SOURCE: Golden Phoenix Minerals, Inc.

Golden Phoenix Minerals, Inc.

April 13, 2012 09:00 ET

Golden Phoenix Requests Forensic Accounting of Mineral Ridge Gold Project

LAS VEGAS, NV--(Marketwire - Apr 13, 2012) - Golden Phoenix Minerals, Inc., a Nevada corporation (the "Company" or "Golden Phoenix") (OTCBB: GPXM), has informed Scorpio Gold Corporation, a British Columbia corporation, and parent company of Scorpio Gold (US) Corporation, a Nevada corporation (collectively, "Scorpio"), it is requesting a forensic accounting of the books, records and financial accounts for Mineral Ridge Gold, LLC ("MRG"), as well as the operations and financial affairs of MRG while Scorpio served as the Manager of MRG and was in sole control thereof.

Golden Phoenix and Mineral Ridge Gold, LLC, a Nevada limited liability company (as a derivative plaintiff), recently filed a lawsuit, through its counsel, Bowen Hall, against Scorpio and Waterton Global Value, L.P., a Canadian limited partnership ("Waterton"), in the Second Judicial Court of Nevada in and for the County of Washoe.

Golden Phoenix intends to vigorously prosecute the case, to the fullest extent possible under applicable law, seeking to maximize the rights and interests of the Company and its shareholders. The Company will continue to publicly disclose material developments with respect to this matter.

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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, and its 15% interest in Golden Phoenix Panama, S.A., the joint venture entity that owns and operates the Concessions constituting the Santa Rosa gold mine.

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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