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Gold/Mining/Energy : GOLDEN PHOENIX MINERALS, GPXM

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Nov 7 9:30 AM EST

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To: yard_man who wrote (372)	6/28/2004 1:56:50 AM
From: Vince Moretto	Read Replies (1) of 811

Back in from the meeting/mine visit. The company reported that they hope to achieve their phase 1 objective at Mineral Ridge mine of at least 1,000 ounces Au production in the next two months. They continue to right the wrongs of previous operators, and are currently making process modifications including relocation of pregnant solution heater, installation of secondary electroplater to improve metal dore recovery, prior installation of top skimming pump (pregnant pond) to prevent activated charcoal columns from plugging with pond bottom residue, lease option of a mobile crusher to process ore directly on the leach pad (streamlining one of the dirtier parts of the process), preparation for future underground mining of existing stopes/tunnels, continual re-contouring of the leach pad into an eventual single drainage plane/orientation from current erratic contours, continually integrating assaying of ore zones in the Drinkwater pit with their mining to ensure that they are extracting valuable ore, and minimizing processing of waste material. CEO Mike Fitzsimmonds, "We are a mining company....not a material handling company" They hope to achieve startup of 100 ton per day pilot mill on their Ashdown molybdenum / gold property by the end of the year. Drilling very soon, option placed on a pilot plant, needs relocation, and permits pending. Hope to achieve full scale ball mill/ flotation recovery production capacity by end of next year. Borealis gold property JV partner Gryphon Gold could have a production plan together for the Freedom Flats oxide depostit by middle/end of next year. Underground production should follow. Borealis property has been expanded by claim staking to 20 square miles. Contact copper property should receive some further in-fill drilling this year. Long term plans to hold a portion of gold production as a company asset. Company should be posting quite a bit of information on their website very shortly. Vince

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