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Golden Phoenix Alert
Sparks, NV, March 1, 2011
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Golden Phoenix Joint Venture Partner Scorpio Gold Has Activated Leach Pad for Gold
Recovery at Mineral Ridge
SPARKS, NV, MARCH 1, 2011 - Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM)
joint venture partner Scorpio Gold Corp. has begun the application of solution to
the leach pad for gold recovery at its 70-per-cent-owned, fully financed, fully
permitted Mineral Ridge gold project in Nevada.
Scheduling remains on track to commence processing of pregnant solution through
the ARD plant to initially produce gold later this month.
Crushing, agglomeration and stacking of gold-bearing material mined by previous
owners are continuing, and the application of leaching solution will increase as
 the various cell pads are configured. There are presently approximately 280,000
 tons of the previously mined material available to be treated on the pad, after
 which material for the balance of 2011 will be mined from the Drinkwater pit.
Gold production, which is completely unhedged, is expected to reach a steady state
by June and then continue to track positively in the second half of 2011.
Scorpio Gold's interest in the Mineral Ridge project is expected to increase to
80 per cent before year-end based on Mineral Ridge achieving two quarters of commercial
production pursuant to its agreement with Golden Phoenix Minerals.
Peter J. Hawley, PGeo, president and chief executive officer, is Scorpio Gold's
qualified person for the Mineral Ridge project.
Tom Klein, CEO of Golden Phoenix, summarizes this achievement: "It has been just
 one year since we closed the Mineral Ridge joint venture with Scorpio Gold. The
 efficiency of this project is a credit to Scorpio's production expertise and our
ability to make projects production-ready."
Please visit the Golden Phoenix website at: http://www.golden-phoenix.com.
Golden Phoenix Minerals, Inc. is a Nevada-based mining company whose focus is Royalty
Mining in the Americas.  Golden Phoenix is committed to delivering shareholder value
by identifying, acquiring, developing and mining superior precious and strategic
 metal deposits throughout North, Central, and South America using competitive business
practices balanced by principles of ethical stewardship.  Golden Phoenix is a 30%
joint venture partner with Scorpio Gold on the Mineral Ridge gold and silver property
near Silver Peak, Nevada, and owns the Adams Mine and Duff Claim Block near Denio,
Nevada, and the Northern Champion molybdenum mine in Ontario, Canada. Golden Phoenix
has an option to earn an 80% interest in the Vanderbilt Silver and Gold Project,
 and the Coyote Fault Gold and Silver Project, both of which are adjacent to the
 Mineral Ridge gold and silver property near Silver Peak, Nevada.  Golden Phoenix
has entered into a Memorandum of Understanding to acquire an 80% interest in five
gold and molybdenum properties in Peru; two on the Pataz Gold Trend in the north,
and three in the Porvenir area in the south. Golden Phoenix has entered into a Definitive
Acquisition Agreement to acquire a 100% interest in four gold and base metal properties
in the Shining Tree Mining District in Ontario, Canada.
Source:
Golden Phoenix Minerals, Inc.
For More Information Contact:
Robert Ian, Director of Corporate Communications (775) 453-4741
robertian@golden-phoenix.com [mailto:robertian@golden-phoenix.com]
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"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 gold and
base and precious metals 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;
unexpected difficulties in restarting or expanding production at the Company's mines;
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.

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Golden Phoenix Minerals Inc. | 1675 E. Prater Way, Suite 102 | Sparks | NV | 89434
.