Golden Phoenix Reports Molybdenum Sales Now Total $3.3 Million at Ashdown Project
Tuesday May 15, 8:00 am ET
SPARKS, Nev., May 15 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM - News), manager and majority owner of the Ashdown Project LLC, a Nevada-based molybdenum mine, reports that, as of May 10, 2007, six lots of molybdenum (Mo) concentrate, totaling approximately 267,900 pounds, have been produced and sold at a combined value of nearly $3.3 million.
Each lot consists of 12 Supersacks with each Supersack containing approximately 3,950 pounds of concentrates averaging 54% elemental (Mo). Since product sales began in 2006, the Ashdown Project LLC has gross revenues of $177,000 in Q4 2006, $798,000 in Q1 2007 and $2.3 million thus far in Q2 2007, as the mine continues to ramp up toward full production capability.
The mine is providing mineralized material to the mill at a rate of approximately 80 tons per day. However, there is daily variability in production tonnage resulting from the balance between mining of molybdenite within the vein structure versus development work occurring in the unmineralized footwall. Development crews have recently completed a second refuge chamber, powder magazine, water sump and load out area. Further development will be required, including driving a secondary escape way and installing a sand line and additional ventilation. This work will continue through the summer, and sustainable production at full capacity is expected only after further development has been completed.
The Ashdown mill continues to refine its operational efficiencies, with bagging of in-spec concentrates at rates typically ranging between one and two Supersacks each 24-hour period. The rate of production directly correlates to the head-grades of molybdenite, which routinely range between 1% and 4% Mo, and have averaged 1.39% Mo to date due to inclusion of dilutionary rock from development work. April also saw a record 26 milling days resulting in the processing of more than 2000 tons of mill feed. This tonnage will continue to be variable until a sufficient number of stopes have been developed to achieve steady state production rates.
Please visit the Golden Phoenix website at golden-phoenix.com
Golden Phoenix Minerals, Inc. is a Nevada-based mining company committed to deliver value to its shareholders by acquiring, developing and mining superior precious and strategic metal deposits in North America using competitive business practices balanced by principles of ethical stewardship. Golden Phoenix owns the Mineral Ridge gold and silver property near Silver Peak, Nevada, the Northern Champion molybdenum mine in Ontario, Canada, and is manager/operator and majority owner of the Ashdown Project LLC gold and molybdenum property held jointly by Golden Phoenix Minerals, Inc. and Win-Eldrich Mines, Ltd. of Toronto, Canada through its US subsidiary, Win-Eldrich Gold, Inc.
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