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.
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.”
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.
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.
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.”
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.
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.