Golden Phoenix Signs Definitive Acquisition Agreement for Santa Rosa Gold Mine, Panama; Creates New Joint Venture Company

Golden Phoenix Minerals, Inc. (OTCBB: GPXM) announced today the signing of a Definitive Acquisition Agreement to acquire a 60% interest, with an option to buy an additional 20% interest, in the Santa Rosa gold mine located in Panama and owned by Silver Global, S.A., a Panamanian corporation. Santa Rosa produced over 100,000 ounces of gold from 1996 to 1998 and was closed down due in part to low gold prices.

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