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Golden Phoenix Minerals Receives Notice From Its Partner That Ashdown Stockpiles Will Be Removed
Jun 13, 2005 4:00:00 AM
SPARKS, Nev., June 13 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM), received written notification late Friday, June 10th, that its joint venture partner, Win-Eldrich Mines, Ltd., plans to begin removing stockpiled material from the Ashdown property, located in northwest Nevada, starting Monday, June 13th. The process of loading and trucking the material offsite is expected to take five weeks.

The stockpiles to be removed include an estimated 1400 tons of mineralized material mined by a previous operator and stored on property for the last 23 years. Past assessments indicate the stockpiles have significant commercial value. The Bureau of Land Management (BLM) has identified the stockpiles for remediation, and their removal has been included as a component in the Ashdown Reclamation Plan for which a $135,000 bond has been posted.

Golden Phoenix was previously informed by Win-Eldrich that, in its opinion, the stockpiles are not part of the joint venture and therefore fall under its sole control. Win-Eldrich was informed in writing that Golden Phoenix approves the removal of the material but reserves its full rights under the February 4, 2004 joint venture agreement to share in any proceeds that may be generated from the stockpiles. Golden Phoenix is a 60% partner in the joint venture and serves as its manager/operator.

Kenneth S. Ripley, CEO of Golden Phoenix, said, "I approved the removal of the material, as it relieves Golden Phoenix of the responsibility to remediate in accordance with the BLM. This will reduce our bonding requirements as well as free up much-needed space for the rehabilitation of the Sylvia decline, which we started last week."

Mr. Ripley stressed that "in anticipation of Win-Eldrich's actions, we established independent sources of funding for the Ashdown mine and mill six weeks ago. The division of proceeds from the stockpiles, if any, can be resolved at the appropriate time in the future. The important thing is that with each step, Ashdown advances its regulatory compliance and moves closer to full production."

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.
Robert Martin, Director of Corporate Development
775/853-4919

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