$$$News $$$ Anticipates Significant Revenue
Increase With Posting of Reclamation Bond
RENO, Nev., Oct. 9 /PRNewswire/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board:
GPXM - news) announced today that revenue in the third quarter ended September 30, 2001
from gold/silver sales totaled $87,360. Total revenue for the first nine months of the fiscal year
is $264,722 compared to $37,000 for the comparable period in the year 2000.
``The revenues were derived from sales of gold and silver recovered from the ongoing rinsing
of the leach pad at the Mineral Ridge gold mine in Esmeralda County, Nevada. We anticipate
that a significant increase in revenues will result when our reclamation bond is posted during
the fourth quarter,'' said Michael Fitzsimonds, President of Golden Phoenix. Mr. Fitzsimonds
stressed that excellent progress has been made toward posting the required reclamation bond.
Maintenance and repairs continue to ready the Company's Mineral Ridge mine in Nevada for
full-scale gold production. Golden Phoenix also continues to capture about 5 ounces of gold per
day on the new carbon in the ADR plant. The gold/silver dore' is produced from the solutions
circulating through the leach pad.
The Mineral Ridge gold mine has a mineable reserve of 2,658,000 tons averaging 0.079 ounces
gold per ton for a total of 209,200 ounces. Full-scale mining operations are scheduled to begin
with posting of the revised reclamation bond, completion of financing agreements, and
finalization of an acceptable mining contract.
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. Shareholders interested in the 2000 Annual Report can
fax or e-mail the Company for a copy.
Visit the Golden Phoenix Web site at golden-phoenix.com
For further information please contact Michael Fitzsimonds, President of Golden Phoenix
Minerals, Inc., +1-775-853-4919, fax, +1-775-853-5010, Investor@golden-phoenix.com
(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.)
SOURCE: Golden Phoenix Minerals, Inc.
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