Golden Phoenix JV Partner Scorpio Gold Intersects 10.67 Meters Grading 3.65 g/t Gold on Mary Zone, Mineral Ridge Project
LAS VEGAS, NV -- (Marketwire) -- 01/05/12 -- Golden Phoenix Minerals, Inc. ('Golden Phoenix') (OTCBB: GPXM) joint venture partner Scorpio Gold announces the intersection of 10.67 meters grading 3.65 g/t gold on the Mary 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, 'In November 2011, Scorpio commenced pre-stripping of the Mary Zone in preparation for commencing open pit mining. The Mary Zone is located immediately southwest of the Drinkwater Pit where mining is currently in progress. A 58-hole drill program to define the extent of mineralization for final pit design is underway. Results to date have increased the width of the Mary Zone and also confirm that gold mineralization extends southwest from the Mary Zone to the adjacent Mary LC Zone, encompassing a strike length of 780 meters. Mining of the Mary Zone is expected to commence later in January 2012, adding to current production from the Drinkwater Pit and increasing the overall production at Mineral Ridge.'
Table 1. Mary Zone - Significant Drill Results
----------------------------------------------------------------------------
From Width Width Gold Gold
Hole No. (ft) To (ft) (ft) From (m) To (m) (m) (OPT) (g/t)
----------------------------------------------------------------------------
MR11275 40 50 10 12.20 15.24 3.05 0.024 0.81
----------------------------------------------------------------------------
MR11276 10 15 5 3.05 4.57 1.52 0.020 0.69
----------------------------------------------------------------------------
140 155 15 42.68 47.26 4.57 0.245 8.41
----------------------------------------------------------------------------
165 175 10 50.30 53.35 3.05 0.069 2.37
----------------------------------------------------------------------------
MR11277 130 135 5 39.63 41.16 1.52 0.022 0.75
----------------------------------------------------------------------------
MR11278 25 30 5 7.62 9.15 1.52 0.016 0.55
----------------------------------------------------------------------------
100 120 20 30.49 36.59 6.10 0.068 2.31
----------------------------------------------------------------------------
MR11279 10 45 35 3.05 13.72 10.67 0.105 3.59
----------------------------------------------------------------------------
MR11281 15 20 5 4.57 6.10 1.52 0.018 0.62
----------------------------------------------------------------------------
140 145 5 42.68 44.21 1.52 0.043 1.47
----------------------------------------------------------------------------
MR11282 40 55 15 12.20 16.77 4.57 0.381 13.06
----------------------------------------------------------------------------
115 120 5 35.06 36.59 1.52 0.024 0.82
----------------------------------------------------------------------------
140 145 5 42.68 44.21 1.52 0.045 1.54
----------------------------------------------------------------------------
MR11285 125 130 5 38.11 39.63 1.52 0.062 2.13
----------------------------------------------------------------------------
MR11287 100 115 15 30.49 35.06 4.57 0.111 3.79
----------------------------------------------------------------------------
MR11291 55 65 10 16.77 19.82 3.05 0.136 4.66
----------------------------------------------------------------------------
MR11293 165 200 35 50.30 60.98 10.67 0.107 3.65
----------------------------------------------------------------------------
MR11294 15 20 5 4.57 6.10 1.52 0.015 0.51
----------------------------------------------------------------------------
MR11295 0 10 10 0.00 3.05 3.05 0.015 0.51
----------------------------------------------------------------------------
MR11298 90 95 5 27.44 28.96 1.52 0.021 0.72
----------------------------------------------------------------------------
100 115 15 30.49 35.06 4.57 0.066 2.27
----------------------------------------------------------------------------
A longitudinal section of current mining and exploration in the Drinkwater Pit and Mary Zone is available at: http://www.scorpiogold.com/i/maps/mr/DW-Mary_LS.jpg
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. 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: View PDF: 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. Golden Phoenix is currently earning into a 60% interest (and potentially 80% interest upon meeting certain milestones and payments) in the Santa Rosa gold mine in Panama. Currently, Golden Phoenix owns a 15% interest in Golden Phoenix Panama, S.A., the joint venture entity that owns and operates the Concessions constituting the Santa Rosa gold mine.
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