Golden Phoenix Minerals Reports on Scorpio Gold's Surface Exploration at Mineral Ridge Gold Deposit

October 19, 2009 12:01 AM EDT

SPARKS, Nev., Oct. 19 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM) is pleased to report details of surface exploration sample results on the Mineral Ridge gold deposit, located near Silver Peak, Nevada.

These results have been generated and released to the public by Peter J. Hawley, CEO and Qualified Person for Scorpio Gold Corporation (TSX-V: SGN), which is in negotiations to joint venture the Mineral Ridge property with its owner, Golden Phoenix Minerals. All reported findings, including references to new claims, fall within the area of interest defined within the joint venture agreement currently in negotiations. Scorpio Gold reported the results under Canadian mining and TSX Venture guidelines, which report mineral reserve and resource estimates differently than in the U.S., and may not meet the standards of "proven" and "probable" reserves set forth in SEC Industry Guide 7. We intend to conduct further exploration on the property in the future in an effort to convert mineralized material into mineral reserves, in accordance with SEC Industry Guide 7 standards and definitions.

Mr. Hawley reports, "Due to the nature of the mineralization, any showing of mineralization greater than 0.01 ounce per ton gold (OPT) is considered significant and be should be evaluated further. Of the initial 150 samples taken, 83 (55%) have reported gold assays of 0.01 OPT or greater and are considered of interest to the Company and clearly shows the widespread robust nature of the gold mineralization present on the property. The sample locations reported are from a two-kilometer radius from the central point of the existing open pits. As a result of these assays, the Company has staked and registered an additional 145 claims covering 2,995 acres to cover possible strike extensions of found mineralization. Further follow-up definition work will be planned for the future exploration programs now that we know the location of these mineralization zones. The Company is presently awaiting further ground exploration sample results and will report its findings once received and compiled."

Scorpio goes on to state, "The known mineralization zones now occur over an area of approximately 8,000 feet north-south and 5,000 feet east-west, which include the current extraction pit areas. Typically the individual zones can be as much as 140 feet thick, usually consisting of a high-grade halo of from 5 to 30 feet, surrounded by a lower grade envelope of mineralization as has been demonstrated by past structures exploited. Two or more high-grade zones are commonly observed stacked on one another."

Scorpio Gold reports the following table, which represents the 83 of 150 surface grab samples that returned greater than 0.01 OPT gold:

    Sample      Gold    Gold     Re-Check  Sample  Gold     Gold      Re-
    Number      Fire    Gravi-   Fire      Number  Fire     Gravi-    Check
                Assay   Metric   Assay             Assay    metric    Fire
                OPT     Assay    OPT               OPT      Assay     Assay
                        OPT                                 OPT       OPT

    090730-01   0.108                      DH-62    0.064              0.092
    090730-02   0.253                      DH-62 ex 0.084   0.09
    090730-03   0.054                      DH-64    0.127   0.126
    090730-08   0.346   0.36               DH-65    0.165   0.165
    090730-09   1.428   1.55               DH-66    0.263   0.266
    090730-10   0.033                      DH-68    0.374   0.389
    DH-1        0.372   0.406              DH-74    0.09    0.08
    DH-2        0.032                      DH-75    0.472
    DH-3        0.525   0.542              DH-76    0.029
    DH-4        0.19                       DH-86    0.094   0.107
    DH-5        0.234                      DH-90    0.51    0.575
    DH-6        0.018                      DH-91    0.266   0.274
    DH-7        0.293   0.296              DH-92    0.052
    DH-8        0.085            0.092     DH-93    0.204   0.214      0.207
    DH-9        0.197                      DH-94    0.248   0.247
    DH-10       0.046                      DH-99    0.146   0.154
    DH-13       0.102                      DH-100   0.164   0.161
    DH-15       0.046                      DH-105   0.012
    DH-19       0.021                      DH-106   0.319   0.342
    DH-20       0.014                      DH-109   0.05
    DH-23       0.107                      DH-110   0.041
    DH-25       0.239                      DH-114   0.016
    DH-26       0.01                       DH-116   0.048              0.056
    DH-28       0.399   0.397    0.395     DH-118   0.225   0.212
    DH-29       0.208   0.214              DH-120   0.156   0.177      0.165
    DH-30       0.011                      DH-121   0.031
    DH-31       0.032                      DH-124   0.026              0.024
    DH-32       0.082   0.093              DH-125   0.17    0.183
    DH-33       0.726   0.809              DH-130   0.031
    DH-34       0.166   0.181              DH-131   0.543   0.575
    DH-36       0.02             0.028     DH-133   0.138   0.146
    DH-37       0.041                      DH-135   0.089   0.082
    DH-38       0.281   0.288              DH-136   0.133   0.13
    DH-42       0.023                      DH-137   0.255   0.268
    DH-51       0.015                      DH-139   0.1     0.115
    DH-52       0.056                      DH-140   0.131   0.128
    DH-53       0.031                      DH-142   0.016
    DH-54       0.043                      DH-144  >2.917   4.184
    DH-55       0.115   0.128              DH-145   0.034
    DH-56       0.096   0.095              DH-146   0.01
    DH-57       0.074   0.076              DH-147   0.084   0.087
    DH-60       0.587   0.618

    * All assays were performed by American Assay Laboratory Inc. located in
    Sparks, Nevada.  All samples were submitted as bulk rock samples and
    standard preparation procedures were utilized to create a homogeneous
    sample.  Samples were fire assayed with an AA finish at one assay ton
    (30 grams).  Results of 0.29 opt (10 ppm) and greater were repeated with
    a gravimetric (weighed) finish.  Standard Quality control procedures were
    followed, which included random insertion of certified standards and
    blanks in the sample stream as well as routine duplicate sample
    analysis.  American Assay Laboratories Inc. is an ISO/IEC 17025
    accredited assay laboratory.

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

Golden Phoenix Minerals, Inc. is a Nevada-based mining company committed to deliver value to its shareholders by acquiring, developing and mining superior precious and strategic metal deposits in North America using competitive business practices balanced by principles of ethical stewardship. Golden Phoenix owns the Mineral Ridge gold and silver property near Silver Peak, Nevada and the Northern Champion molybdenum mine in Ontario, Canada.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements by officers of the Company, and other statements regarding optimism related to the business, expanding exploration and development activities and other statements in this press release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements are based on current expectations, 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 are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Actual results could vary materially from the description contained herein due to many factors including continued market prices for the Company's mineral products. In addition, actual results could vary materially based on changes or slower growth in the molybdenum and gold markets; the potential inability to realize expected benefits and synergies in the Company's mining operations; domestic and international business and economic conditions; changes in the mining industry for base and precious minerals, especially molybdenum; unexpected difficulties in expanding production at the Company's mines; changes in customer demand or ordering patterns for molybdenum; changes in the competitive environment including pricing pressures or technological changes; technological advances; shortages of skilled miners; the need for additional capital and other risk factors listed from time to time in the Company's Securities and Exchange Commission (SEC) filings under "risk factors" and elsewhere. The forward-looking statements contained in this press release speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

    CONTACT:
    Golden Phoenix Minerals, Inc.
    Robert P. Martin, President (775) 853-4919
    investor@golden-phoenix.com

SOURCE Golden Phoenix Minerals, Inc.

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