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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: Vince Moretto	10/5/2008 1:18:17 AM
	of 811

I also learned: Feasibility study at MR has yet to be complete. We probably shouldn't expect significant reduction in overall costs/expenses in the near term...costs may shift from one project to the next. The 52 miles of underground workings in the Mary mine include a single very large hi grade lens, the Cord Stope from which was extracted something in the area of 300,000 ounces of gold. The Brodie pit, site of the 26 ounce per ton (opt) 5 foot intercept, was originally developed by mining a hi grade lens of 12 opt. The periphery of the existing Drinkwater pit looks like swiss cheese...full of drill holes...significant resource extension around the edge/periphery of the pit are being worked up. Pit walls are quite steep at this point....looks like a blasting or caving operation could get to it. A portion of the Mary deposit/prior underground workings may be considered for development to an open pit. Based on drilling activity it appears that a new zone of mineralization appears in the works. Converting drill results/finds to actual resources is really a statistical process involving significant amount of drilling and time to develop. Ed Falk gave a good explanation on this. Lower grade leach pad material (0.015 opt)will be mixed with higher grade Drinkwater material (0.3 opt) for inital starter feed. Once the ore from the pad (1.8 million tons) is processed it will be converted to a dry stack tailings impound with a 10 million ton capacity. Don Prahl will be getting some real FACE time with MR in the near future, and applying his engineering expertise to the planning stages. It's all gonna take time. vinquisitive

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