Golden Phoenix JV Partner Scorpio Gold Intersects 24.39 Meters Grading5.19 g/t Gold on Brodie Zone North Extension, Mineral Ridge
LAS VEGAS, NV -- 11/15/11 -- Golden Phoenix Minerals, Inc. ("Golden Phoenix") (OTCBB: GPXM)joint venture partner Scorpio Gold announces the intersection of24.39 meters grading 5.19 g/t gold on the Brodie Zone North Extensionat the Mineral Ridge Gold Project in Nevada.
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.
Peter J. Hawley, President and CEO of Scorpio Gold, reports,"Follow-up drilling on the Brodie Zone targeted its northwestextension and has now defined a mineralized trend over an 850 meter(2,800 foot) strike length, remaining open in both northwest andsoutheast directions. The trend is on strike with the Bluelite Zonelocated 1,370 meters (4,500 feet) to the northwest. Drill holespresented in Table 1 were collared over a spacing of 300 to 600 meters(1,000 to 2,000 feet) northwest from the historical Brodie pit. Drillhole MR11252, which intersected 24.39 meters averaging 5.19 g/t gold,was the furthest hole drilled to the northwest."
Table 1. Brodie Zone Northwest Extension - Significant Drill Results
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Hole No. From To Width From (m) To (m) Width Gold Gold (g/t)
(ft) (ft) (ft) (m) (OPT)
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MR11149 255 270 15 77.74 82.32 4.57 0.220 6.23
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280 285 5 85.37 86.89 1.52 0.016 0.45
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445 450 5 135.67 137.20 1.52 0.052 1.47
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MR11150 0 5 5 0.00 5.00 5.00 0.014 0.40
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25 35 10 7.62 10.67 3.05 0.019 0.52
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210 215 5 64.02 65.55 1.52 0.023 0.65
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225 230 5 68.60 70.12 1.52 0.014 0.40
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240 245 5 73.17 74.70 1.52 0.023 0.65
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285 290 5 86.89 88.41 1.52 0.020 0.57
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MR11151 145 150 5 44.21 45.73 1.52 0.046 1.30
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215 225 10 65.55 68.60 3.05 0.085 2.41
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235 240 5 71.65 73.17 1.52 0.030 0.85
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MR11152 445 485 40 135.67 147.87 12.20 0.019 0.53
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515 530 15 157.01 161.59 4.57 0.017 0.47
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MR11153 310 320 10 94.51 97.56 3.05 0.039 1.11
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485 490 5 147.87 149.39 1.52 0.021 0.60
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MR11252 415 495 80 126.52 150.91 24.39 0.183 5.19
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415 460 45 126.52 140.24 13.72 0.313 8.87
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All holes presented in the above tables were completed by reversecirculation (RC) drilling. True width is estimated at ~90% downholewidth. Analytical results were performed by American Assay LaboratoryInc. (AAL) in Sparks, Nevada, USA. AAL does not have ISO/IEC 17025accreditation but implements a quality management system followingISO/IEC 17025 standards and maintains a paperwork trail for ISO/IEC17025 accreditation. AAL participates in a number of testing andcertification programs, details of which are presented in the Company'squality assurance and quality control (QA/QC) program for the MineralRidge project: www.scorpiogold.com/i/pdf/reports/QAQC-MR.pdf Externalcheck assays to verify lab accuracy are routinely completed by ALSChemex, an ISO 9001:2000 certified and ISO/IEC 17025:2005 accreditedlaboratory.
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 and TSXVenture Exchange guidelines, which report mineral reserve and resourceestimates differently than in the U.S., and may not meet thestandards of "proven" and "probable" reserves set forth in SECIndustry Guide 7. Investors should not infer from these assay resultsthat there exists sufficient amounts of precious metals in these areasto support profitable mining operations now, or in the immediatefuture.
Please visit the Golden Phoenix website at:
www.goldenphoenix.us.
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, Panama and Peru including its 30% interest in theMineral Ridge gold 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 createdthereby. While Golden Phoenix believes such statements are reasonable,they are based on current expectations, estimates and projectionsabout the Company's business and are not guarantees of futureperformance and involve certain risks and uncertainties that aredifficult to predict. Actual results could vary materially from thedescription contained herein due to many factors including continuedmarket prices for the Company's mineral products, domestic andinternational business and economic conditions, and other risk factorslisted in the Company's Securities and Exchange Commission (SEC)filings under "risk factors" and elsewhere. The Company does notundertake any obligation to update any forward-looking statement toreflect events or circumstances after the date of this press release.
For More Information Contact:
Robert Ian
Director of Corporate Communications
(702) 983-0469
investor@goldenphoenix.us
www.goldenphoenix.us.