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Golden Phoenix Minerals Updates Significant Progress at Borealis Gold Project by Its Partner Gryphon Gold
Tuesday October 5, 6:00 am ET
RENO, Nev., Oct. 5 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM - News), announced today that its joint venture partner, Gryphon Gold Corporation, has met its first year work obligation of $800,000 at the Borealis gold project as part of its Phase One program to produce gold. Gryphon Gold spent a total of $1.78 million through July 31, 2004 as part of a $2.16 million total annual budget. Gryphon anticipates spending about $5.2 million to complete Phase One of the program to bring the unspent oxide heaps, dumps and stockpiles to production.
Gryphon Gold is reporting numerous accomplishments in its effort to reactivate the Borealis gold mine. This work includes the completed 43-101 compliant Preliminary Scoping Study accrediting the nearly 1.5 million ounce gold resource and recommending immediate restarting of the mine. It also completed the permitting and bonding of a proposed 137 drill holes and all geo-technical work required for construction of the initial production facilities. During the summer Gryphon completed a heap and stockpile confirmation drilling program, which proved successful as the basis for continuing its Phase One Plan. Gryphon has also completed detailed costing, flow sheet development and confirmation metallurgical testing and preliminary equipment sourcing. It also completed and submitted the Plan of Operation for permitting heap leaching and mining of ore.
Gryphon Gold reported that it digitized and reevaluated the entire drill database and increased the overall mineral resource. Using a 0.01 ounce per ton gold cut-off grade, Gryphon Gold reported 43.3 million tons at 0.034 ounces per ton for 1,481,200 ounces of gold. It further evaluated the overall district where it has identified an additional 3 to 6 million potential ounces of gold.
"We continue to be pleased with Gryphon's progress towards developing the Borealis project into a producing gold mine sometime during 2005. We are confident in the ability of Gryphon in utilizing the tremendous exploration potential remaining on the property. This work will further increase the overall mineable gold reserve, which will lead to a longer mine life," said Michael Fitzsimonds, President of Golden Phoenix Minerals.
Gryphon Gold Corporation is a private, Nevada incorporated company, headquartered in Denver, Colorado, with offices in Hawthorne, Nevada. Gryphon has agreed to spend $5 million to acquire a 50 percent interest in the Borealis property within four years and has an option to acquire an additional 20 percent by spending $4 million or completing a feasibility study based on a mineable reserve of 500,000 ounces of gold.
Golden Phoenix Minerals, Inc. is a mineral-property development company headquartered in Reno, Nevada. It specializes in acquiring and consolidating large, advanced-stage properties with potential for near-term production and good resource development potential. Acquisition and development emphasis is on deposits containing gold, silver, copper and other strategic minerals that are located in Nevada and the western United States.
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