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Golden Phoenix Alert
Las Vegas, NV, June 11, 2012
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Golden Phoenix Creates Interim Governing Board to Advance Multi-Pronged Legal Strategy
and Establish Next Steps for Project Development
LAS VEGAS, NV, JUNE 11, 2012 - Golden Phoenix Minerals, Inc. ("Golden Phoenix" or
the "Company") (OTC Bulletin Board: GPXM) announced today the creation of an Interim
Governing Board ("IGB") to maximize the Company's efforts as it advances a multi-pronged
legal strategy and to simultaneously establish the next steps for developing its
 portfolio of mining projects.
The IGB will utilize the collective strengths of the Golden Phoenix Board of Directors
and Management Team to focus its immediate efforts on:

1. Accelerating the Company's pursuit of its rights and remedies in the lawsuit
filed against Waterton Global Value, L.P., a Canadian limited partnership, and Scorpio
Gold Corp., a British Columbia corporation, and parent company of Scorpio Gold (US)
Corporation, a Nevada corporation,
2. Accelerating the Company's pursuit of the arbitration request filed with the
International Chamber of Commerce against Silver Global, S.A., a Panamanian Corporation,
and
3. Identifying and advancing the next steps for the development of Golden Phoenix's
diverse portfolio of mining projects.The IGB is comprised of four members from the
Golden Phoenix Board of Directors including: Donald Gunn, John Di Girolamo, Jeffrey
Dahl and Thomas Klein. Donald Gunn serves as Chair of the IGB. The IGB will temporarily
absorb the position of Chief Executive Officer and allow its members to divide responsibilities
and focus their efforts to pursue an aggressive, multi-pronged approach to the resolution
of pending matters.
Donald Gunn, Chair of the IGB comments: "In the near term, Golden Phoenix looks
forward to identifying and advancing the next steps for the development of our diverse
portfolio of mining projects."
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 including
its 15% interest in Golden Phoenix Panama, S.A., the joint venture entity that owns
and operates the Concessions constituting the Santa Rosa gold mine. 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
adverse outcomes in pending litigation or legal disputes, 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:
Robert Ian, Director of Corporate Communications
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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