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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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From: Vince Moretto	3/24/2006 3:18:12 AM
	of 811

North Zone Moly described as "MASSIVE" March 23, 2006 We invite our shareholders to take a good look at the photo below. You are witnessing a 20-pound chunk of the Sylvia Vein shot-through with molybdenite. You can see the blue-grey moly imbedded in the lighter-colored sugar quartz and calcite. (For a full-scale view, click on this PDF). This sample is the first to come from the North Moly Zone. The richness of the molybdenite is reported to have exceeded the expectations of our miners, and is described as "massive." Bulk sampling and lab analysis will better define the grade and volume of economic material over the coming months. Several of our men who made this possible are pictured below. Mine Manager Earl Harrison, seen at center holding the sample, commented, "I wouldn't be surprised to see rock like this grading 15% or better. Once we start bulk sampling and assaying we'll know for sure what we've got." Earl has just sent in the following report on mine activities at the North Zone: "The Ashdown mining crews are now timbering through the Sylvia Vein and out into the footwall. All of the development work will be done in the footwall. The footwall rocks are more competent than the hanging-wall rocks and require little or no timbering. Crews will then begin to shoot out a refuge chamber before advancing south along the vein. The refuge chamber is an MSHA required safety step to protect miners in the event of entrapment or mine fire. The refuge chamber will satisfy MSHA requirements until a secondary escape and ventilation raise is completed in the coming months. After the refuge chamber is built out, crews will begin development work for the bulk sample. Draw points will be driven every 40 feet back under the Sylvia. Finger raises will then be driven from the end of the draw points vertically to intercept the vein in a "Y" configuration. A scram will be driven along the vein at the top of the finger raises. As the ore is blasted from the vein, it will be pulled down the finger raises and removed from the draw points with an underground mucker and loaded into underground trucks for the trip to the surface. Only one-third of the ore is removed until the entire vein is mined out on that level. This is called a shrink stope and is effective if the vein is standing relatively vertical. In this area of the mine the vein is dipping at 60 degrees to the west and is striking north and south. The moly encountered by Golden Phoenix crews in this part of the mine is massive and averages between 3 and 4 feet thick."

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