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Golden Phoenix Reports 35-Foot Gold Intercept Grading More Than One Ounce/Ton at Mineral Ridge Mine

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Press ReleaseSource: Golden Phoenix Minerals, Inc.On Wednesday January 13, 2010, 12:02 pm EST

SPARKS, Nev., Jan. 13/PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC BulletinBoard: GPXM) is pleased to report additional surface reversecirculation ("RC") drill results from the Mineral Ridge Gold Property, Nevada,performed by Scorpio Gold Corporation (TSX-V: SGN) as part of its duediligence during the formalization of a joint venture between the twocompanies designed to restart gold production at the property.

Peter J. Hawley, CEO of Scorpio Gold, has reported to Golden Phoenix,"We are very pleased with drill results to date, which exceed expectedgrades and widths and offer the potential for quickly expanding theresource base with an aggressive surface drill program this summer. Anymineralization reporting 0.3 g/t gold or greater is considered ofpotential economic interest to the Company. Of particular interest isdrill hole MR-09-024, which targeted the central portion of the MaryLiz pit and returned a high-grade intersection of 31.39 g/t gold over10.67 metres. The presence of high-grade lenses within widespread,lower-grade mineralization could allow for selective mining should goldprices warrant. All information collected to date from surfacesampling, mapping and RC and core drilling, as well as re-evaluation ofthe previous operator's data, supports Scorpio Gold's theory that themajority of the mineralization is confined to the Mary Limestone unit.Management believes there is considerable potential for discoveringother mineralized bodies within the Mary unit outside of the knowndeposit areas."

The RC drill holes presented in Table 1 were drilled to confirm the existing Golden Phoenixresource block model and test existing boundaries for potentialextension of the known mineralization. Holes MR-09-23, 25 and 26 (notreported) were drilled to confirm sterile ground for the location offuture pit waste rock. Assay results from core diamond drilling ofholes MR-09-31 to 34 have just been received and will be released oncecompiled into the drill database.

Of particular note are theexploration drill holes designed to determine if mineralization extendsoutside of the current defined pits. Hole MR-09-021, drilled at thesouth pit wall of the Mary LC deposit, returned 6.10 metres grading1.45 g/t gold and will be followed up this summer to potentially expandthe pit in a southerly direction. Hole MR-09-28 targeted the northwestpit wall of the Drinkwater depositand reported 10.67 metres grading 0.51 g/t gold. This will also befollowed up to potentially expand the northwest mineral trend of thepit. Hole MR-09-030, targeting the mineralization trend of the Brodiepit, returned an impressive 13.71 metres grading 2.98 g/t gold. Followup drilling as well as a compilation of drill results by previousoperators in this area will also be conducted in summer 2010 forpossible expansion of the overall resource base. The Company notes thatthe exploration holes drilled only represent a small portion of themineralized unit and as such the actual mineralized unit appearsgreater in extent than intersected.

Table 1. RC Surface Drill Results
Drill Hole	Location	From (m)	To (m)	Width (m)	Gold (g/t)
MR-09-018	Northwest Drinkwater Pit Wall	0.00	1.52	1.52	0.75
		3.05	6.10	3.05	0.37
MR-09-019	Mary Liz North Pit Sector	10.67	12.19	1.52	0.81
		18.29	19.81	1.52	0.87
		25.91	30.48	4.57	0.68
MR-09-020	Mary Liz South Pit Sector	10.67	18.29	7.62	2.74
		38.10	39.62	1.52	0.40
MR-09-021	Mary LC South Wall Pit Area	12.19	13.72	1.53	0.59
		22.86	28.96	6.10	1.45
MR-09-022	Mary LC North Pit Area	4.57	7.62	3.05	2.36
		28.96	33.53	4.57	1.16
		36.58	38.10	1.52	3.51
MR-09-024	Mary Liz South Pit Sector	25.91	36.58	10.67	31.39
MR-09-027	Mary Liz South Pit Sector	12.19	13.72	1.53	0.31
MR-09-028	Northwest Drinkwater Pit Wall	18.29	19.81	1.52	0.35
		24.38	35.05	10.67	0.51
MR-09-029	Northwest Drinkwater Pit	25.91	27.43	1.52	5.38
		44.20	59.44	15.24	1.50
Includes		44.20	48.77	4.57	2.12
Includes		51.82	56.39	4.57	1.67
Includes		57.91	59.44	1.53	3.45
MR-09-030	West of Drinkwater Pit	0.00	1.52	1.52	0.68
		3.05	4.57	1.52	0.31
		25.91	27.43	1.52	0.81
		32.00	33.53	1.53	0.84
		56.39	65.53	9.14	1.63
Includes		56.39	59.44	3.05	0.70
Includes		60.96	65.53	4.57	2.76
MR-09-041	North of Brodie Pit, Exploration	33.53	47.24	13.71	2.98
Includes		33.53	39.62	6.09	5.32
Includes		42.67	44.20	1.53	0.65
Includes		45.72	47.24	1.52	1.80
		53.34	54.86	1.52	0.50

AllRC holes presented in the above table were drilled at 90 degreevertical dip; true width is estimated at ~90% downhole width.Analytical results were performed by American Assay Laboratory Inc., anISO/IEC 17025 accredited laboratory, in Sparks, Nevada,USA. Samples were fire assayed with an AA finish at one assay ton (30grams). Results of 0.29 opt (10 ppm) and greater were repeated with agravimetric (weighed) finish. Standard Quality control procedures werefollowed which included random insertion of certified standards andblanks in the sample stream as well as routine duplicate sampleanalysis. Check assays were completed by ALS Chemex, an ISO 9001:2000accredited laboratory, on ~5% of the gold bearing assays.

Allreported findings fall within the area of interest defined within thejoint venture agreement currently being finalized between GoldenPhoenix Minerals and Scorpio Gold.  Scorpio Gold reports its resultsunder Canadian mining and TSX Venture guidelines, which report mineralreserve and resource estimates differently than in the U.S., and maynot meet the standards of "proven" and "probable" reserves set forth inSEC Industry Guide 7. Currently, there are no mineral reserves reportedunder the Guide 7 definition.  Mr. Peter J. Hawley,PGeo, is Scorpio Gold's Qualified Person and CEO for the variousScorpio Gold projects. Mr. Hawley is responsible for the currentexploration and development program at Mineral Ridge and has reviewedthe content of this release. Golden Phoenix Minerals intends to conductfurther exploration on the property in the future in an effort toconvert mineralized material into mineral reserves, in accordance withSEC Industry Guide 7 standards and definitions.

For more information on Golden Phoenix Minerals, please visit their corporate website at https://www.Golden-Phoenix.com/.

Golden Phoenix Minerals, Inc. is a Nevada-basedmining company committed to deliver value to its shareholders byacquiring, developing and mining superior precious and strategic metaldeposits in North America using competitive business practices balanced by principles of ethical stewardship. Golden Phoenix owns the Adams Mine located near Denio, Nevada, the Northern Champion molybdenum mine in Ontario, Canada, and the Mineral Ridge gold and silver property near Silver Peak, Nevada, which it is in process of joint venturing with Scorpio Gold Corporation.

"SafeHarbor" Statement under the Private Securities Litigation Reform Act of1995: The statements by officers of the Company, and other statementsregarding optimism related to the business, expanding exploration anddevelopment activities and other statements in this press release areforward-looking statements within the meaning of the SecuritiesLitigation Reform Act of 1995. Such statements are based on currentexpectations, estimates and projections about the Company's business.Words such as expects, anticipates, intends, plans, believes, sees,estimates and variations of such words and similar expressions areintended to identify such forward-looking statements. These statementsare not guarantees of future performance and involve certain risks anduncertainties that are difficult to predict. Actual results could varymaterially from the description contained herein due to many factorsincluding continued market prices for the Company's mineral products.In addition, actual results could vary materially based on changes orslower growth in the molybdenum and gold markets; the potentialinability to realize expected benefits and synergies in the Company'smining operations; domestic and international business and economicconditions; changes in the mining industry for base and preciousminerals, especially molybdenum; unexpected difficulties in expandingproduction at the Company's mines;  the need for additional capital andother risk factors listed from time to time in the Company's Securitiesand Exchange Commission (SEC) filings under "risk  factors" andelsewhere. The forward-looking statements contained in this pressrelease speak only as of the date on which they are made, and theCompany does not undertake any obligation to update any forward-lookingstatement to reflect events or circumstances after the date of thispress release.

Robert P. Martin, President [phone]
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