/IEC 17025:2005 accredited laboratory.

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. Investors should not infer from these assay results that there exists sufficient amounts of precious metals in these areas to support profitable mining operations now, or in the immediate future.

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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