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Golden Phoenix Announces Availability of Recent Interview With CEO David Caldwell

September 22, 2008

SPARKS, Nev., Sept. 22 /PRNewswire-FirstCall/ — Golden Phoenix Minerals, Inc. (BULLETIN BOARD: GPXM) announced today that an MP3 audio file of a recent radio interview featuring CEO David Caldwell is now available to investors via a link found on the homepage of the Golden Phoenix website at http://www.golden-phoenix.com/.

Mr. Caldwell, who was interviewed on the AmatoTalk radio show, which airs in Southern California, discusses Golden Phoenix’s core molybdenum operations at the Ashdown Project LLC in Nevada, its future prospects, and explains some common misconceptions of the mining industry held by consumers.

Mr. Caldwell said in the interview:

— Molybdenum has risen in price from $3.50 to $34 a pound within the last four years.

— Ultra high grade deposits of moly are being mined at Ashdown, 100 times more concentrated than moly being mined from bulk mines.

— The average value of a ton mined from Ashdown is equivalent to two ounces of gold per ton from a typical gold mine.

AmatoTalk is a cutting-edge, current events and political issues talk show that features interviews with corporate power players, rising entrepreneurs, politicians and newsmakers from all walks of life. The program, hosted by former registered financial advisor Rick Amato, airs weeknights on 1170 KCBQ, San Diego’s premier news-talk radio station, and is re-played across America on both KCBQ.com and amatotalk.com.

For more information on Golden Phoenix Minerals, please visit their corporate website at http://www.golden-phoenix.com/. In addition, investors are encouraged to call the Company’s investor relations representatives, Equiti-trend Advisors, which can be reached toll-free at (800) 953-3350.

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 Advisors 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 Advisors,1-800-585-6988; or E&E Communications, +1-949-707-5365,pknopick@eandecommunications.com, for Golden Phoenix Minerals, Inc.

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