Golden Phoenix Min announces ra resource shareholders have approved proposed acquisition closing remains subject to regulatory approval

Golden Phoenix Minerals, Inc. (the “Company”) (OTC Bulletin Board: GPXM) is pleased to announce that on December 16, 2010, the shareholders of Ra Resources Ltd. (“Ra”) have approved the proposed acquisition of Ra via a wholly-owned subsidiary of Golden Phoenix.

Upon the closing of this transaction, Golden Phoenix will acquire 100% of the issued and outstanding shares of Ra.  Ra owns and controls four gold and base metal properties within the Shining Tree mining district of northeastern Ontario.

“Golden Phoenix is pleased to have the support of Ra shareholders,” stated Tom Klein, CEO of Golden Phoenix. “The approval of this proposed acquisition puts us one step closer to advancing our projects in the Shining Tree mining district.”

Closing of the transaction remains subject to regulatory approval and is expected to occur during the first quarter of 2011. The acquisition agreement with Ra was previously announced by Golden Phoenix on October 8, 2010.