Golden Phoenix Joint Venture Partner Scorpio Gold Begins ExplorationDrilling on Coyote Target at Mineral Ridge Gold Project, Nevada
SPARKS, NV, Jun 13, 2011 --Golden Phoenix Minerals, Inc. (the "Company") (OTCBB: GPXM) jointventure partner Scorpio Gold is pleased to announce that explorationdrilling has commenced on the Coyote target, located approximately fourkilometers southwest of the Mineral Ridge operation and on strike withthe Brodie mineralized body that lies adjacent to the heap leach pad.The Coyote target is one of three priority drill exploration targetsoutlined by Scorpio Gold.
Golden Phoenix currently maintains a thirty percent (30%)interest in the Mineral Ridge Gold Project via its membership interestin Mineral Ridge Gold LLC; the joint venture entity that owns andoperates the Mineral Ridge property with Scorpio Gold.
Coyote Target
To date, exploration in the Coyote target area has outlined aone-kilometer long, north-northeast trending structural corridor thatranges from 200 meters in width in the south to 300 meters in the northand is open in all directions. Structural features of the corridor aretraceable on surface a further three kilometers northeast to theMineral Ridge operation; however, detailed surface prospecting andsampling has yet to be conducted over this extent due to the ruggedterrain. Numerous historical workings (circa 1900's) lie within thearea to be tested, including seven shallow shafts, one adit and sixtrenches. Surface grab sampling over the area has reported values up to14 grams per tonne gold.
The primary host rock outcropping in the Coyote area is theMary Limestone unit, which is the same unit that hosts mineralizationcurrently being mined in the Drinkwater pit and is known to hostprimary gold mineralization over four kilometers distance from the pitarea. This unit has been overprinted by a strong north-northeaststructural fabric that contains secondary quartz veins and quartzswarms which were the target of the historical workings and priorsmall-scale mining. Both phases of gold mineralization are present inthe Coyote target area, emphasizing the wide-scale distribution ofmineralization in the Mary Limestone unit and the importance of thelater structural component in enriching the gold content overconsiderable distances from the current operations.
This drill program represents the first ever conducted in theCoyote area and will comprise 12 reverse circulation drill holestesting the target over a one kilometer strike length.
Regional exploration drill targets and proposed drill holelocations at the Coyote target can be found atwww.scorpiogold.com/Properties/mineralridge/MR_DrillTargets.jpg andwww.scorpiogold.com/Properties/mineralridge/Coyote_DHPlan.jpg,respectively.
Mr. Peter J. Hawley, PGeo, is Scorpio Gold's Qualified Personand CEO for the various Scorpio Gold projects. Mr. Hawley isresponsible for the current exploration and development program atMineral Ridge.
Scorpio Gold reports its results under Canadian mining andTSX Venture Exchange guidelines, which report mineral reserve andresource estimates differently than in the U.S., and may not meet thestandards of "proven" and "probable" reserves set forth in SEC IndustryGuide 7.
Please visit the Golden Phoenix website at:
www.golden-phoenix.com.
About Golden Phoenix: Golden Phoenix Minerals, Inc. is aNevada-based mining company whose focus is Royalty Mining in theAmericas. Golden Phoenix is committed to delivering shareholder valueby identifying, acquiring, developing and joint venturing gold, silverand strategic metal deposits throughout North, South and CentralAmerica. Golden Phoenix owns, has an interest in, or has entered intoagreements with respect to mineral properties located in the UnitedStates, Canada and Peru including its 30% interest in the Mineral Ridgegold project near Silver Peak, Nevada.
Forward-Looking Statements: Information contained hereinregarding optimism related to the business, expanding exploration,development activities and other such statements are "forward-lookingstatements" within the meaning of the Private Securities LitigationReform Act of 1995 and are subject to the safe harbors created thereby.While Golden Phoenix believes such statements are reasonable, they arebased on current expectations, estimates and projections about theCompany's business and are not guarantees of future performance andinvolve certain risks and uncertainties that are difficult to predict.Actual results could vary materially from the description containedherein due to many factors including continued market prices for theCompany's mineral products, domestic and international business andeconomic conditions, and other risk factors listed in the Company'sSecurities and Exchange Commission (SEC) filings under "risk factors"and elsewhere. The Company does not undertake any obligation to updateany forward-looking statement to reflect events or circumstances afterthe date of this press release.
Source:
Golden Phoenix Minerals, Inc.
For More Information Contact: Robert Ian Director of Corporate Communications (775) 453-4741 robertian@golden-phoenix.com
SOURCE: Golden Phoenix Minerals, Inc.
mailto:robertian@golden-phoenix.com