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Golden Phoenix Receives Approval to Restore the Sylvia Decline at Its Ashdown Molybdenum Mine
Jun 8, 2005 5:00:00 AM
SPARKS, Nev., June 8 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM) has been granted approval by the Bureau of Land Management (BLM) to dewater and refurbish the Sylvia decline, an 1800-foot tunnel formerly used to access the molybdenite deposit currently targeted for extraction at the Ashdown mine in northwestern Nevada. Under the BLM notice, Golden Phoenix is also granted the right to remove up to 1000 tons of waste rock in the process of refurbishment. The dewatering procedure begins June 9th.

The Sylvia decline was excavated by a prior operator 23 years ago and is presently flooded. Dewatering is estimated to take several weeks. During that time, the decline will be re-timbered and inspected up to a collapsed section located approximately 100 feet in from the portal. The mine plan calls for Golden Phoenix to drive an 800-foot section of new decline past the known blockage and rejoin the original tunnel near the targeted moly deposit.

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.