Golden Phoenix Transitions Bridge Loan into Gold Stream Debt Facility

September 28, 2011

Golden Phoenix Minerals (OTCBB: GPXM) has amended its existing senior secured bridge loan with Waterton Global Value, L.P. such that the Bridge Loan has been transitioned into a more permanent senior secured gold stream credit agreement amongst the parties.

Under the Gold Stream Facility, Waterton will make up to US$15,500,000 available to the Company in five separate tranches. That portion of the Commitment Amount borrowed will be payable by the Company to Waterton in monthly payments commencing in March 2012 for a period between two and eighteen months depending on the amount borrowed.  The Company is pleased to announce that it plans to use the proceeds of the Gold Stream Facility to acquire, maintain, develop and advance its interest in the Santa Rosa Gold Project, located in Cañazas, Panama, further to its press release of September 19, 2011, as a part of a broader plan to develop a mine plan and to bring the Santa Rosa gold mine into commercial production.

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Golden Phoenix Engages SRK Consulting to Prepare Resource Estimate and NI-43-101 Technical Report on Santa Rosa Gold Mine, Panama

September 20, 2011

Golden Phoenix Minerals, Inc. (OTC.BB: GPXM) announced today that it has engaged SRK Consulting (U.S.) Inc. (“SRK”) to prepare a resource estimate and a NI-43-101 Technical Report for the Santa Rosa gold mine (“Mina Santa Rosa”), Panama.

SRK recently returned from a site visit at Mina Santa Rosa and has begun the process of reviewing all historical project data. SRK will develop a geological model and prepare an independent resource estimate based on the historical data available. The initial resource estimate will be presented in a NI-43-101 compliant technical report.

“Golden Phoenix is pleased to be working with SRK on Mina Santa Rosa,” stated Tom Klein, CEO of Golden Phoenix. “SRK’s global experience and in-house expertise provides the range of services we require to advance this project in a timely manner.”

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

September 19, 2011

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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Golden Phoenix Engages Telesto to Prepare Vanderbilt Project for Drilling

August 25, 2011

Golden Phoenix Minerals (OTCBB: GPXM) has engaged Telesto Nevada to prepare a Notice of Intent to conduct mineral exploration on its Vanderbilt claim group near the town of Silver Peak and adjacent to the Mineral Ridge gold project in Esmeralda County, Nevada.

Telesto will assist Golden Phoenix in map generation and reclamation calculations for a final determination of the bonding required prior to commencement of exploratory drilling on the Vanderbilt Project.   The scope of exploration will use existing disturbance and any new disturbance that is planned will be less than five acres.

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Golden Phoenix Completes Note Settlement With Win-Eldrich

August 18, 2011

Golden Phoenix Minerals (OTCBB: GPXM) entered into a definitive Termination, Settlement and Release Agreement with Win-Eldrich Gold, Inc.   (“WEG”) and Win-Eldrich Mines Limited, parent company of WEG (“WEX”) to settle an outstanding $4.2 million Promissory Note (the “Note”) owed to Golden Phoenix in exchange for a 2% net smelter return royalty (“NSR”) on the Ashdown Project, 3 million shares of WEX common stock, 1.25 million shares of American Mining Corporation (OTCQB: AMCM) and the right to appoint one individual to the WEX Board of Directors.

According to Tom Klein, CEO of Golden Phoenix, “The completion of this Definitive Agreement establishes a solid foundation to advance our business model with both Win-Eldrich and American Mining Corporation.  American Mining is uniquely positioned to provide production support for gold and silver with its milling facilities in Nevada.   Its interest in the 16 to 1 mill site near our Vanderbilt and Coyote Fault properties at Mineral Ridge creates the potential for rapid advancement of these projects from exploration to development to production.”

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Golden Phoenix Hires Mining Geologist Expert

August 15, 2011

Golden Phoenix Minerals (OTCBB: GPXM) hires mining-geology expert John Bolaños to serve as the Company’s Vice President of Exploration and coordinate all of its development activities in Nevada, Panama, Peru and Ontario, effective September 1st, 2011. 

John earned his Masters Degree in Mining Geology (M.Sc.) from the Camborne School of Mines, University of Exeter, United Kingdom in 1995, and is fluent in both Spanish and English.   From 2005-2010 he served as General Manager of AndeanGold Ltd.   with exploration/operations in Colombia, Ecuador, Peru and Mexico.

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

August 8, 2011

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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Golden Phoenix Secures $1 Million to Advance Santa Rosa, Enters into Term Sheet for up to $15.5 Million Gold Stream Debt Facility

August 4, 2011

Golden Phoenix Minerals (OTCBB: GPXM) has received a $1 million bridge loan and has entered into a $15.5 million gold stream debt facility with Waterton Global Value, the use of funds from which will be to complete due diligence and fast-track development at the Santa Rosa Gold Project in Panama.  The debt facility and bridge loan will be secured by a perfected lien on, and a first priority security interest in, all of the tangible and intangible properties and assets of the Company and its subsidiaries, including its interest in Mineral Ridge in Nevada.

In addition to and simultaneous with the closing of the bridge loan, Golden Phoenix has granted Waterton an option and right of first offer to purchase its interest in the Mineral Ridge property in Nevada, for an amount that shall be based on measured, indicated and inferred gold ounces at the Mineral Ridge property at the time of the acquisition, which option may be exercised no sooner than nine months from the closing of the bridge loan transaction.

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Golden Phoenix Signs LOI to Acquire Santa Rosa Gold Mine in Panama

July 12, 2011

Golden Phoenix Minerals, announced this morning the signing of a partially binding Letter of Intent to acquire a 60% interest, with an option to buy an additional 20% interest upon achieving certain milestones, in the Santa Rosa gold mine located in Panama and owned by Silver Global, S.A., a Panamanian corporation.

The Santa Rosa gold mine was in production from 1996 to 1998 and was operated by Greenstone Resources Ltd. The mine produced over 100,000 ounces of gold during this period. Low gold prices and significant debt resulted in Santa Rosa being shutdown in 1999 and the subsequent bankruptcy of Greenstone.

Golden Phoenix proposes to earn-in to a 60% interest in Santa Rosa with an option to acquire an additional 20% interest after achieving certain milestones, in consideration for $20,500,000 in cash over time and $4,500,000 in shares of Golden Phoenix common stock (at a deemed value of $0.18 per share), as well as certain preferential payments from cash flow out of gold production.

Commenting in the release, Golden Phoenix CEO, Thomas Klein stated: “The Santa Rosa gold mine opens up the potential for significant organic growth within Golden Phoenix. We have begun our due diligence process and look forward to working closely with the team at Silver Global.”

Golden Phoenix will be conducting a Q2 2011 Shareholder Conference Call today (July 12, 2011) at 1:00pm pacific time to discuss start of gold production at the Mineral Ridge gold project in Nevada.

Instructions for joining the call are available at:

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Golden Phoenix JV Partner Scorpio Gold Announces First Gold and Silver Sales

June 28, 2011

Golden Phoenix Minerals’ (OTCBB: GPXM) joint venture partner, Scorpio Gold (OTC Other: SRCRF; TSX-V: SGN), has announced that the first gold and silver sales from the Mineral Ridge Gold project.  The precious metals sale was made from the first production batch of gold and silver in loaded carbon. In total, 623 ounces of gold and 301 ounces of silver were sold to Waterton Global Resource Management.

Golden Phoenix currently maintains a thirty percent (30%) interest in the Mineral Ridge Gold Project via its membership interest in Mineral Ridge Gold LLC, the joint venture entity that owns and operates the Mineral Ridge property with Scorpio Gold.

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