Golden Phoenix Minerals Inc GPXM

news - 1% moly=$520 ore

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what is WEX's cut of the profits? Golden Phoenix Minerals Reports High-Grade Molybdenum Drill Results From Ashdown RENO, Nev., Nov. 9 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (BULLETIN BOARD: GPXM) , reports that it has now received assay results from its recent drilling program at its Ashdown molybdenum-gold project, showing a unique high-grade molybdenum deposit. The price of molybdenum is currently at a record $26 per pound. The Company also reports significant permitting progress on the Ashdown molybdenum and gold project. The pilot mill has been relocated to the Denio area and is staged for the final move and construction. Dewatering of the project's Sylvia tunnel is also underway. Nine holes were drilled during the program, of which three intercepted high-grade molybdenite in the Sylvia ore zone. The other holes found that the molybdenite had been oxidized and no molybdenite remained, or, in the case of hole #4, it intercepted the water-flooded tunnel from which the high-grade ore was previously extracted. The following table reports the assay results of these three holes. Drill Hole # Intercept Mo Assay Comments AD-04-03 20 feet 2.28% Includes 5' of 3.13% Mo AD-04-05 10 feet 7.36% Includes 5' of 10.8% Mo AD-04-07 15 feet 1.66% Includes 5' of 2.4% Mo "These drilling results confirm that Ashdown has a significant molybdenum deposit with high grades," said Steven Craig, Vice President and Chief Geologist. "The drilling program was designed to both confirm the existence of high grades and to delimit the zone for mining purposes. With molybdenum prices at $26 per pound, each percentage of molybdenum is worth $520 in a ton of ore. Because the deposit averages 2.9 percent, the average in ground value of the ore is $1508 per ton." The Company has a marketing agreement in place with Derek Raphael & Company Limited (DRC), London, which is an exclusive life-of-mine contract. When molybdenite production is underway, DRC will take delivery at the mine site and is responsible for placing it with buyers at a number of worldwide locations. Molybdenum is used for hardening steel and is used in high quality lubricants. "We are confident that once mining begins to produce molybdenum concentrates, the cash return to Golden Phoenix will be significant," Mr. Craig said. Permitting efforts for the pilot mill are on track at this time and permit applications are being reviewed by the agencies. These include the Water Pollution Control Permit, Reclamation Plan, and Right of Way Permit. The Air Quality Permit is ready to be submitted, and the Storm Water Permit has been received. Permitting efforts for the larger mill and open pit mine include writing the Plan of Operations and gathering base line information for the Environmental Assessment. Other permit applications will be prepared and submitted once the Plan of Operations is submitted to the Bureau of Land Management. The mill equipment and building have been transported to a site a short distance from the proposed milling site. The site where the mill was disassembled has been reclaimed and is being monitored by the State and Federal agencies for compliance with reclamation standards. Once the Right of Way Permit is received and clearance by state agencies is received, construction of the pilot mill will begin. Molybdenite production could begin about 45 daysafterconstructionisstarted.ppPasteconomicevaluations by other operators identified mineralized material of about 1.18 million tons of gold resource averaging about 0.125 ounces per ton. Also, in a separate deposit, 146,000 tons of molybdenum resource averaging about 2.9 percent molybdenum was identified. Golden Phoenix will perform its own economic evaluation to confirm these deposits, which remain open to expanding through additional drilling. 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 through exploration. 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. Golden Phoenix is committed to creating a high-quality portfolio of projects to achieve substantial, long-term growth and cash flow for its shareholders through production of valuable minerals. Visit the Golden Phoenix Web site at https://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. For further information, please contact: Michael Fitzsimonds, President of Golden Phoenix Minerals, Inc., [phone]; or Paul Knopick of E & E Communications, [phone], [e-mail], for Golden Phoenix Minerals, Inc. Golden Phoenix Minerals, Inc. CONTACT: Michael Fitzsimonds, President of Golden Phoenix Minerals, Inc., [phone]; or Paul Knopick of E & E Communications, [phone], [e-mail], for Golden Phoenix Minerals, Inc. Web site: https://www.golden-phoenix.com/