GOLDEN PHOENIX MINERALS (GPXM)

[Grolden]

GPXM news - Golden Phoenix Announces Favorable Ruling and Award of Damages in Pinnacle Arbitration Hearing GlobeNewswire "Press Releases"
AMERICAN FORK, Utah , June 08, 2015 (GLOBE NEWSWIRE) -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board:GPXM) (Golden Phoenix or the Company) announced today that arbitration proceedings involving the Company and Pinnacle Minerals Corporation (Pinnacle) have been completed, and on June 4, 2015 , the arbitrator ruled in favor of the Company and denied the claims of Pinnacle.

The arbitrator found that Pinnacle committed fraud in the sale to the Company of Pinnacles membership interest relating to a Peruvian mining venture. The arbitrator awarded damages to the Company totaling $573,469 , comprised of the return of cash payments previously paid by the Company to Pinnacle, certain expenses paid by the Company towards mineral production in Peru , and attorneys fees. In addition, notes payable to Pinnacle totaling $440,000 previously recorded by the Company were extinguished pursuant to the arbitration ruling.