Golden Phoenix Minerals Reports Assay Results from Scorpio Gold's Bulk Sampling of Oversized Leach Pad Material at Mineral Ridge Gold Deposit

SPARKS, Nev., Nov. 9 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM) is pleased to report Scorpio Gold Corporation's preliminary bulk sample results from the Mineral Ridge gold deposit, Nevada. The samples were collected from oversized material remaining on the leach pad that was inadequately leached by previous operators.

The average grade of bulk samples collected from the leach pad is 1.75 g/t gold (Table 1). The poor initial leach recovery by previous operators was due to inadequate crush size and leaching techniques. Additional column leach and flooded vat leach tests are being completed; however, Scorpio Gold anticipates a significant improvement in recovery can be realized by correctly crushing and re-leaching this material.

    Table 1.  Leach Pad Bulk Sample Results

                       Split A    Split A Checks     Split B   Split B Checks
              Dry     ----------     ---------      ----------    --------
    Sample   Weight   Au      Ag     Au     Ag      Au      Ag    Au    Ag
     No.      (kg)   (g/t)   (g/t)  (g/t)  (g/t)   (g/t)   (g/t) (g/t) (g/t)
    -------   ---    ----    ----   ----   ----    ----    ----  ----  ----

    42810 A  179.0   3.05   <1.71   2.68   <1.71   5.04    2.40
    42810 B  188.5   1.75    2.06                  3.09    3.09
    42810 C  141.5   1.27   <1.71                  0.84    3.43
    42810 D  154.5   1.16    7.20                  1.05    5.14
    42810 E  174.0   2.30    2.40                  1.96    4.11
    42810 F  192.0   2.05   <1.71                  2.01    3.77
    42810 G  196.5   3.60    4.11                  2.87    2.40   2.86  <1.71
    42810 H  196.0   2.53   <1.71                  2.35    3.77
    42810 I  181.0   3.20   <1.71                  3.22   <1.71
    42810 J  195.5   1.38    4.46                  2.41   <1.71
    42810 K  178.5   0.63   <1.71                  0.41    1.71
    42810 L  151.5   0.48   <1.71   0.46   <1.71   0.41   <1.71
    42810 M  168.5   0.71    6.51                  0.64    1.71
    42810 N  155.5   2.40    3.77                  3.06    2.06
    42810 O  150.0   2.11    2.74                  2.55    2.06
    42810 P  143.0   1.34    3.43                  1.05    4.80
    42810 Q  153.0   0.99   <1.71                  1.34    3.77
    42810 R  169.0   1.96   <1.71                  2.14   <1.71   2.27  <1.71
    42810 S  175.0   1.61   <1.71                  1.43    1.71
    42810 T  120.0   1.96    3.43                  1.44    2.40
    42810 U  147.0   2.28    2.40                  3.00    4.80
    42810 V  154.0   1.34    6.17                  1.65    4.80
    42810 W  164.5   1.02    2.40   1.07   <1.71   1.17   <1.71
    42810 X  128.0   1.20    4.11                  1.21    4.11
    42810 Y  143.0   0.55    3.09                  0.37    4.80
    42810 Z  152.5   2.34    8.23                  1.88    4.46
    42811 A  153.5   0.94    5.14                  0.55   <1.71
    42811 B  158.5   2.73    4.46                  2.52   <1.71
    42811 C  194.5   2.64    3.77                  2.06   <1.71   1.98  <1.71
    42811 D  131.0   0.47    4.11                  0.59   <1.71
    42811 E  176.5   2.85    5.14                  2.56   <1.71
    42811 F  209.0   3.11    3.77                  1.71   <1.71
    42811 G  122.5   0.99    4.46                  1.22   <1.71
    42811 H  200.5   1.33    3.77   1.23   <1.71   1.56    4.80
    42811 I  187.5   2.17    2.40                  1.61   <1.71
    42811 J  183.0   1.55    3.77                  1.16   <1.71
    42811 K  178.5   0.68    4.11                  0.45   <1.71
    42811 L  171.0   0.61    4.46                  0.79   <1.71

The approximate dimension of the sampled area is 36,500 meters by approximately 4 meters deep. The estimated bulk density of the material is 1.78 g/cm3. The samples were collected from 19 3.0-meter deep test pits dug in a grid across the coarse material. The top 1.5 meters was handled separately from the bottom 1.5 meters in each of the pits. The samples were then coned and quartered on the site and the final lab split was crushed to a nominal minus 1.27 cm size fraction and sent in 38 separate barrels to Florin Laboratories where they coned and quartered the received material separately again and assayed two splits from each sample submitted. All samples were fire assayed with an AAS finish.

All reported findings, including references to new claims, fall within the area of interest defined within the joint venture agreement currently in negotiations between Golden Phoenix Minerals and Scorpio Gold. Scorpio Gold reports its results under Canadian mining and TSX Venture guidelines, which report mineral reserve and resource estimates differently than in the U.S., and may not meet the standards of "proven" and "probable" reserves set forth in SEC Industry Guide 7. Currently, there are no mineral reserves reported under the Guide 7 definition. Mr. Peter J. Hawley, PGeo, is Scorpio Gold's Qualified Person and CEO for the various Scorpio Gold projects. Mr. Hawley is responsible for the current exploration and development program at Mineral Ridge and has reviewed the content of this release. Golden Phoenix Minerals intends to conduct further exploration on the property in the future in an effort to convert mineralized material into mineral reserves, in accordance with SEC Industry Guide 7 standards and definitions.

For more information on Golden Phoenix Minerals, please visit their corporate 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 and the Northern Champion molybdenum mine in Ontario, Canada.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements by officers of the Company, and other statements regarding 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 P. Martin, President (775) 853-4919
    investor@golden-phoenix.com