GOLDEN PHOENIX MINERALS (GPXM)

[basserdan]

Golden Phoenix's Ashdown Project Completes Third Sale of Molybdenum Concentrates; Mine Ramp-Up Continues

Thursday February 22, 5:00 am ET

SPARKS, Nev., Feb. 22 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM - News) is pleased to announce the sale of the third consignment of molybdenite concentrates produced by the Ashdown Project LLC, located in Humboldt County, Nevada.

A sale of 12 Supersacks of moly concentrate has been made to Derek Raphael & Company of London, England. The consignment weighed more than 47,000 pounds and contained over 25,000 pounds of elemental molybdenum. Provisional invoice value of the shipment is in excess of $470,000 with a final value to be determined following delivery and processing of the material. Cumulative moly sales to date total approximately $972,000.

This sale marks the first time an entire shipment was produced in one continuous weeklong milling campaign that finished on February 20th. Apart from minor mechanical interruptions, the mill crew was able to operate on a 24-hour basis. Rate of production increased approximately 50% from the January 2007 average of 1,341 pounds of molybdenite per day, to a projected average of 2022 pounds per day during February. The mill is scheduled to resume production next week.

In the Ashdown mine, development crews continue to drive a second raise to increase access to the high-grade mineralization of the Sylvia vein. Once the development work is completed, crews will be able to mine in two directions. At the same time, mining crews have been removing mineralized material along the southern section of the sill drift. Additional development includes extension of the ventilation ducting, completion of a second refuge chamber, start of construction of a truck scale to weigh mine output, and installation of a screening plant to process sand fill used to stabilize the mine workings.

In the past two weeks, the mining staff has been increased 50% to a total of 18 miners, and the mill staff has added two workers. In face of a tight employment market, a recruiting specialist has been hired to implement an aggressive recruitment program seeking experienced miners throughout the western states. The work schedule has been adjusted to seven-days-on seven-days-off in order to attract out-of-area workers, and housing is being developed to handle the growing staff.

Golden Phoenix Minerals, Inc. is a Nevada-based mining company committed to deliver value to its shareholders by acquiring, developing and mining superior precious and strategic metal deposits in North America using competitive business practices balanced by principles of ethical stewardship. Golden Phoenix owns the Mineral Ridge gold and silver property near Silver Peak, Nevada, the Northern Champion molybdenum mine in Ontario, Canada, and is manager/operator and majority owner of the Ashdown Project LLC gold and molybdenum property held jointly by Golden Phoenix Minerals, Inc. and Win-Eldrich Mines, Ltd. of Toronto, Canada through its US subsidiary, Win-Eldrich Gold, Inc.

Visit the Golden Phoenix Web site at http://www.Golden-Phoenix.com/

CONTACT:
Golden Phoenix Minerals, Inc.
Robert Martin
President
775/853-4919

http://biz.yahoo.com/prnews/070222/lath041.html?.v=87