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Golden Phoenix Reports on Mine and Mill Activity at the Ashdown Molybdenum Project; Consistent Production of Quality Concentrates
Monday November 19, 5:00 am ET


SPARKS, Nev., Nov. 19 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM - News) reports that significant progress continues in operations and production at the Ashdown Project, LLC, a molybdenum mine owned by Golden Phoenix and Win-Eldrich Mines, Ltd., located near Denio, Nevada.
During September the Ashdown mill returned to service following the successful relining of its ball mill. By October the operation was generating consistent production of quality concentrates, with recoveries increasing since restart to better than 90 percent. Four shipments have been sold during this period bringing the cumulative total since start-up in December 2006 to 14 shipments containing over 615,000 pounds of concentrate. The mill is presently completing Shipment #15. The market price of molybdenum oxide, which determines the adjusted price received for Ashdown concentrates, averaged $31.99 per pound since September.

In this same period, the mine continued ore extraction within #2 Raise in the Sylvia Stope and along the Sylvia drift. In accordance with MSHA directives, reinforcement of the main drift was completed involving cribbing, bolting, shotcreting and fireproofing. The development of the secondary escapeway also continued, with approval from the Bureau of Land Management to establish an access road and portal pad for the secondary escapeway decline. The mine also took delivery of a two-yard mucker and 10-ton haul truck to accelerate production.

Kent Aveson assumed the role of General Manager on October 15 and immediately initiated a review of all systems and procedures aimed at streamlining operations and enhancing safety, performance and efficiency. Staffing levels at Ashdown have reached 65, with GM Aveson implementing the following organizational changes:

Ron Johnson has joined the Ashdown team as Mill Superintendent. Mr. Johnson holds a degree in Metallurgical Engineering and was previously with Barrick's Turquoise Ridge mine in Golconda, Nevada. With 30 years experience in production, research and development, including 16 years in molybdenum and copper flotation, Mr. Johnson will focus on enhancing production and processing.

With the arrival of a Mill Superintendent, David Tretbar will transfer from Manager Metallurgical Services, responsible for improved product quality and higher recoveries in the mill, to Engineering Manager. In his new role, Mr. Tretbar will direct a wide range of technical support functions including ore control, mine planning and scheduling, reserve development and future expansion.

Darrin Quimby has been promoted from Safety Coordinator to Mine Superintendent. Since joining the Ashdown team, Mr. Quimby has demonstrated his knowledge of mining and his skills at organizing and leading mine crews.

Terry Perkins, the Qualified Person responsible for the metallurgical portion of the reserve study currently in process, was on site to review operations in advance of finalizing his section of the report. The reserve study, which will be both NI 43-101 and Guide 7 compliant, is designed to provide technical information that defines the Ashdown ore body in a standardized manner accepted in both the US and Canada.

Commenting on the progress at Ashdown, GM Kent Aveson stated, "Ashdown is moving forward with an emphasis on safety while achieving steadily improving operations. I am pleased with the workforce and their sense of ownership and pride in making the project successful. My mine and mill staff have recently done an outstanding job to increase ore production and improve the quality of our moly concentrates. We have a great resource and are growing the right team to develop the Ashdown Project into a first class operation."

Please visit the Golden Phoenix website at http://www.Golden-Phoenix.com/

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.