SOURCE: Golden Phoenix Minerals, Inc.

Golden Phoenix Minerals, Inc.

May 11, 2011 09:59 ET

Golden Phoenix Joint Venture Partner Scorpio Gold Reports Sampling of Stockpile at the Mineral Ridge Gold Deposit, Nevada

SPARKS, NV--(Marketwire - May 11, 2011) - Golden Phoenix Minerals, Inc. (OTCBB: GPXM) joint venture partner Scorpio Gold is pleased to report assay results from sampling of material in the Drinkwater Pit that was left behind by former operators and previously thought to be waste material.

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.

Of 156 samples collected from blasted material, approximately 52% report values of interest (Table 1). Detailed surveying has determined there is approximately 10,000 tons of mineralized material that Scorpio Gold's mining contractor, Ledcor, can retrieve and deliver to the crushing unit for subsequent placement on the heap leach pad.

Table 1. Selected Stockpile Sample Results

Sample
No.
Gold
(OPT)
Gold
(g/t)
Sample
No.
Gold
(OPT)
Gold
(g/t)
Sample
No.
Gold
(OPT)
Gold
(g/t)
MR15-1310.0140.44MR15-1610.0952.95MR-15-2380.0140.44
MR15-1320.1123.48MR15-1620.0722.24MR-15-2390.0912.83
MR15-1330.0371.15MR15-1630.0712.21MR-15-2400.0160.50
MR15-1340.0050.16MR15-1640.0060.19MR-15-2410.0160.50
MR15-1350.0060.19MR15-1650.0110.34MR-15-2430.1143.55
MR15-1360.0140.44MR15-2010.0321.00MR-15-2440.0200.62
MR15-1370.0431.34MR-15-2080.0702.18MR-15-2520.1524.73
MR15-1380.0481.49MR-15-2100.0461.43MR-15-2530.0702.18
MR15-1390.0180.56MR-15-2130.0290.90MR-15-2550.0912.83
MR15-1400.0321.00MR-15-2140.0290.90MR-15-2560.37511.66
MR15-1410.0712.21MR-15-2150.2708.40MR-15-2570.0270.84
MR15-1420.1133.51MR-15-2160.0551.71MR-15-2581.11434.65
MR15-1430.0581.80MR-15-2170.0180.56MR-15-2610.0310.96
MR15-1440.1735.38MR-15-2180.0712.21MR-15-2620.2999.30
MR15-1450.0571.77MR-15-2190.0321.00MR-15-2640.1053.27
MR15-1460.39712.35MR-15-2200.0230.72MR-15-2650.0471.46
MR15-1470.2016.25MR-15-2210.0581.80MR-15-2660.0240.75
MR15-1480.1685.23MR-15-2220.0772.39MR-15-2720.0662.05
MR15-1490.1925.97MR-15-2230.0461.43MR-17-1670.53716.70
MR15-1500.2728.46MR-15-2240.0230.72MR17-167x0.54016.80
MR15-1512.16667.37MR-15-2250.0140.44MR17-1680.1324.11
MR15-1520.0882.74MR-15-2260.0150.47MR17-168x0.1273.95
MR15-1530.0361.12MR-15-2270.0200.62MR17-1690.36611.38
MR15-1540.0030.09MR-15-2280.0371.15MR17-169x0.37711.73
MR15-1550.0190.59MR-15-2310.2457.62MR17-1670.53716.70
MR15-1560.0020.06MR-15-2320.0150.47MR17-167x0.54016.80
MR15-1570.0150.47MR-15-2330.2116.56MR17-1680.1324.11
MR15-1580.0240.75MR-15-2350.0260.81MR17-168x0.1263.92
MR15-1590.0962.99MR-15-2360.0471.46MR17-1690.36611.38

Average sample weight of the 76 samples presented in Table 1 is 8.9 lb. Samples designated with an "x" are re-check analyses. 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/Documents/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.

Please visit the Golden Phoenix website at: www.golden-phoenix.com.

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.

Contact Information

  • For More Information Contact:
    Robert Ian
    Director of Corporate Communications
    (775) 453-4741
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