Golden Phoenix Will Host Shareholder Conference Call: Provide Acquisition, Debt Reduction, Growth Strategy Updates; Will Appear at Chicago Resource Expo

SPARKS, Nev., Oct. 12 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. ("Golden Phoenix") (OTC Bulletin Board: GPXM) would like to invite interested shareholders to participate in a conference call to be hosted on Friday, October 22, 2010, at 1:00 P.M. Pacific/4:00 P.M. Eastern Time.

Company management will be available during the one-hour event to provide acquisition, debt reduction and growth strategy updates; and answer certain written questions submitted in advance by shareholders.

Topics to be presented during the call will include a progress report on the Mineral Ridge gold joint venture with Scorpio Gold; our Definitive Acquisition Agreement to acquire Ra Resources; our binding Memorandum of Understanding to acquire five properties in Peru; our acquisition and Phase I sampling program of the Vanderbilt Silver and Gold Project; our acquisition of the Coyote Fault Gold and Silver Project; our stock buyback program; the payoff of our remaining debt with Crestview Capital; the launching of our new web site and our Royalty Mining Growth Strategy.

"Golden Phoenix has begun the process of acquiring key properties in strategic locations throughout the Americas," stated Tom Klein, CEO of Golden Phoenix. "Our debt reduction, stock buyback and property acquisitions are creating a solid foundation to advance our future growth. We encourage everyone to email their questions and join us on the call."

The conference call will be simulcast so you can attend by phone or webcast. To participate in the conference call, dial 952-356-0015 and enter Conference ID 709487#. The backup telephone number is 270-506-5060. To attend by webcast, please visit the Golden Phoenix homepage for a link to the live webcast. The conference will begin at 1:00 P.M. Pacific Time (4:00 P.M. Eastern Time) on Friday, October 22, 2010. The call-in line can accommodate 250 participants. The webcast can accommodate 2000 participants. Questions should be submitted at least three days in advance via email to: [email protected]. The Company reserves the right to select questions to discuss.

Golden Phoenix is also pleased to announce it will be participating in the Chicago Resource Expo on November 5 and 6, 2010, at the Holiday Inn Convention Center in Rolling Meadows, IL. Company management will be delivering a formal presentation and will be available to meet with investors. Attendance at the conference is free if you pre-register online at: www.ChicagoResourceExpo.com.

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.