SOURCE: Golden Phoenix Minerals, Inc.

Golden Phoenix Minerals, Inc.

November 08, 2011 15:19 ET

Golden Phoenix Joint Venture Partner Scorpio Gold Intersects Near Surface Mineralization at Wedge B Zone, Mineral Ridge Gold Project

LAS VEGAS, NV--(Marketwire - Nov 8, 2011) - Golden Phoenix Minerals, Inc. ("Golden Phoenix") (OTCBB: GPXM) joint venture partner Scorpio Gold announces the intersection of near surface mineralization at the Wedge B Zone on 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.

Peter J. Hawley, President and CEO of Scorpio Gold, reports, "Our initial drilling on the Wedge B Zone, located 225 meters west of the Drinkwater pit where Scorpio Gold is currently mining, has intersected mineralization of interest. Given the shallow depth of the mineralization and its close proximity to the crushing unit and haul roads, Scorpio Gold is examining the viability of adding the extraction of this zone into the 2012 mine planning. This addition has the potential to increase the overall gold production scheduled for the coming year."

Table 1. Wedge B Zone - Significant Drill Results

Hole No. From (ft) To (ft) Width (ft) From (m) To (m) Width (m) Gold (OPT) Gold (g/t)
MR11176 0 20 20 0.00 6.10 6.10 0.024 0.68
70 80 10 21.34 24.38 3.05 0.033 0.94
MR11177 25 45 20 7.62 13.72 6.10 0.016 0.45
60 65 5 18.29 19.81 1.52 0.037 1.05
MR11178 0 5 5 0.00 1.52 1.52 0.018 0.51
25 30 5 7.62 9.14 1.52 0.018 0.51
40 45 5 12.19 13.72 1.52 0.032 0.91
55 80 25 16.76 24.38 7.62 0.030 0.85
105 110 5 32.00 33.53 1.52 0.024 0.68
MR11179 0 5 5 0.00 1.52 1.52 0.025 0.71
25 50 25 7.62 15.24 7.62 0.021 0.60
95 100 5 28.96 30.48 1.52 0.071 2.01
MR11180 45 50 5 13.72 15.24 1.52 0.015 0.43
55 60 5 16.75 18.29 1.52 0.014 0.40
MR11181 40 60 20 12.19 18.29 6.10 0.034 0.96
MR11182 45 55 10 13.72 16.76 3.05 0.101 2.86
MR11183 55 70 15 16.76 21.34 4.57 0.042 1.19
MR11184 30 35 5 9.14 10.67 1.52 0.018 0.51
MR11185 40 45 5 12.19 13.72 1.52 0.018 0.51
100 105 5 30.48 32.00 1.52 0.018 0.51
MR11186 45 60 15 13.72 18.29 4.57 0.085 2.41
MR11187 85 95 10 25.91 28.96 3.05 0.032 0.91
MR11188 100 120 20 30.48 36.58 6.10 0.019 0.54
MR11190 5 10 5 1.52 3.05 1.52 0.027 0.77
MR11194 35 40 5 10.67 12.91 1.52 0.019 0.54
MR11196 60 65 5 18.29 19.81 1.52 0.024 0.68
75 90 15 22.86 27.43 4.57 0.029 0.82
MR11198 125 130 5 38.10 39.62 1.52 0.052 1.47
MR11199 0 15 15 0.00 4.57 4.57 0.035 0.99

All holes presented in the above tables were completed by reverse circulation (RC) drilling. True width is estimated at ~90% 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 Gold's quality assurance and quality control (QA/QC) program for the Mineral Ridge project at: www.scorpiogold.com/i/pdf/reports/QAQC-MR.pdf.

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 Gold's quality assurance and quality control (QA/QC) program for the Mineral Ridge project at: 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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