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Golden Phoenix Alert
Sparks, NV, April 26, 2011
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Golden Phoenix Joint Venture Partner Scorpio Gold Makes First Shipment of Loaded
Gold Carbon to Refinery from Mineral Ridge Gold Deposit, Nevada
SPARKS, NV, APRIL 26, 2011 - Golden Phoenix Minerals, Inc. (the "Company") (OTC
Bulletin Board: GPXM) joint venture partner Scorpio Gold announces that on April
18, 2011, Mineral Ridge Gold LLC shipped its first production batch of gold and
silver in loaded gold carbon produced from the Mineral Ridge gold deposit, Nevada,
in which the Company maintains a thirty percent (30%) interest via its membership
interest in Mineral Ridge Gold LLC; the joint venture entity that owns and operates
the Mineral Ridge property with Scorpio Gold.
Peter J. Hawley, President & CEO of Scorpio Gold, reports, "This shipment marks
the start of precious metal production following just 13 months from completion
of the purchase of the Mineral Ridge property. At today's metal prices, each ton
of loaded carbon has an estimated value of approximately US$100,000. Scorpio Gold
would like to thank the operations team for its dedication and hard work during
the past year to make this happen, and extends its gratitude to its investors for
their continued support."
Tom Klein, CEO of Golden Phoenix, states, "Precious metal production of both gold
and silver in just over one year is a significant milestone for our joint venture.
Peter Hawley and his operations team have established what we believe is a solid
foundation for continued growth."
Approximately 10,000 pounds or 5 tons of loaded wet carbon from the heap leach carbon
columns 1 & 2 were placed into carbon bags and shipped to Metals Research in Kimberley,
Idaho for processing into dore. Scorpio Gold has contracted Metals Research to custom
strip its carbon and produce dore bars by April 27, 2011. The dore bars will then
be delivered to Johnson Matthey's refinery in Salt Lake City for further refining
of the precious metals into separate 99.9% pure gold and silver bars. Carbon columns
3, 4 and 5 continue to be loaded and columns 1 and 2 are being restarted.
Scorpio Gold expects to make a substantially larger second shipment of loaded gold
carbon in early May 2011, as the activated leach pads at Mineral Ridge become more
mature in the leaching cycle.
Details of the initial loaded gold carbon shipment are presented in Table 1.
Table 1. Loaded Gold Carbon Shipment to Refinery
Wet
Carbon
(Tons)
Gold
Loading
(OPT)
Gold
Loading
(g/t)
Silver
Loading
(OPT)
Silver
Loading
(g/t)
Shipped
Gold
(ounces)
Shipped
Gold
(grams)
Shipped
Silver
(ounces)
Shipped
Silver
(grams)
0.75
93.6
2,653.4
44.5
1,260.9
71.1
2,016.6
33.8
958.3
0.74
96.8
2,744.1
46.7
1,322.6
71.6
2,030.6
34.5
978.8
0.82
97.8
2,773.8
47.8
1,356.1
80.2
2,274.5
39.2
1,112.0
0.25
93.9
2,663.3
45.0
1,276.5
23.5
665.8
11.3
319.1
0.87
42.8
1,214.4
35.8
1,013.6
37.3
1,056.5
31.1
881.9
0.89
45.7
1,295.1
35.7
1,012.7
40.7
1,152.7
31.8
901.3
0.72
47.9
1,359.1
38.4
1,088.9
34.3
971.7
27.5
778.6
Total
5.04
Avg.
74.1
Avg.
2,100.5
Avg.
42.0
Avg.
1,190.2
Total
358.7
Total
10,168.4
Total
209.2
Total
5,930.0
Metal estimates remain subject to final assays at refinery. Analytical results were
performed by American Assay Laboratory Inc. (AAL) in Sparks, Nevada, USA. AAL does
not have ISO/IEC 17025 accreditation but implements a quality management system
following ISO/IEC 17025 standards and maintains a paperwork trail for ISO/IEC 17025
accreditation. AAL participates in a number of testing and certification programs,
details of which are presented in Scorpio Gold's quality assurance and quality control
(QA/QC) program for the Mineral Ridge project at: www.scorpiogold.com/Documents/QAQC-MR.pdf.
External check assays to verify lab accuracy are routinely completed by ALS Chemex,
an ISO 9001:2000 certified and ISO/IEC 17025:2005 accredited laboratory.
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.
Scorpio Gold can earn an additional 10% interest in the Mineral Ridge gold project
after it achieves two consecutive quarters of commercial production. Scorpio Gold
will then have a 24 month option to purchase Golden Phoenix's remaining 20% interest.
Please visit the Golden Phoenix website at: www.golden-phoenix.com [http://r20.rs6.net/tn.jsp?llr=xixgyxdab&et=1105298773537&s=380&e=001k1Z9G9YBYEdTkoCxOE4UcgUmxszKQk6JEjMPif-qgX1PwlekyDLPUvvJAOjtZFJbioTnfVlhE6j27PfeAp1v0fBw-_oEhWJkuOGCAG-KZSIOX1ug3CwEBA==].
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 [mailto: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$ 25.0 millions as of today (US$ 18.2 millions, € 17.0 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. |