SPARKS, Nev., March 1, 2011 /PRNewswire/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM) joint venture partner Scorpio Gold Corp. has begun the application of solution to the leach pad for gold recovery at its 70-per-cent-owned, fully financed, fully permitted Mineral Ridge gold project in Nevada.
Scheduling remains on track to commence processing of pregnant solution through the ARD plant to initially produce gold later this month.
Crushing, agglomeration and stacking of gold-bearing material mined by previous owners are continuing, and the application of leaching solution will increase as the various cell pads are configured. There are presently approximately 280,000 tons of the previously mined material available to be treated on the pad, after which material for the balance of 2011 will be mined from the Drinkwater pit.
Gold production, which is completely unhedged, is expected to reach a steady state by June and then continue to track positively in the second half of 2011.
Scorpio Gold's interest in the Mineral Ridge project is expected to increase to 80 per cent before year-end based on Mineral Ridge achieving two quarters of commercial production pursuant to its agreement with Golden Phoenix Minerals.
Peter J. Hawley, PGeo, president and chief executive officer, is Scorpio Gold's qualified person for the Mineral Ridge project.
Tom Klein, CEO of Golden Phoenix, summarizes this achievement: "It has been just one year since we closed the Mineral Ridge joint venture with Scorpio Gold. The efficiency of this project is a credit to Scorpio's production expertise and our ability to make projects production-ready."
Please visit the Golden Phoenix website at: 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 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.
"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.
For More Information Contact:
Robert Ian, Director of Corporate Communications (775) 453-4741
SOURCE Golden Phoenix Minerals, Inc.