(PR NEWSWIRE) Golden Phoenix Minerals Posts $1.8 Million Interim Reclamation
Golden Phoenix Minerals Posts $1.8 Million Interim Reclamation Bond For Mineral
Ridge Mine
RENO, Nev., April 16 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals,
Inc. (OTC Bulletin Board: GPXM) announced today that it has filed the
$1.8 million interim reclamation bond for its Mineral Ridge mine in Esmeralda
County, Nevada, as required by the Bureau of Land Management (BLM) and the
Nevada Department of Environmental Protection (NDEP).
The Company must subsequently increase the bond to a total of
$3.16 million in order to resume cyanide leaching and to commence mining.
Golden Phoenix is continuing to negotiate with several companies in order to
obtain the full bond amount.
Michael Fitzsimonds, President of Golden Phoenix Minerals, said,
"Obtaining this bond has been a very difficult process but now we can focus on
bringing our Mineral Ridge mine back into full gold production. We will
initiate our operational plan as soon as the full bond is posted."
The Mineral Ridge gold mine, located four hours southeast of Reno, has a
mineable reserve of 2.658 million tons averaging 0.079 ounces gold per ton for
a total of 209,200 ounces. The leach pad contains an estimated 46,789 ounces
of gold that will undergo further leaching and will be the basis of our start
up production. The total drill indicated and measured resource is
8.314 million tons averaging 0.061 ounces gold per ton for a total of
506,000 ounces gold.
In addition to Mineral Ridge, Golden Phoenix controls the Borealis
gold-silver property in Mineral County, Nevada, which has a drill indicated
and measured resource of 33.4 million tons averaging 0.044 ounces gold per ton
containing 1.454 million ounces of gold, and 0.22 ounces of silver per ton
containing 7.612 million ounces of silver. The Company also controls the
Contact copper property in Elko County, Nevada, which has a drill indicated
and measured resource of 61.5 million tons averaging 0.77% copper at a
0.2% cutoff grade for 953 million pounds of copper.
Golden Phoenix Minerals Inc. is a mineral-property development company
headquartered in Reno, Nevada. It specializes in acquiring and consolidating
large, advanced-stage properties with potential for near-term production and
good resource development potential. Acquisition and development emphasis is
on deposits containing gold, silver, copper and other strategic minerals that
are located in Nevada.
Visit the Golden Phoenix Web site at golden-phoenix.com
Contact Michael Fitzsimonds, President at 775-853-4919
(The statements in this news release that are not historical facts or
statements of current status are forward-looking statements [as defined in the
Private Securities Litigation Reform Act of 1995] that involve risk and
uncertainties. Actual results may differ widely.)
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SOURCE Golden Phoenix Minerals, Inc.
-0- 04/16/2002
/CONTACT: Michael Fitzsimonds, President of Golden Phoenix Minerals,
Inc., +1-775-853-4919/
/Web site: golden-phoenix.com /
(GPXM)
CO: Golden Phoenix Minerals, Inc.
ST: Nevada
IN: MNG OTC
SU:
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