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Gold/Mining/Energy : GOLDEN PHOENIX MINERALS, GPXM -- Ignore unavailable to you. Want to Upgrade?

To: Robert J Mullenbach who wrote (162)	10/17/2000 4:45:18 PM
From: Robert J Mullenbach	Respond to of 811

Golden Phoenix Minerals Buys Out Partner's 32% Interest At Borealis Gold Project - Agreement Also Carries Potential $660,000 Future Financing - RENO, Nev., Oct. 17 /PRNewswire/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM - news) announced today that it has completed a second agreement with Newmex Minerals, Inc. (CDNX: NMM - news), a wholly owned subsidiary of Proprietary Industries, Inc. (Toronto: PPI - news) to buy its 32% leasehold interest in the Borealis gold/silver project. The purchase was completed for 3 million units consisting of Golden Phoenix stock valued at $0.20 per share and warrants. ``This agreement gives Golden Phoenix 100 percent control of the Borealis project and allows us to better set the direction of future exploration and development. We also continue to look for a joint venture partner to move the project forward at a more accelerated pace,'' said Michael Fitzsimonds, President of Golden Phoenix. As part of the buyout agreement, Golden Phoenix granted warrants to Newmex Minerals, which, if exercised over the next two years by Newmex, will bring $660,000 into the Golden Phoenix treasury. biz.yahoo.com