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Gold/Mining/Energy : GOLDEN PHOENIX MINERALS, GPXM

GPXM 0.0001000

0.0%

Nov 7 9:30 AM EST

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To: KipferlMeister who wrote (384)	7/31/2004 11:49:02 AM
From: Vince Moretto	Read Replies (1) of 811

Well it looks like we are suffering the effects of that dilution right now. At the meeting they stated that there are 121 million shares outstanding with 60 million shares in the float. As those restricted shares become free trading, we get the selling pressure.....I believe that is the reason we are currently back at 21 cents. I believe we could continue to see this for quite a while. As you probably know, the previously announced proposal to authorize additional shares was removed from the agenda. Actually there was not sufficient shares represented at the meeting for a quorum. However the company still has 150 million shares authorized and 50 million preferred shares which can be converted to 50 million common shares. On the previously announced acquisition plans to be discussed at the meeting, they refused to provide any details...despite announcing that these would be discussed at the meeting. When I raised the issue of further acquisitions, the response was basically that due to competition in the industry they did not want to disclose anything, and that we would have to 'wait and see'. Where does that leave us on further dilution? I guess we will have to wait and see.....and that is what the market seems to be doing right now.....

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