GOLDEN PHOENIX MINERALS, GPXM Message Board

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Gold/Mining/Energy : GOLDEN PHOENIX MINERALS, GPXM

GPXM 0.000001000

-99.0%

May 28 1:24 PM EST

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From: PayShhhhence	1/6/2007 1:52:55 PM
	of 811

"........pursuant to an alleged default by Win-Eldrich Gold in making a payment, which Golden Phoenix alleges is in the amount of $309,391 (U.S.). Win-Eldrich disagrees with Golden Phoenix's allegation that Win-Eldrich Gold is in default under the agreements governing the limited liability corporation, and disagrees with the amount claimed by Golden Phoenix." Despite numerous phone calls and attempts by GPXM to settle this LONG before any cure time, WEX STILL handed them the check two days late.....(apparently for the disputed amount). GPXM gave them the check back........... WHY? "IF we take this check we can be SUED by our own shareholders......." The FUNNY part of this whole thing is that APPARENTLY WEX is the one that wanted the wording in the agreement to include a dilution clause (so they could increase THEIR PORTION of the profits if we screwed up). THE ARGUEMENT (TO BE SETTLED BY MEDIATION/ARBITRATION OUT OF COURT) is between the parent companies and NOT the llc... THEREFORE, regardless of the business between WEX and GPXM, all else continues as is......... WEX is going to have to give up SOMETHING........ The money owed to GPXM is based on THE agreement....... if WE turn out to be too mercenery in our accounting practices, PERHAPS a mediator would say...... nope can't have ALL that, BUT (and this is the key) WEX NEVER SAID ANYTHING to GPXM about them disagreeing with said amount until two days past the 30 day cure time. SO....... WHAT would an unbiased third party say to THAT based on the agreement???????????? THEY would say ... you screwed up ... NO communication or refusal until it was 60 days past due??????? EVEN IF they had a small leg to stand on they are still in violation..... MY bet at the moment is that they lose AT LEAST 4.75% TO PREVENT US FROM BECOMING THE MAJORITY SHAREHOLDER, but to allow WEX one last chance to get their business together. SO SAD TOO BAD......... for them (and their shareholders). WONDER IF the WEX shareholders will just sit there and take it OR do something about it like we did for GPXM. OUR partner may as well be cement overshoes.......... Rise up and take over the company!!!!!!! The company IS going through the normal mechanical failure issues that one goes through with a newly commissioned mill. They expect the mechanical issues to drop of in frequency with time. Remember the mill was mothballed and isn't ALL new. They are increasing the number of stopes and raises in the vicinity of the Sylvia vein to expand the available mining surface to ensure they can meet production goals of 100 tons per month...... IF the MILL has a maintenance setback, they will continue to mine and stock pile ore........ if the MINE has a slowdown or work stoppage due to geological safety issues the mill will keep processing ore from the stock pile.... SO unless we are faced with a MAJOR issue in the mill or mine there will be sufficient overlap to maintain ORE production.

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