Golden Phoenix Reports 39 Feet Grading 0.12 opt Gold at the Mineral Ridge Gold Property, Nevada

SPARKS, Nev., Feb. 3 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM) is pleased to announce a report from Scorpio Gold Corporation (TSX-V: SGN) regarding its surface diamond drill results on the Mineral Ridge Gold Property, Nevada.  This follows the recent announcement of the execution of a joint venture agreement with Golden Phoenix, providing for Scorpio Gold to acquire at the closing an initial 70% interest in the Mineral Ridge property (see news release of January 5, 2010 for more details).

Peter J. Hawley, CEO of Scorpio Gold, reported to Tom Klein, CEO of Golden Phoenix, "The drill results continue to confirm and expand the known mineralization and demonstrate the potential for expanding the resource base this summer with an aggressive surface drill program. The Company continues to move ahead with the rehabilitation of the processing plant and facilities with an expected re-start targeted for later this year."

The core holes presented in Table 1 were drilled to confirm the existing resource block model and test existing boundaries for potential extension of the known mineralization. Hole MR-09-033 (not reported) was drilled to confirm sterile ground in the area designated for future pit waste rock.

Drill holes MR-09-031, 032, 034, 035 and 036 targeted various areas of the Mary Liz Pit and continue to verify and expand the known resource limits in this area. Holes MR-09-037 and 038, drilled in the southern area of the Drinkwater Pit, returned grades and widths that support the previous resource base for the pit area as defined.

Of particular note are exploration drill holes MR-09-039 and 040, which were designed to test the continuity of the Brodie Pit mineralization outside of the pit area. Hole MR-09-039 reported 10.01 feet grading 0.7 ounces per ton (opt) gold, following up the previously released reverse circulation drill hole (MR-09-041) that tested the same extension and returned 44.98 feet of 0.1 opt gold.  Table 1 is reported in metric units: There are 31.1 grams to the troy ounce, and 3.28 feet to the meter.

    
    
                        TABLE  1. Core Surface Drill Results
                        ------------------------------------
                                                          
                                                 From     To     Width   Gold 
    Drill Hole  Location                          (m)     (m)     (m)    (g/t)
    ----------  --------                          ---     ---     ---    -----
                                         
    MR-09-031  Mary Liz North Pit Southern Area  29.38   34.44    5.06    2.55
    ---------  --------------------------------  -----   -----    ----    ----
                                                 38.71   42.98    4.27    9.68
                                                 -----   -----    ----    ----
      Includes                                   38.71   40.54    1.83   21.76
      --------                                   -----   -----    ----   -----
      Includes                                   41.36   42.98    1.62    0.75
      --------                                   -----   -----    ----    ----
                                                 62.48   62.91    0.43    8.21
                                                 -----   -----    ----    ----
    MR-09-032  Mary Liz South Pit Northern Area  29.20   41.15   11.95    3.61
    ---------  --------------------------------  -----   -----   -----    ----
                                                 29.20   32.98    3.78    3.95
                                                 -----   -----    ----    ----
      Includes                                   29.20   29.87    0.67    5.16
      --------                                   -----   -----    ----    ----
      Includes                                   30.18   30.79    0.61    1.24
      --------                                   -----   -----    ----    ----
      Includes                                   36.12   38.10    1.98    5.75
      --------                                   -----   -----    ----    ----
      Includes                                   39.50   41.15    1.65   10.16
      --------                                   -----   -----    ----   -----
    MR-09-034  Mary Liz North Pit Central Area   37.19   44.32    7.13    1.59
    ---------  -------------------------------   -----   -----    ----    ----
      Includes                                   37.19   38.71    1.52    0.78
      --------                                   -----   -----    ----    ----
      Includes                                   39.41   44.32    4.91    1.90
      --------                                   -----   -----    ----    ----
    MR-09-035  Mary Liz North Pit Central Area   16.76   27.74   10.97    3.36
    ---------  -------------------------------   -----   -----   -----    ----
      Includes                                   16.76   24.99    8.23    4.23
      --------                                   -----   -----    ----    ----
      Includes                                   26.52   27.74    1.22    1.68
      --------                                   -----   -----    ----    ----
                                                 36.42   37.86    1.42    0.76
                                                 -----   -----    ----    ----
      Includes                                   36.42   36.73    0.31    2.21
      --------                                   -----   -----    ----    ----
      Includes                                   37.03   37.86    0.82    0.46
      --------                                   -----   -----    ----    ----
    MR-09-036  Mary Liz North Pit Central Area   12.19   13.41    1.22    0.31
    ---------  -------------------------------   -----   -----    ----    ----
                                                 14.94   15.24    0.31    0.75
                                                 -----   -----    ----    ----
                                                 40.54   48.92    8.38    3.67
                                                 -----   -----    ----    ----
      Includes                                   40.54   43.59    3.05    3.68
      --------                                   -----   -----    ----    ----
      Includes                                   44.29   48.92    4.63    4.20
      --------                                   -----   -----    ----    ----
    MR-09-037  Drinkwater Pit Southern Area       0.00    6.71    6.71    5.38
    ---------  ----------------------------       ----    ----    ----    ----
                                                 16.46   18.35    1.89    3.30
                                                 -----   -----    ----    ----
                                                 30.18   31.70    1.52    0.31
                                                 -----   -----    ----    ----
    MR-09-038  Drinkwater Pit Southern Area      15.85   18.90    3.05    0.53
    ---------  ----------------------------      -----   -----    ----    ----
      Includes                                   15.85   17.37    1.52    0.37
      --------                                   -----   -----    ----    ----
      Includes                                   17.86   18.90    1.04    1.03
      --------                                   -----   -----    ----    ----
                                                 29.26   33.53    4.27    5.84
                                                 -----   -----    ----    ----
                                                 39.62   42.06    2.44    1.15
                                                 -----   -----    ----    ----
                                                 54.56   55.32    0.76    1.06
                                                 -----   -----    ----    ----
               North of Brodie Pit Area, 
    MR-09-039   Exploration                      27.43   30.48    3.05   21.63
    ---------   -----------                      -----   -----    ----   -----
                                                 38.71   39.32    0.61    1.65
                                                 -----   -----    ----    ----
               North of Brodie Pit Area,
    MR-09-040   Exploration                      28.96   32.00    3.05    6.89
    ---------   -----------                      -----   -----    ----    ----
                                                 41.15   42.67    1.52    0.34
                                                 -----   -----    ----    ----

About the Project

The Mineral Ridge project, a former producer, is located about 30 miles west of Tonopah, Nevada and has historically produced almost 575,000 ounces of gold, including ~170,000 ounces from open pit and ~405,000 ounces from underground mining operations.  The property is currently bonded and has been permitted for heap leach gold processing and production, and was in production as recently as 2005. The mine project hosts multiple gold bearing structures, veins and bodies. It features a well-developed infrastructure consisting of roadways, power grid, heap leach pad, crushing circuit, ADR plant, water supply, maintenance shop, refuelling and storage facilities and administrative buildings. The dry climate and non-acid generating character of the rock should offer favorable conditions for mining and reclamation operations.

All drill holes presented in the above table were drilled at 90º vertical dip; true width is estimated at ~90% downhole width. Analytical results were performed by American Assay Laboratory Inc., an ISO/IEC 17025 accredited laboratory, in Sparks, Nevada. Samples were fire assayed with an AA finish at one assay ton (30 grams). Results of 0.29 opt (10 ppm) and greater were repeated with a gravimetric (weighed) finish. Standard Quality control procedures were followed which included random insertion of certified standards and blanks in the sample stream as well as routine duplicate sample analysis. Check assays were completed by ALS Chemex, an ISO 9001:2000 accredited laboratory, on ~5% of the gold bearing assays.

All reported findings fall within the area of interest as defined in the joint venture agreement between Golden Phoenix Minerals and Scorpio Gold, anticipated to close in the near term.  Scorpio Gold reports its results under Canadian mining and TSX Venture Exchange guidelines, which report mineral reserve and resource estimates differently than in the U.S., and may not meet the standards of "proven" and "probable" reserves set forth in SEC Industry Guide 7.  Currently, there are no mineral reserves reported under the Guide 7 definition.  Golden Phoenix intends to conduct further exploration on the property in the future in an effort to convert mineralized material into mineral reserves, in accordance with SEC Industry Guide 7 standards and definitions.

For more information please visit the Golden Phoenix corporate website at http://www.golden-phoenix.com/ and the Scorpio Gold corporate website at http://www.scorpiogold.com.

Golden Phoenix Minerals, Inc. is a Nevada-based mining company committed to deliver value to its shareholders by acquiring, developing and mining superior precious and strategic metal deposits in North America using competitive business practices balanced by principles of ethical stewardship. Golden Phoenix owns the Mineral Ridge gold and silver property near Silver Peak, Nevada, the Adams Mine and Duff Claim Block near Denio, Nevada, and the Northern Champion molybdenum mine in Ontario, Canada.

"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.

SOURCE Golden Phoenix Minerals, Inc.