Golden Phoenix Joint Venture Partner Scorpio Gold Announces 13,167 Meter Drill Program
Has Begun at Mineral Ridge Gold Project in Nevada; Three-Phase Drilling Program
to Continue Throughout 2011

SPARKS, NV, FEBRUARY 03, 2011 - Golden Phoenix Minerals, Inc. (the "Company") (OTC
Bulletin Board: GPXM) 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 to include:

* 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 pit.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 area.MINERAL RIDGE PHASE III DRILLING (Exploration)
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
[http://r20.rs6.net/tn.jsp?llr=xixgyxdab&et=1104393590474&s=380&e=001_QV7yxjg6H8eftNySZ1nL0N6L4kUCRlaQLKhCmegmeIMK0Y8-3eHLyR-c7ZE0RLfZzWBahMRz52JmYVN45sAy346aSjfiD3IjneyTHBpmz_z-yiL0y1OrMsqfZvLcD8l_fva6eKHCSs=]
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.
Please visit the Golden Phoenix website at: http://www.golden-phoenix.com [http://r20.rs6.net/tn.jsp?llr=xixgyxdab&et=1104393590474&s=380&e=001_QV7yxjg6H-hKeyyt6ounUy_H3yFBlXQsUiYS0UdTxNfLdHodNsVJDXkA3vtAzW588gzRs9GE8pm5ld6JBQPuJwXmTgO_x8EeXjt3QISvNteIBJ98i3Xpg==].
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, Canada.
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]
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

"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.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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Golden Phoenix Minerals Inc. | 1675 E. Prater Way, Suite 102 | Sparks | NV | 89434
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