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Golden Phoenix Alert
Las Vegas, NV, August 9, 2012
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Golden Phoenix Sells Its 15% Interest In Santa Rosa Gold Mine, Panama, To Receive
Up To $4.1 Million, 25 Million GPXM Shares Returned For Cancellation
LAS VEGAS, NV, August 9, 2012 - Golden Phoenix Minerals, Inc. ("Golden Phoenix")
(OTC Bulletin Board: GPXM) announced today that it has entered into a mutual Rescission
and Release Agreement, as subsequently amended (the "Agreement") with Silver Global,
S.A., a Panamanian corporation ("Silver Global") and Golden Phoenix Panama, S.A.
(the "JV Company") collectively (the "Parties"), whereby Golden Phoenix will receive
up to $4.1 Million (less an applicable discount for timely payments) for its 15%
interest in the Santa Rosa Gold Mine, Panama.
Under the terms of the Agreement:
a) Silver Global shall pay Golden Phoenix up to $4.1 Million in tranches, subject
to a discount of $750,000, such that the aggregate cash payment for the 15% shall
be $3.35 Million in the event all scheduled payments are timely made, and return
to Golden Phoenix for cancellation 25,000,001 shares of Golden Phoenix common stock
issued to Silver Global under the Definitive Acquisition Agreement entered into
by the Parties on September 16, 2011 (the "Acquisition Agreement"), and
b) Golden Phoenix shall transfer its 15% equity ownership in the JV Company to Silver
Global.
Golden Phoenix's 15% interest in the Santa Rosa Gold Mine, comprised of 15 shares
in the JV Company (the "Panama Shares"), shall be held in escrow by Icaza Trust
Corporation ("Trust Agent") and released to Silver Global in stages over the next
12 months as payments are received by Golden Phoenix. In the event of default in
payment, any Panama Shares that have not been paid for will be retained by Golden
Phoenix.
Concurrent with the execution of the Agreement and receipt of $350,000, the Arbitration
proceedings filed against Silver Global and pending before the International Chamber
of Commerce will be dismissed, without prejudice; and the Acquisition Agreement
will be deemed fully and finally rescinded, with no further obligations of either
party. In addition, the Parties have entered into a mutual release of all claims
by and against all Parties.
Donald Gunn, Chairman of Golden Phoenix's Interim Governing Board stated, "The sale
of our Panama asset will provide liquidity and help begin our efforts to advance
our portfolio of North American mining properties."
Please visit the Golden Phoenix website at: www.goldenphoenix.us.
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, Panama and Peru. Golden
Phoenix has an option to earn an 80% interest in four properties that are adjacent
to the Mineral Ridge Gold Project in Nevada. These include the Vanderbilt Silver
and Gold Project, Galena Flats, Coyote Fault Gold and Silver Project and the Coyote
Fault Extension.
Forward-Looking Statements: Information contained herein regarding pending legal
matters or strategy, 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.
For More Information Contact:
Golden Phoenix Investor Relations
(702) 589-7560
investor@goldenphoenix.us
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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. | 7770 Duneville Street | Suite 11 | Las Vegas | NV | 89139
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