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Gold/Mining/Energy : GOLDEN PHOENIX MINERALS, GPXM

GPXM 0.0001000

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Nov 7 9:30 AM EST

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To: yard_man who wrote (375)	7/18/2004 4:06:24 PM
From: Vince Moretto	Read Replies (1) of 811

Just putting together a few thoughts from the meeting, Here's what next year looks like to me: On the Ashdown project......pilot mill (80 ton per day)could be in operation by end of the year.....larger scale mill (UP TO 1500 ton perday @ 2.9% molybdenum) could be by the end of 2005, or a couple years out.....estimated development cost (if new) $12 million. (according to the CEO). The CEO stated at the meeting is that there is a currently defined resource of 146,000 tons of molybdenum @2.9% for a 8 million pound resource@15.00/pound , market value of 120 million. He also estimated that further drilling could define another 16 - 50 million pounds.... The pilot mill was optioned, the deal was not closed as of yet.....probably waiting on the permits....and should take 30 days to relocate..should require 6 employees to operate full time. So Ashdown ought to yield at least 10 - 15 cents a share next year. (80 tons per day @ 3 % molybdenum (4800 pounds@ 15.00/lb X 250 workdays/year / 120 million shares). And mineral ridge should be good for at least another nickel....at 1000 -1200 oz/month (yet to be achieved). They hope to get that expanded to 4000 oz/month when the vat leach mill is up and running the following year(1500 tons perday @ 95 % recovery @ 0.1% cutoff grade). I'm sure that profits will be rolled into financing full scale mill development at each property. Expansion at Ashdown will multiply depending on how they size the full scale mill.....Ceo stated UP To 1500 tons per day.....with emphasis on UP TO.....probably depends on what the permits will allow, and maybe what kind of equipment they can find on the cheap. Environmental bonding costs were stated to be about half of what was required at Mineral Ridge..mineral ridge required 3.2 million $. And I'm sure they will be running the drills to expand resources at most/all of their properties. That should give you a feel for it, Over and out, Vince

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