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Golden Phoenix Reports Molybdenum Sales Top $5.4 Million, Geophysical Survey Completed and Geochemist Added at Ashdown Project

Posted on: Tuesday, 12 June 2007, 10:52 CDT

SPARKS, Nev., June 12 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (BULLETIN BOARD: GPXM) , manager and majority owner of the Ashdown Project LLC, a Nevada-based molybdenum mine, reports that Lot No. 8 containing 43,950 pounds of molybdenum concentrate has been shipped, bringing total sales to approximately 362,000 pounds of concentrate at a cumulative value of more than $5.4 million.

Since product sales began in 2006, the Ashdown Project LLC had gross revenues of $177,000 in Q4 2006, $798,000 in Q1 2007 and $4.45 million thus far in Q2 2007, as the mine continues to ramp up toward full production.

David A. Caldwell, CEO of Golden Phoenix, commented, "Following our participation in the Ryan's Notes Noble Alloy Conference in New York last week, the consensus was that molybdenum remains in tight supply and prices are currently stable. With molybdenum trading in the $33 range, market conditions appear ideal. Sales of moly concentrates at the Ashdown Project have been ramping up, as evidenced by a four-fold increase in quarterly income to date. Work continues on preparation of the 43-101 feasibility study for the mine, and an additional manager, David Tretbar, has been assigned to the project."

Mr. Tretbar is a geochemist who will be responsible for milling and metallurgical processing at Ashdown. Mr. Tretbar has worked underground for Getchel Gold and Jerritt Caynon and served as a process mineralogist and mine geologist for Barrick Goldstrike Mines, Inc. Most recently, Mr. Tretbar was Senior Geologist for Alamos Gold, responsible for tunnel design, reserve modeling and metallurgical testing programs. Mr. Tretbar graduated magna cum laude from Northern Arizona University with a B.S. in Geology, and received his Masters in Geochemistry from the Mackay School of Mines.

Gradient Geophysics, hired to perform an Induced Polarization (IP) survey of sections of the Ashdown property, has completed its collection of field data. The IP survey covers an area approximately 3000 feet long by 1200 feet wide, centered on the Sylvia vein currently being mined. The survey is made up of nine parallel lines, running east-to-west, that cross the known mineralization perpendicular to its strike. The survey has imaged to depths of 600 feet and returned data that is confirmed to define the Sylvia vein and adjacent structures. Over the coming weeks, the data will be compiled into a three dimensional model to be used for mine planning and exploration activities.

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 manager/operator and 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: Golden Phoenix Minerals, Inc. Robert Martin President 775/853-4919 E & E Communications Paul Knopick 949/707-5365 pknopick@eandecommunications.com

Golden Phoenix Minerals, Inc.

CONTACT: Robert Martin, President of Golden Phoenix Minerals, Inc.,+1-775-853-4919; or Paul Knopick of E & E Communications, +1-949-707-5365,pknopick@eandecommunications.com, for Golden Phoenix Minerals, Inc.

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

Source: PRNewswire-FirstCall

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