Golden Phoenix Minerals Completes New Copper
Resource Study on Its Contact Project
- More Than One Billion Pounds of Copper Identified -
RENO, Nev., June 20 /PRNewswire/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM - news) announced
today that it has completed a new resource study on its Contact, Nevada, copper project. This work incorporates the results
of the 1999 drilling and trench sampling results with an earlier evaluation.
The evaluation found a measured and indicated resource of 61,513,000 tons grading 0.77 percent copper at a 0.2 percent
cutoff for a total of 953,271,000 pounds of copper. This new resource evaluation has increased the overall tonnage by 56
percent and pounds of copper by 27 percent from the 1998 resource evaluation. A 0.1 percent copper cutoff grade was
further used to evaluate the overall heap leach resource. This evaluation indicates the deposit contains 97,427,000 tons
grading 0.54 percent copper for a total of 1,050,613,000 pounds of copper.
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