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

To: Robert J Mullenbach who wrote (190)	2/28/2001 9:03:57 AM
From: Robert J Mullenbach	Read Replies (1) \| Respond to of 811

PR out today, looking good for Mineral Ridge, Maybe Gold will pop for a change, ??? biz.yahoo.com Golden Phoenix Minerals Reports Drilling Results At Contact Show All Holes Intercepted Copper - Excellent Progress on Reopening the Mineral Ridge Gold Mine - RENO, Nev., Feb. 28 /PRNewswire/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM - news) said today that the results of a short drilling program conducted in December at its Contact copper property showed that all holes drilled intercepted copper mineralization. A four-hole, reverse-circulation-drilling program was completed in mid December with a total of 1850 feet drilled with two holes located in the main Banner zone and two in a peripheral target. The best hole reported was CRC-00-3, which intercepted 60 feet of 0.78% Cu. This interval contained a high assay of 5 feet of 3.24% copper, and the hole had other short intervals of copper mineralization. Golden Phoenix previously estimated the identified copper resource for the Contact property at about 61.5 million tons averaging 0.77% copper at a 0.2% cutoff grade for 953 million pounds of copper. The Company is currently evaluating the economics of building a high-grade underground mine and continues to seek a joint venture partner. At Mineral Ridge, the Company has a mineable reserve of 2,658,000 tons averaging 0.079 ounces gold per ton for a total of 209,200 ounces. Since the Company purchased the property over three months ago, it has completed seven gold pours from the ongoing rinsing of the gold ore on the mine's leach pads and cleanup of the process plant. It has also been maintaining and repairing portions of the processing plant, refinery, assay lab, solution ponds, leach lines and offices. Mining operations are tentatively scheduled to begin early to mid second quarter, subject to final approval of the Reclamation Plan by the regulatory authorities, posting of the reclamation bond, completion of the financing agreements, and finalizing an acceptable mining contract. In addition to Mineral Ridge and Contact, Golden Phoenix controls 100% of the Borealis gold-silver property located two hours southeast of Reno. The Company previously identified an indicated and measured resource of 33.4 million tons averaging 0.044 ounces gold per ton containing 1,454,700 ounces of gold, and 0.22 ounces of silver per ton containing 7,612,000 ounces of silver. The Company is interested in a joint venture with a qualified mining company. Golden Phoenix Minerals, Inc. is a mineral-property development company headquartered in Reno, Nevada. It specializes in acquiring and consolidating large, advanced-stage properties with potential for near-term production and good resource development potential. Acquisition and development emphasis is on deposits containing gold, silver, copper and other strategic minerals that are located in Nevada. XXXXXXXXXXXXXXXXXXXX If Gold can pop to over 325, GPXM should be very attractive on a opened Mineral Ridge operation. maybe light at the end of the tunnel.