Golden Phoenix Minerals, Inc. (the
"Company") (OTC Bulletin Board:GPXM.ob
- News) is pleased to
announce its joint venture partner, Scorpio Gold ("Scorpio") has
begun a 43,200 foot (13,167 meter) three-phase drill program on the Mineral
Ridge gold project in 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.
Mr. Peter J.
Hawley, CEO of Scorpio Gold, has reported that Phase I drilling is
designed to expand and upgrade the existing mineral resource estimate in the
vicinity of the existing pits scheduled for mining by Scorpio this year.
Phase II is designed to further expand the resource base and define
additional open pits. Phase III is focused on a property-wide exploration
scale to target numerous gold-bearing mineralized zones and structures
discovered during Scorpio's surface exploration program.
"Golden Phoenix expects to add
additional drill results to the overall district in the second half of
2011," stated Tom Klein, CEO of Golden
Phoenix. "We are advancing our exploration of the Vanderbilt
and Coyote Fault properties as planned and anticipate drilling these
properties in the second half of 2011."
MINERAL RIDGE PHASE I DRILLING
Phase I drilling is expected to cover
10,800 feet (3,292 meters) and is planned for completion in advance of
commencement of open pit mining, scheduled for March
2011 subject to finalization of permitting by Scorpio and is scheduled
- Drilling along the north edge of the planned Mary North open pit,
targeting the down dip extension of the 314 and Cord mineralized zones.
Recent pit designs based on US $1,300.00 per
ounce gold indicate additional drilling has the potential to extend the
pit downward and merge two small sub-pits within the Mary North pit.
- Drilling of the Cord zone between the Mary North pit and the
deeper Mary LC deposit along strike and to the southeast.
- Drilling between the Drinkwater
and Mary North pits along the projected northwest strike of the
mineralized body. Previous drilling indicates a large area of gold
mineralization that is open in two directions.
- Deep drilling to the northwest of the Drinkwater
pit in an area previously mined and drilled by underground methods.
Limited surface drilling in this area indicates that the underground
drilling may have missed significant mineralization.
- Drilling of potential open pit mineralization along strike and to
the northwest of the existing Drinkwater
MINERAL RIDGE PHASE II DRILLING
Phase II drilling is expected to cover
25,000 feet (7,620 meters) and is scheduled to begin in late March of this
year and is scheduled to include:
- Drilling of the Wedge B open pit area (1,000 feet; 305 meters)
southwest from the Drinkwater pit.
- Drilling of the south Chieftain area
(1,500 feet; 457 meters) west of the Drinkwater
pit, to follow-up on historical drilling that intersected a significant
gold-bearing quartz body.
- Drilling of the north Chieftain area, (1,500 feet; 457 meters)
west of the Drinkwater pit, where gold
bearing quartz veins outcrop.
- Drilling of the Solberry deposit,
(3,000 feet; 914 meters) west of the Drinkwater
pit, where previous shallow reverse circulation (RC) drilling has
defined a small, near surface deposit. Numerous gold bearing, shallow
quartz "ledges" outcrop over this area.
- Drilling of the Bluelite deposit (3,500
feet; 1,067 meters) west- southwest of the Drinkwater
pit, where previous shallow RC drilling has defined a near surface gold
deposit of unknown extent.
- Drilling of the Custer zone (3,500 feet; 1,067 meters), which is
the southeast strike projection of the Mary LC pit mineralization.
Historical drilling indicates widespread gold mineralization in this
MINERAL RIDGE PHASE III DRILLING
Phase III drilling is expected to cover
7,400 feet (2,255 meters) and is scheduled to begin in April of this year and
is scheduled to include:
- Drilling 1.5 miles (2.4 kilometers) to the west-southwest of the Drinkwater pit where numerous surface grab
samples collected over a distance of 600 feet (183 meters) on a
gold-bearing structure composed of quartz and quartz flooding reported
values ranging from 0.05 to 5.6 ounces per ton (OPT) equivalent to 1.42
to 158.76 grams per tonne (g/t) gold.(i)
- Drilling 2.5 miles (4.02 kilometers) to the south-southwest of
the Drinkwater pit where numerous surface
grab samples collected over a distance of 800 feet (244 meters) on a
gold-bearing structure similar to that described above reported values
ranging from 0.043 to 4.6 OPT (1.22 to 130.41 g/t) gold.(i)
- Drilling 1.8 miles (2.9 kilometers) south of the Drinkwater pit where numerous surface grab
samples collected over a distance of 400 feet (122 meters) on a
gold-bearing structure reported values ranging from 0.12 to 3.18 OPT
(3.4 to 107.7 g/t) gold.(i)
- Drilling 1.12 miles (1.8 kilometers) east-northeast of the Drinkwater pit where numerous surface grab
samples on a northwest-trending structure returned 0.03 to 0.25 OPT
(0.85 to 7.09 g/t) gold.(i)
A map of the Mineral Ridge drilling
locations and existing pits can be found on the Company's web site at: http://www.golden-phoenix.com/mineralridge
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
Please visit the Golden Phoenix website
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,
"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.
For More Information Contact:
Director of Corporate Communications (775) 453-4741