- Full Production Anticipated for Ashdown in 2008 -
SPARKS, Nev., May 15 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals,
Inc. (OTC Bulletin Board: GPXM) today released its first quarter results
for 2008. As a result of Ashdown Project LLC mining activities, sales
totaled $4,061,224 for the three months ended March 31, 2008 as compared to
sales of $798,112 for the three months ended March 31, 2007. The Ashdown
Project LLC is a primary molybdenum (Mo) mine in Humboldt County, Nevada
owned 60% by Golden Phoenix and 40% by Win-Eldrich Gold, Inc.
The Company also announced that mining operations at Ashdown have
reached the 4450 level of the Sylvia Vein, encountering mineralization
assaying 4.5% Mo across the 15-foot-wide vein.
The 4450 level lies 55 feet down dip from the 4490 drift, and confirms
that the core of the known ore body continues at grades and dimensions
comparable to those encountered at higher elevations. Over the past several
weeks, head grades have averaged 2.25% Mo at the mill, and production
continues with the recent completion and sale of Shipment #26 and
production of seven sacks of Shipment #27. Year-to-date, nine complete
shipments of moly concentrate totaling 308,362 dry pounds of concentrates
have been produced. Milling operations continue to exceed expectations with
recoveries averaging 92%.
Kent Aveson, General Manager of Ashdown, states, "I am pleased with our
overall progress at building consistent production at our mine. Mill
availability was 97% last month, and our last 14 shipments have exceeded
specifications. While we have yet to complete the infrastructure needed to
achieve sustained mine production of 100 tons of ore per day, we are we
steadily advancing toward that goal."
Progress on construction of the secondary escapeway has reached 220
feet, with approximately 120 feet remaining. The escapeway is a
10-foot-wide tunnel leading from the surface to the underground workings
along a 13% down slope. In addition to emergency escape, the second portal
will provide for ventilation, utility access, and movement of miners and
materials needed to expand daily tonnage production.
Mr. Aveson continued, "We recently added 19 personnel to our staff,
filling out critical positions underground, at our mill and in our
maintenance department. We are looking to acquire additional mining
equipment and continue to improve infrastructure as we mine and mill ore.
The price of moly is holding well above $32 per pound and our quality
control measures are currently delivering high-quality product to our
broker."
Activities at Golden Phoenix' wholly owned Mineral Ridge gold mine are
progressing on schedule. West Coast Environmental continues with its
feasibility evaluation of the pit reserves and mining plan. Engineering of
the dry stack tailings system has been completed by AMEC and design and
operational concepts are scheduled to be presented to Nevada's Department
of Environmental Protection for comments in the coming weeks.
Condemnation drilling at Mineral Ridge, performed to rule out
underlying ore bodies beneath prospective mill sites, has begun. This
drilling should be completed by month's end. New permitting for the project
will begin once condemnation drilling has been evaluated and preliminary
layout drawings of configurations for component placement are generated.
The Technical Services Group has been actively pursuing available process
equipment.
The heap leach pad has drained down quickly over the last month and
evaluation drilling of the remainder of the pad remains on schedule.
Additionally, much of the deep drilling for structure evaluation has been
completed and assessment of the geological information garnered is
underway.
Please visit the Golden Phoenix website at
http://www.Golden-Phoenix.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 Northern Champion molybdenum mine in Ontario,
Canada, and is majority owner of the Ashdown Project LLC gold and
molybdenum property.
"Safe Harbor" Statement under the Private Securities Litigation Reform
Act of 1995: The statements regarding the expansion of production, 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 molybdenum and gold 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, especially molybdenum;
unexpected difficulties in expanding production at the Company's mines;
changes in customer demand or ordering patterns for molybdenum; changes in
the competitive environment including pricing pressures or technological
changes; technological advances; shortages of skilled miners; 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.
CONTACT:
E & E Communications
Paul Knopick
949/707-5365
pknopick@eandecommunications.com
SOURCE Golden Phoenix Minerals, Inc.
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Related links:
http://www.golden-phoenix.com/
CONTACT:
Paul Knopick of E & E Communications,
+1-949-707-5365, pknopick@eandecommunications.com
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