Golden Phoenix Joint Venture Partner Scorpio Gold Drills Brodie Zone and Intersects 12.91 g/t Gold Over 3.05 Meters at Mineral Ridge Project
SPARKS, NV -- (Marketwire) -- 10/19/11 -- Golden Phoenix Minerals, Inc. (the 'Company') (OTCBB: GPXM) joint venture partner Scorpio Gold announces initial drill results from the Brodie Zone at the Mineral Ridge Gold Project in Nevada.
Golden Phoenix currently maintains a thirty percent (30%) interest in the Mineral Ridge Gold Project via its membership interest in Mineral Ridge Gold LLC, the joint venture entity that owns and operates the Mineral Ridge property with Scorpio Gold.
Peter J. Hawley, President and CEO of Scorpio Gold, reports, 'Our initial drilling on the Brodie Zone, located 975 meters (3,200 feet) southwest of the Drinkwater pit, has intersected mineralization of interest, in particular drill hole MR11210, which terminated in high-grade mineralization. Additional drilling on the Brodie Zone is planned following review and compilation of the latest results together with historical drilling. Meanwhile, the drill has moved to the Wedge Zone for initial drill testing in that area.'
Table 1. Brodie Zone - Significant Drill Results
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Hole No. From To Width From To Width Gold Gold
(ft) (ft) (ft) (m) (m) (m) (OPT) (g/t)
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MR11201 25 45 20 7.62 13.72 6.10 0.036 1.01
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MR11202 45 50 5 13.72 15.24 1.52 0.024 0.68
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110 115 5 33.54 35.06 1.52 0.113 3.20
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MR11203 80 85 5 24.39 25.91 1.52 0.021 0.60
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MR11206 105 110 5 32.01 33.54 1.52 0.229 6.49
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MR11210 0 5 5 0.00 1.52 1.52 0.016 0.45
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130 140 10 39.63 42.68 3.05 0.456 12.91
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MR11211 30 45 15 9.15 13.72 4.57 0.035 1.00
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75 85 10 22.87 25.91 3.05 0.062 1.74
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MR11212 65 85 20 19.82 25.91 6.10 0.019 0.53
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MR11214 5 20 15 1.52 6.10 4.57 0.038 1.08
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MR11215 0 15 15 0.00 4.57 4.57 0.015 0.43
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MR11218 30 35 5 9.15 10.67 1.52 0.023 0.65
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MR11221 140 145 5 42.68 44.21 1.52 0.027 0.77
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MR11227 60 65 5 18.29 19.82 1.52 0.025 0.71
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MR11228 35 40 5 10.67 12.20 1.52 0.025 0.71
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60 65 5 18.29 19.82 1.52 0.023 0.65
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MR11229 15 20 5 4.57 6.10 1.52 0.030 0.85
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50 65 15 15.24 19.82 4.57 0.078 2.21
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MR11230 65 75 10 19.82 22.87 3.05 0.095 2.69
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MR11233 20 25 5 6.10 7.62 1.52 0.096 2.72
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80 85 5 24.39 25.91 1.52 0.019 0.54
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MR11234 95 100 5 28.96 30.49 1.52 0.02 0.57
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MR11236 25 35 10 7.62 10.67 3.05 0.094 2.65
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40 45 5 12.20 13.72 1.52 0.026 0.74
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MR11242 5 15 10 1.52 4.57 3.05 0.092 2.61
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MR11243 0 5 5 0.00 1.52 1.52 0.031 0.88
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125 140 15 38.11 42.68 4.57 0.014 0.41
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MR11244 170 175 5 51.83 53.35 1.52 0.023 0.65
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All holes presented in the above tables were completed by reverse circulation (RC) drilling. True width is estimated at ~ 90% downhole width. Analytical results were performed by American Assay Laboratory Inc. (AAL) in Sparks, Nevada, USA. AAL does not have ISO/IEC 17025 accreditation but implements a quality management system following ISO/IEC 17025 standards and maintains a paperwork trail for ISO/IEC 17025 accreditation. AAL participates in a number of testing and certification programs, details of which are presented in Scorpio Gold's quality assurance and quality control (QA/QC) program for the Mineral Ridge project at: http://www.scorpiogold.com/i/pdf/reports/QAQC-MR.pdf. External check assays to verify lab accuracy are routinely completed by ALS Chemex, an ISO 9001:2000 certified and ISO/IEC 17025:2005 accredited laboratory.
Mr. Peter J. Hawley, PGeo, is Scorpio Gold's Qualified Person and CEO for the various Scorpio Gold projects. Mr. Hawley is responsible for the current exploration and development program at Mineral Ridge.
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. Investors should not infer from these assay results that there exists sufficient amounts of precious metals in these areas to support profitable mining operations now, or in the immediate future.
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 30% interest in the Mineral Ridge gold project near Silver Peak, Nevada.
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) 983-0469
investor@goldenphoenix.us
