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

To: Joan Osland Graffius who wrote (226)	10/9/2001 9:31:50 AM
From: Robert J Mullenbach	Read Replies (1) \| Respond to of 811

$$$News $$$ Anticipates Significant Revenue Increase With Posting of Reclamation Bond RENO, Nev., Oct. 9 /PRNewswire/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM - news) announced today that revenue in the third quarter ended September 30, 2001 from gold/silver sales totaled $87,360. Total revenue for the first nine months of the fiscal year is $264,722 compared to $37,000 for the comparable period in the year 2000. ``The revenues were derived from sales of gold and silver recovered from the ongoing rinsing of the leach pad at the Mineral Ridge gold mine in Esmeralda County, Nevada. We anticipate that a significant increase in revenues will result when our reclamation bond is posted during the fourth quarter,'' said Michael Fitzsimonds, President of Golden Phoenix. Mr. Fitzsimonds stressed that excellent progress has been made toward posting the required reclamation bond. Maintenance and repairs continue to ready the Company's Mineral Ridge mine in Nevada for full-scale gold production. Golden Phoenix also continues to capture about 5 ounces of gold per day on the new carbon in the ADR plant. The gold/silver dore' is produced from the solutions circulating through the leach pad. The Mineral Ridge gold mine has a mineable reserve of 2,658,000 tons averaging 0.079 ounces gold per ton for a total of 209,200 ounces. Full-scale mining operations are scheduled to begin with posting of the revised reclamation bond, completion of financing agreements, and finalization of an acceptable mining contract. 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. Shareholders interested in the 2000 Annual Report can fax or e-mail the Company for a copy. Visit the Golden Phoenix Web site at golden-phoenix.com For further information please contact Michael Fitzsimonds, President of Golden Phoenix Minerals, Inc., +1-775-853-4919, fax, +1-775-853-5010, Investor@golden-phoenix.com (The statements in this news release that are not historical facts or statements of current status are forward-looking statements [as defined in the Private Securities Litigation Reform Act of 1995] that involve risk and uncertainties. Actual results may differ widely.) SOURCE: Golden Phoenix Minerals, Inc. WOW, biz.yahoo.com