Molybdenum

[maverick49er]

GPXM.OB Golden Phoenix Minerals, Inc.

Ashdown Update

November 10, 2006

With the arrival to the mill of the first high-grade mineralization from the Sylvia South Zone, the Ashdown staff has turned its attention to the science and art of making a molybdenite concentrate that meets international industry specifications. The mill feed arriving from the crusher to the ball mill last Saturday was estimated to average 8-10% Mo. The result, as it was moved through the mill circuits was what you see in the photo, above. This froth contains a high concentration of moly together with a number of other constituents including lead, zinc, iron and copper. To meet spec, the final product will contain a minimum of 50% Mo, and certain other metals must be "depressed" to varying percentages. Specimens taken from last Saturday's concentrates are being analyzed by outside labs to determine the makeup and structure of the material in order to begin to design the most efficient methodologies to process and deliver a quality product. This requires a combination of scientific measurement and analysis together with the application of experienced "hands-on" mine and mill practices. The team's focus is on making saleable production happen as soon as possible, in an accountable and verifiable manner.

Inside the mine, crews are blasting a raise through the high-grade vein. Mineralized material is being stockpiled while the workings are being developed. Some timbering is involved, and once the raise has advanced, scrams can be run, left and right, along the vein structure.

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