Golden Phoenix Reports 50 Percent Increase in Concentrate Production and Sales at Ashdown Molybdenum Mine; Worldwide Moly Price Continues to Rise
Monday June 16, 12:39 am ET
SPARKS, Nev., June 16 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM - News) reports that so far this year, the Ashdown Project LLC has generated sales of twelve lots of molybdenum concentrate, a 50% increase in the production rate compared to the same period in 2007.
Increased concentrate production is attributed to sustained mining of high-grade ore and consistent mill operations. Mine equipment availability has improved and recent underground development has reached a zone of quality ore at lower levels in the mine. Mill operations are achieving 90% availability due to implementation of an expanded preventative maintenance program and improved materials and parts availability. Mill recovery is consistently above 90%.
A "lot" consists of 12 Supersacks of molybdenite concentrate totaling approximately 23,500 pounds of contained molybdenum, which is shipped as a single unit to the buyer. Every Ashdown lot shipped this year has exceeded minimum specification standards. The weekly average price of molybdenum oxide, used to buy and sell product internationally, has risen $1.30 to $33.50 a pound over the past three weeks. Molybdenum oxide prices have increased more than 400% over the past five years.
The Ashdown Project LLC is upgrading its mobile equipment fleet and mine infrastructure. The mine recently received a new Atlas Copco ST-2G Scooptram. A second scoop and two haul trucks are on order for delivery this summer and fall. The new equipment will replace older leased equipment. Mine infrastructure will also improve with a power systems upgrade, a larger main ventilation fan and a larger air compressor. These additions will improve working conditions for the miners and productivity of the crews.
Please visit the Golden Phoenix website at 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 held jointly by Golden Phoenix Minerals, Inc. and Win-Eldrich Mines, Ltd. of Toronto, Canada through its US subsidiary, Win-Eldrich Gold, Inc.
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