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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 (382)	7/22/2004 9:32:26 PM
From: Vince Moretto	Read Replies (1) of 811

Disregard my previous numbers on mineral ridge. Those might work out on a gross cashflow basis, but net may be less than half of that. That may be just enough to get them out of arrears on the Contact property. So I would consider mineral ridge a push for the next year, until they are able to really ramp up into their phase 2 development plan. If you go to the SEC filings you will see that they are behind on their lease payments on the contact property. I'm sure that they will want to get current with that as soon as they can...Contact has considerable potential...but it won't be seen for a few years down the road yet. Vince

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