Golden Phoenix Completes Initial Due Diligence Period on Santa Rosa Gold Mine; Begins Finalizing Definitive Joint Venture Agreement

Golden Phoenix Minerals (OTCBB: GPXM) announced today that on August 3, 2011 it informed Silver Global, S.A. that it had successfully completed its initial 72-hour due diligence analysis of the Santa Rosa Gold Mine in Panama, after it received and reviewed all due diligence materials requested from Silver Global, and is now proceeding to the secondary due diligence period which is expected to be completed within 45 days, pursuant to the letter of intent agreement (“LOI”) announced in the Company’s news release dated July 12, 2011.

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