Golden Phoenix Completes Phase I Sampling of Vanderbilt Silver and Gold Project; Grades Average 2.1 g/t Gold; 58.6 g/t Silver

SPARKS, Nev., Oct. 4 /PRNewswire/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM) is pleased to announce Phase I geologic mapping and outcrop sample collection for assay analysis as it relates to gold and silver mineralization has been completed on the Vanderbilt Silver and Gold Project ("Vanderbilt").

Approximately 4 square kilometers of the Vanderbilt was mapped and 34 samples were collected for assay analysis by Silver Spartan LLC and submitted to ALS Laboratory Group in Reno, Nevada for gold and silver analysis. The average grade of all the samples is 2.1 grams per tonne ('g/t') gold and 58.6 g/t silver, with an average sample weight of 3.7 Kg.

"Each of the Phase I surface samples contained some level of gold and silver mineralization," stated Tom Klein, CEO of Golden Phoenix. "These encouraging results will help us prepare the next level of our multi-phase development plan and ultimately identify high-priority drill targets."

30 of the Phase I samples were taken from mineralized quartz deposits and zones of outcropping alteration within the project boundary. 2 samples were from the underground workings and 2 samples were collected from the granite footwall alteration.

According to the report by Silver Spartan LLC, the outcropping contact between the Wyman Formation and the intruding granite may be related to the main zone of mineralization near the surface. The Wyman hosts most of the mineralized quartz bodies. However, the alaskite granite contact or "footwall" that is directly below the quartz ore bodies also appears to be mineralized. Samples 33 and 34 were collected off of the granite footwall that is exposed near the north end of some historic underground workings. Both assay results showed significant silver deposition, while sample 34 assayed 22.3 g/t gold over 1.0 meter.

The report concluded: The footwall contact between the Wyman and the alaskite granite could be mineralized throughout its entirety. If this is true, a future mine may be driven by the ore tonnage from the footwall alone. All of the mineralized quartz stock works and veins would be supplemental tonnage. Historic mining activities would have not likely extracted granite as ore, potentially leaving an untouched resource.

Mr. Klein concluded: "The possibility of an untouched resource at the Vanderbilt is another reason we believe this Project has the potential to transform Mineral Ridge into one of Nevada's premium mining districts."

Although the early results of exploration on the Vanderbilt property look promising and may support the Company's decision to continue expending its resources on further exploration, the test results set forth above are not yet sufficient to establish any proven or probable ore reserves under traditional mining standards, nor has there been sufficient exploration to determine if the extraction of precious metals on this property is feasible, from an economic point of view.  Investors should not infer from these early assay results that there exists sufficient amounts of precious metals on this property to support profitable mining operations now, or in the immediate future.

Golden Phoenix has an option to earn an 80% interest in the Vanderbilt Silver and Gold Project from Mhakari Gold Corp., which is a private Ontario based gold and silver exploration company with gold and silver properties located in Northern Ontario and Nevada.

Please visit the Golden Phoenix website at: http://www.golden-phoenix.com.

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 acquiring, developing and mining superior precious and strategic metal deposits throughout North 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.

"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.