Golden Phoenix Engages SRK Consulting (U.S.) To Perform Due Diligence Review of Mineral Ridge Gold Project, Nevada LAS VEGAS, NV, FEBRUARY 29, 2012 – Golden Phoenix Minerals, Inc. (the “Company” or “Golden Phoenix”) (OTC Bulletin Board: GPXM) is pleased to announce it has engaged SRK Consulting (U.S.) Inc. (“SRK”) to perform a Due Diligence Review (the “Review”) of the drilling, geological and project data that has been compiled at the Mineral Ridge Gold Project in Nevada.
The purpose of the Review is to independently analyze the data that has been generated by Scorpio Gold on behalf of Mineral Ridge Gold, LLC. Golden Phoenix has authorized this Review for the benefit of its shareholders.
Golden Phoenix currently maintains a thirty percent (30%) interest in the Mineral Ridge Gold Project via its membership interest in Mineral Ridge Gold LLC, the joint venture entity that owns and operates the Mineral Ridge property with Scorpio Gold.
There are two primary parts for the Review: 1) Requested project data that will be provided to SRK for review. 2) SRK geologists will perform a Mineral Ridge site visit to further assess the project.
Upon completion of the Review, SRK will provide a comprehensive report to Golden Phoenix on developments and advancements at Mineral Ridge.
About SRK: SRK Consulting is an independent, international consulting practice that provides focused advice and solutions to clients, mainly from earth and water resource industries. For mining projects, SRK offers services from exploration through feasibility, to mine planning and production.
Formed in 1974, SRK now employs more than 1000 professionals internationally in over 40 offices on 6 continents. SRK’s independence is ensured by the fact that it is strictly a consultancy organization, holding no equity in any project, and with ownership primarily by staff. This permits SRK consultants to provide clients with conflict-free and objective support on crucial issues which is important for due diligence and feasibility studies, which form a large part of SRK’s business. Among SRK’s 1500 clients are most of the world’s major and medium-sized metal and industrial mineral mining houses, exploration companies, banks, petroleum exploration companies, construction firms and government departments.
Please visit the Golden Phoenix website at: www.goldenphoenix.us.
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