Golden Phoenix Reports Molybdenum Sales Top $5.4 Million, Geophysical Survey Completed and Geochemist Added at Ashdown Project
Tuesday June 12, 9:00 am ET
SPARKS, Nev., June 12 /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 Lot No. 8 containing 43,950 pounds of molybdenum concentrate has been shipped, bringing total sales to approximately 362,000 pounds of concentrate at a cumulative value of more than $5.4 million.
Since product sales began in 2006, the Ashdown Project LLC had gross revenues of $177,000 in Q4 2006, $798,000 in Q1 2007 and $4.45 million thus far in Q2 2007, as the mine continues to ramp up toward full production.
David A. Caldwell, CEO of Golden Phoenix, commented, "Following our participation in the Ryan's Notes Noble Alloy Conference in New York last week, the consensus was that molybdenum remains in tight supply and prices are currently stable. With molybdenum trading in the $33 range, market conditions appear ideal. Sales of moly concentrates at the Ashdown Project have been ramping up, as evidenced by a four-fold increase in quarterly income to date. Work continues on preparation of the 43-101 feasibility study for the mine, and an additional manager, David Tretbar, has been assigned to the project."
Mr. Tretbar is a geochemist who will be responsible for milling and metallurgical processing at Ashdown. Mr. Tretbar has worked underground for Getchel Gold and Jerritt Caynon and served as a process mineralogist and mine geologist for Barrick Goldstrike Mines, Inc. Most recently, Mr. Tretbar was Senior Geologist for Alamos Gold, responsible for tunnel design, reserve modeling and metallurgical testing programs. Mr. Tretbar graduated magna cum laude from Northern Arizona University with a B.S. in Geology, and received his Masters in Geochemistry from the Mackay School of Mines.
Gradient Geophysics, hired to perform an Induced Polarization (IP) survey of sections of the Ashdown property, has completed its collection of field data. The IP survey covers an area approximately 3000 feet long by 1200 feet wide, centered on the Sylvia vein currently being mined. The survey is made up of nine parallel lines, running east-to-west, that cross the known mineralization perpendicular to its strike. The survey has imaged to depths of 600 feet and returned data that is confirmed to define the Sylvia vein and adjacent structures. Over the coming weeks, the data will be compiled into a three dimensional model to be used for mine planning and exploration activities.
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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