SPARKS, Nev., Oct. 24 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc.
(OTC Bulletin Board: GPXM - News) is pleased to report that it has engaged the
technical team of West Coast Environmental & Engineering to update the existing
feasibility study for its 100% owned Mineral Ridge gold and silver property, located
in Esmeralda County, Nevada.
Mineral Ridge represents one of the richest and largest historic gold camps in Nevada,
with over 600,000 ounces of gold produced to date. The majority of past production
was mined underground and processed through conventional milling operations. Mining
began in 1864 and was in full production during 1941 when the operation was closed
by the government in order to redeploy manpower for the war effort. During 80 years
of underground production, the gold-bearing material had an overall average grade of
0.273 ounce per ton. The mine was reopened under new ownership in 1989, and since
then an additional ~25% of historic production was mined from open pits, starting at
a grade of approximately 0.08 ounce per ton.
Golden Phoenix acquired Mineral Ridge in 2000, operating it as a heap leach for two
years before placing the mine on care and maintenance in 2005 to allow the Company
to focus on startup of the Ashdown molybdenum mine. With Kent Aveson recently
leaving Barrick to head up operations at the Ashdown mine, Don Prahl, COO of
Golden Phoenix, has returned from Ashdown to corporate headquarters. Don will now
bring his gold operations experience as former General Manager of Barrick's
Goldstrike mine to bear on the preparation of a mine plan for Mineral Ridge.
Concurrently, a program of infill, step-out and exploration drilling on the property
is being developed.
In 1995, Mineral Resource Development Inc. prepared portions of a feasibility study
for Mineral Ridge, led by Behre Dolbear. Based on mineralized material at a 0.015
ounce per ton cut-off, the study tallied over 500,000 ounces of in situ gold. This
represents a non-economic, global mineral inventory. The economics outlined in that
report will be updated before current reserves compliant with SEC Guide 7 and
NI 43-101 are determined. Gold contained within the existing pits, stockpiles and
leach pad, as well as accessible from over 50 miles of underground workings, will be
examined in the study, with the initial work focusing on material accessible from
the surface.
AI
