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Golden Phoenix Announces Major Expansion of Mineral Rights at Ashdown Molybdenum Mine
Wednesday December 26, 5:00 am ET


SPARKS, Nev., Dec. 26 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM - News) is pleased to announce the completion of a staking program that has added 193 claims to the Ashdown Molybdenum Mine in northwestern Nevada. This represents a 191% increase in unpatented load claims under the control of Golden Phoenix and its partner, Win-Eldrich Mines, Ltd., bringing the total land package of the Ashdown Project LLC to 294 claims covering 5,880 acres along trend.
The claims were staked during the past three months and have been recorded in Humboldt County and filed with the Bureau of Land Management. One block of claims extends to the west, and links the mine, which is located on Federal lands, with the mill and tailings facilities built on private property under long-term lease to the Project. A second block of claims adjoins the southern boundary of the mine, following quartz outcroppings and moly shows on-trend along the Pine Forest Range.

David A. Caldwell, CEO of Golden Phoenix, commented on the acquisition of additional mineral rights, "When you have an ore body of such extraordinary grade, it is simply good mining practice to consolidate your holdings in order to protect your future. By nearly tripling our Ashdown claim area to over nine square miles, we have built a land bridge between the mine and mill while locking up exploration sites showing significant promise to the south. This gives our mine planners greater flexibility to develop the asset and offers the shareholders of both partners potential for future value to be uncovered."

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 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.