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Gold/Mining/Energy : GOLDEN PHOENIX MINERALS, GPXM

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Dec 12 9:30 AM EST

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To: TomR who wrote (83)	8/4/1998 12:05:00 PM
From: Sky High	Read Replies (1) of 811

Tuesday August 4, 9:03 am Eastern Time Company Press Release Golden Phoenix Minerals Announces Consistent Mineralized Results From Drilling at Contact Copper Property RENO, Nev.--(BUSINESS WIRE)--Aug. 4, 1998--Golden Phoenix Minerals, Inc. (OTC BB:GPXM) announces that completed drill hole CRC-98-12 at its Contact Copper Property contained 18 separate mineralized intercepts, ranging in value from 0.1 to 0.56 percent copper, resulting in 40 percent (300 feet) of the 750 foot hole being mineralized. Mineralization started 15 feet from the surface and the 750 foot hole bottomed in mineralization. CRC-98-12 is situated approximately 1000 feet from PD-4 which reportedly contained the following high-grade intervals: 6 feet with an average grade of 12.5 percent copper from 1842 to 1848 feet; 6 feet with an average grade of 29 percent copper from 1848 to 1854 feet; and 10 feet with an average of 26 percent copper from 2170 to 2180. Almost of equal importance to CRC-98-12, are three completed drill holes, which now indicate that copper mineralization is open to the west. CRC-98-11 contained 140 feet with an average of 0.22 percent copper (includes 15 feet with an average grade of 0.67 percent copper and up to 5.6 ounces of silver). CRC-98-10 began the first 15 feet in mineralization with an average grade of 0.23 percent copper and contains two other intervals of 0.34 percent copper over 20 and 15 feet, respectively, and another 10 foot interval with an average grade of 0.44 percent copper. Drill hole CRC-98-9 contains 15 feet with an average grade of 0.52 percent copper and 20 feet with an average grade of 0.53 percent copper. Other drill hole assays received to date contained mineralization as summarized below: DRILL HOLE FOOTAGE NUMBER % COPPER SILVER (opt) OF FEET CRC-98-5 85-95 10 0.39 165-195 30 0.97 525-555 30 0.30 580-605 25 0.14 685-730 45 0.62 CRC-98-6 240-315 75 0.61 CRC-98-8 300-355 55 0.13 405-440 35 0.33 5' Interval w/ 0.75 510-590 80 0.45 2-5' Intervals w/ 0.9 605-615 10 0.23 CRC-98-13 60-70 10 0.44 125-145 20 0.38 15' w/ 0.7 400-410 10 0.72 CRC-98-14 50-55 5 Greater than 1 305-330 25 0.80 345-350 5 0.31 The Contact Property drilling program has been designed to confirm the billion pound copper and 15 million ounce silver mineral inventory. The open pit mining potential of the resource has been enhanced by the 14 drill holes assayed to date. Contact: Golden Phoenix Minerals, Reno Opal Adams or Bill Mudon, 702/853-4919 Investor@golden-phoenix.com golden-phoenix.com

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