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Golden Phoenix Reports on Successful Annual Meeting and Mineral Ridge Gold Mine Tour

Posted on: Monday, 15 September 2008, 06:00 CDT

SPARKS, Nev., Sept. 15 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (BULLETIN BOARD: GPXM) today announced that at its Annual Meeting on September 8, 2008 in Las Vegas, Nevada, all current Board Members were reelected and Company's independent auditor, HJ and Associates, was reappointed by overwhelming majorities.

During the 90-minute question-and-answer period that followed the meeting, CEO David A. Caldwell responded to a broad array of inquiries concerning Golden Phoenix's operational performance.

Two days prior to the Annual Meeting, Golden Phoenix hosted a guided tour of its Mineral Ridge gold mine, located in Esmeralda County, Nevada. Thirty-five shareholders participated in the tour, consisting of five segments, covering all aspects of the mine, its past, present and future.

Ben Viljoen, a former miner at Mineral Ridge, led participants on a walking tour of the underground workings of the Mary Mine, sharing his knowledge of its mining history and future potential. Two GPXM geologists, Ed Faulk and Rich Dixon, conducted a detailed analysis of the Drinkwater Pit and explained the property's geological structure and exploration process. Wayne Colwell, Manager of GPXM's Technical Services Group, led a walk-through of the assay lab and described the process of converting ore into dore, the gold-and-silver amalgam that was produced on premises.

The participants also visited the Atlas-Copco drill rig to witness the exploratory drilling program in progress, led by Jason Layton, Drilling Manager. The tour concluded with a western barbecue.

"The tour was a great success," reported Robert Martin, President of Golden Phoenix. "It gave our shareholders an in-depth view of the mine, its colorful and profitable past, and its promise for the future. I think many people were surprised at the size of the property, the extent of its roads, power lines, buildings and equipment, and the geological opportunity it offers."

Please visit the Golden Phoenix 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, the Northern Champion molybdenum mine in Ontario, Canada, and is majority owner of the Ashdown Project LLC gold and molybdenum property held jointly by Golden Phoenix Minerals, Inc. and Win-Eldrich Mines, Ltd. of Toronto, Canada through its US subsidiary, Win-Eldrich Gold, Inc.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements by David A. Caldwell, CEO, and other statements regarding the expansion of production at the Ashdown Mine, 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: Robert P. Martin, President 775/853/4919 investor@golden-phoenix.com Equiti Trend 800/585/6988 E&E Communications 949/707-5365 pknopick@eandecommunications.com

Golden Phoenix Minerals, Inc.

CONTACT: Robert P. Martin, President of Golden Phoenix Minerals, Inc.,+1-775-853-4919, investor@golden-phoenix.com; or Equiti Trend, 1-800-585-6988;or E&E Communications, +1-949-707-5365, pknopick@eandecommunications.com, bothfor Golden Phoenix Minerals, Inc.

Web site: http://www.golden-phoenix.com/

Source: PRNewswire-FirstCall

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