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Golden Phoenix Alert
Sparks, NV, June 13, 2011
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Golden Phoenix JV Partner Scorpio Gold Begins Exploration Drilling on Coyote Target
at Mineral Ridge Gold Project, Nevada
SPARKS, NV, JUNE 13, 2011 - Golden Phoenix Minerals, Inc. (the "Company") (OTC Bulletin
Board: GPXM) joint venture partner Scorpio Gold is pleased to announce that exploration
drilling has commenced on the Coyote target, located approximately four kilometers
southwest of the Mineral Ridge operation and on strike with the Brodie mineralized
body that lies adjacent to the heap leach pad. The Coyote target is one of three
priority drill exploration targets outlined by Scorpio Gold.
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.
Coyote Target
To date, exploration in the Coyote target area has outlined a one-kilometer long,
north-northeast trending structural corridor that ranges from 200 meters in width
in the south to 300 meters in the north and is open in all directions. Structural
features of the corridor are traceable on surface a further three kilometers northeast
to the Mineral Ridge operation; however, detailed surface prospecting and sampling
has yet to be conducted over this extent due to the rugged terrain. Numerous historical
workings (circa 1900's) lie within the area to be tested, including seven shallow
shafts, one adit and six trenches. Surface grab sampling over the area has reported
values up to 14 grams per tonne gold.
The primary host rock outcropping in the Coyote area is the Mary Limestone unit,
which is the same unit that hosts mineralization currently being mined in the Drinkwater
pit and is known to host primary gold mineralization over four kilometers distance
from the pit area. This unit has been overprinted by a strong north-northeast structural
fabric that contains secondary quartz veins and quartz swarms which were the target
of the historical workings and prior small-scale mining. Both phases of gold mineralization
are present in the Coyote target area, emphasizing the wide-scale distribution of
mineralization in the Mary Limestone unit and the importance of the later structural
component in enriching the gold content over considerable distances from the current
operations.
This drill program represents the first ever conducted in the Coyote area and will
comprise 12 reverse circulation drill holes testing the target over a one kilometer
strike length.
Regional exploration drill targets and proposed drill hole locations at the Coyote
target can be found at www.scorpiogold.com/Properties/mineralridge/MR_DrillTargets.jpg
and www.scorpiogold.com/Properties/mineralridge/Coyote_DHPlan.jpg, respectively.
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.
Scorpio Gold reports its results under Canadian mining and TSX Venture Exchange
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.
Please visit the Golden Phoenix website at: www.golden-phoenix.com [http://r20.rs6.net/tn.jsp?llr=xixgyxdab&et=1105964616936&s=380&e=001GV1J0xS1lrrSdJIVAGrQZff7RfWKmaz7a0xri-BQjv2VLYswAtXWmrAVgERl2QUIKTqVAgG09uPs6NELwgsV5riFlZ2Y2tsr-e3mI6r0zEvuBxaeX_EVPQ==].
About Golden Phoenix: 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 joint venturing gold,
silver and strategic metal deposits throughout North, South and Central America.
Golden Phoenix owns, has an interest in, or has entered into agreements with respect
to mineral properties located in the United States, Canada and Peru including its
30% interest in the Mineral Ridge gold project near Silver Peak, Nevada.
Source: Golden Phoenix Minerals, Inc.
For More Information Contact:
Robert Ian, Director of Corporate Communications
(775) 453-4741
robertian@golden-phoenix.com
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Forward Looking Statements: Information contained herein regarding optimism related
to the business, expanding exploration, development activities and other such statements
are "forward-looking statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 and are subject to the safe harbors created thereby. While Golden
Phoenix believes such statements are reasonable, they are based on current expectations,
estimates and projections about the Company's business and 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, domestic and international business and economic conditions, and other
risk factors listed in the Company's Securities and Exchange Commission (SEC) filings
under "risk factors" and elsewhere. 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
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Scorpio Gold Corp.
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DEVELOPMENT STAGE |
CODE : SGN.V |
ISIN : CA80918M1041 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Scorpio Gold is a gold exploration company based in Canada. Its main asset in development is MINERAL RIDGE MINE in USA and its main exploration properties are COCHRANE HILL, CARIBOU GOLD MINE, LAC ARSENAULT and MINERAL RIDGE in Canada. Scorpio Gold is listed in Canada. Its market capitalisation is CA$ 18.1 millions as of today (US$ 13.3 millions, € 12.0 millions). Its stock quote reached its highest recent level on March 12, 2010 at CA$ 1.12, and its lowest recent point on December 07, 2018 at CA$ 0.01. Scorpio Gold has 124 950 000 shares outstanding. |