Golden Phoenix Minerals - GPXM
SPARKS, NV--(Marketwire - 06/07/11) - Golden Phoenix Minerals, Inc. (the "Company") (OTC.BB:GPXM - News) joint venture partner Scorpio Gold is pleased to announce the first production blast took place in the Drinkwater pit at the Mineral Ridge gold deposit on May 31, 2011. The first mineralized material mined from the pit, consisting of approximately 25,000 tons grading on average 1.84 grams per tonne gold is scheduled for delivery to the crusher this week. Previous work in the pit consisted of clean up from previous operators and adjustments to the main access ramp.
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.
Mining operations are currently on a one shift per day, five-day week schedule. Production is slated to steadily increase over the first month to a rate of 14,000 tons per day. Attaining a full planned production rate of 20,000 tons per day is expected in July 2011. Mineralized material will be hauled to the crusher facility and be processed at an initial rate of approximately 2,500 tons per day.
The current mine plan contemplates 3.2 million tons of mineralized material being mined over a period of 41 months. Scorpio Gold's mining contractor, Ledcor CMI Inc., has mobilized its heavy mining equipment and main office building to the property, with remaining maintenance and office facilities scheduled to arrive shortly. 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.
Please visit the Golden Phoenix website at: http://www.golden-phoenix.com/.
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 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.
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