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Golden Phoenix Completes Bonding for Its Ashdown Molybdenum Mine and Mill
Jun 1, 2005 5:00:00 AM
SPARKS, Nev., June 1 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM), announced today it has posted the two bonds needed to advance mining and milling activities at its Ashdown molybdenum project located in Humboldt County, Nevada. The bonds were posted in the form of 100% cash deposits. A $135,000 mine reclamation bond was posted with the Bureau of Land Management, and a $104,000 mill reclamation bond was posted with the Nevada Division of Environmental Protection.

Implementation of the Ashdown mine and mill, which is regulated through the permit process, continues on schedule. All permits requiring review-and- comment have been submitted to the appropriate federal, state and local agencies, and the Company's technical staff is providing supplemental information as requested. Golden Phoenix will continue to announce receipt of key permits as they occur.

Golden Phoenix Minerals, Inc. is committed to deliver value to its shareholders by acquiring, developing and mining superior precious and strategic metal deposits in the western United States using competitive business practices balanced by principles of ethical stewardship.

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

Forward-Looking Statements. Certain statements included herein may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company's actual results could differ materially from those anticipated in such forward-looking statements as a result of a number of factors. These risks and uncertainties, and certain other related factors, are discussed in the Company's Form 10-KSB, Form 10-QSB and other filings with the Securities and Exchange Commission. These forward-looking statements are made as of this date and the Company assumes no obligation to update such forward-looking statements as a result of a number of factors.

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

E & E Communications
Paul Knopick
949/707-5365
[e-mail]
SOURCE Golden Phoenix Minerals, Inc.