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Golden Phoenix Alert
Las Vegas, NV, April 30, 2012
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Golden Phoenix Provides Update on 30% Mineral Ridge Interest
LAS VEGAS, NV, APRIL 30, 2012 - Golden Phoenix Minerals, Inc. ("Golden Phoenix"
or the "Company") (OTC Bulletin Board: GPXM) announced today that its 30% interest
in the Mineral Ridge Gold LLC, the joint venture entity that owns and operates the
Mineral Ridge Gold Project in Nevada, was sold at auction for a credit bid of $9,035,320.67
to Waterton Global Value, L.P. ("Waterton").
The sale took place at the office of Waterton's attorney in Las Vegas. There were
no bidders for Golden Phoenix's 30% interest in Mineral Ridge Gold LLC except Waterton.
Golden Phoenix will be issuing a follow-up press release in the near-term outlining
the next steps the Company will be pursuing in this matter.
The balance of the issues in the lawsuit against Waterton, Scorpio Gold Corp., a
 British Columbia corporation, and parent company of Scorpio Gold (US) Corporation,
a Nevada corporation, including conversion of property, accounting, breach of the
covenant of good faith, fair dealing, and others are now ready to move forward through
the normal litigation process, and the Company intends to prosecute the case vigorously
to obtain the full benefit of all legal rights and remedies for its shareholders.
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 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:
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
.