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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: KipferlMeister who wrote (378)	7/20/2004 3:12:34 PM
From: Vince Moretto	Read Replies (1) of 811

One point of correction on my 1/2 axxed Ashdown calculations...multiply the end result by 0.6...they have 60% of the project. I think they reported 848 ounces as of June 25th shareholder meeting for the month...seemed to think they would produce some more by the end of the month. Later in the meeting that number was reported as Quarterly production...so I'm still confused. I know that April production was reported as just shy of 700 ounces. The CEO on recovery....he reported 50-60%, I questioned the mine supervisor, he reported 70%. (One might be actual, the other may be the desired target for recovery off the pad...don't know). The company has reported a goal of 1000 ounces per month from phase 1 production. I believe that is achievable. Assuming they were at 55 % recovery @ 850 plus ounces I guess that 1200 plus ounces per month can be achieved under existing input and enhanced, 70% recovery with the secondary electroplating tank they were in the process of installing. I believe that recovery will further increase once they are able to obtain recovery from completely/properly crushing all the ore that they are delivering onto the pad. That should significantly improve gold recovery. Here is my knowledge of the history of recovery problems (which may or may not be accurate): Last fall.....extensive rains diluted the process. Having lived in Nevada, I can tell you that when you are in close proximity to the Sierras, you can expect desert thunderstorms and flash floods every late August/early September. This year they seem to be coming in early. It's a matter of chance of where they show up. Last winter the pad froze over due to the fact that the previous operators placed large sized aggregate on the pad, which did not properly insulate it...and the winter was colder than normal. They kept the solution moving to try and keep it from freezing...end result was ice. The current processing and distribution of ore by GPXM should have resolved that.. and insulated the pad...per the mining supervisor. Carbon columns were plugging due to the bottom drawing pumps bringing up bottom residue from the pregnant pond. These pumps were in place from the previous operator. GPXM installed a top drawing/skimmer type pump last winter to resolve this issue. Bad batch of activated carbon was obtained/used this spring...had to be replaced. Pregnant solution heater was located a significant distance from the recovery circuit...cooling of solution. This was rectified/relocated. Leach pad had ore piled on it in several different drainage planes by the previous operator. This is being gradually rectified one load at a time as they deposit ore onto the pad. Single stage electroplating tank was being upgraded by installing a secondary tank in series. This was ready for installation on the day of the mine tour. They still may need to monkey with flow rates to determine optimum recovery conditions. They are making preparation for underground mining...some of the existing stopes have higher grade material....It should be at least a year until they get the vat leach mill in operation...I suppose that some of that material may make it to the pad in the meantime. So there were/are multiple problem/issues involved with recovery...as well as some problems that were inherited from previous operators...when they bought the mine they bought the business along with the liabilities. It's a matter of knocking them down, one at a time. Vince

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