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

To: Robert J Mullenbach who wrote (246)	12/26/2001 2:16:51 AM
From: Robert J Mullenbach	Read Replies (1) \| Respond to of 811

Update from Web site, What?s New in Golden Phoenix Welcome to our "home" page! This section talks about some of the day to day activities in the company that are not normally reported to our readers. We hope that this will give you a better view of who we are and what we are doing to advance the company. December 21, 2001 This is Friday, the last official workday before Christmas, and the last work day of the year for many of our friends. We at Golden Phoenix Minerals wish you the very best for your Christmas holidays. Watch your health, by not eating or drinking to much (if you do that), love your family, call your Mom and Dad and tell them you love them and miss them, and above all be happy. Happy Holidays!!! Our deadline for posting the bond has been unofficially extended due to the Holidays. The USF&G group is still dragging their feet, but making progress. The BLM is bearing with us on this critical issue. We feel confident that we will get there. Year-end stock selling and no news has probably dropped our stock price to new lows. Our old market makers are still trading small blocks of 300 and 600 shares to ?bait? the pond for their own gain. Some things never change. December 18, 2001 Time has flown since our last update. We even received several phone calls asking us why we haven?t updated the web site, with particular attention to this section. It is gratifying to know that interested people look up this section of the web site to keep up with the activities of the company. Our most important topic to discuss is the posting of the reclamation bond. We are closing in on our deadline to get it posted, so this is important to get it done. Currently on our side, we have all the documents ready to be filed by our bonding company with the BLM. What we need from the other side is the $1.64 million in cash collateral to be transferred from the bonding company that currently holds the bond. These folks have continued to drag their feet, and we are trying to move the process along a quickly as possible. The bond amount that we will post will be $1,800,000, which will satisfy the agencies at this time. We continue to seek our working capital financing, which when we get it, our bonding company will post the remaining bond amount for a final total of $3.16 million. When the bond is closed, we will make a public announcement. On a completely different topic, we have yet to announce that Golden Phoenix is part owner of a new industrial mineral company. This new company has numerous properties, and they have started limited production. The product will be sold to a major supply company (contract in hand). Steve has been doing a lot of the land work and writing Operating Plans, Environmental Assessments, and Reclamation Plans. We expect that no money will be coming to Golden Phoenix for perhaps another year, but when it does, it should be quite profitable. We have not yet formally announced this activity because the new company has at risk numerous land acquisitions that have to be completed and some confidential sales negotiations leading to additional delivery contracts. Because this is a fairly competitive business, we have kept quiet to help ensure its success. We hope to formally announce this ownership in early 2002. Winter has hit Nevada hard this December. In the Sierra all the ski areas are doing very well with a tremendous new snow pack. Last year at this time, most of the areas were closed because of lack of snow. If you are a miner, then the cold weather is bad because it freezes your water lines, and makes the roads very difficult to travel. It also slows down the ability of cyanide to leach gold out of the crushed ore, as will be the case with our Mineral Ridge operation this winter. About two weeks ago we were honored to host Jay Taylor, John Whitney and Ed Padnos to a tour of the Mineral Ridge Mine and the Borealis project. John has been to both several times, but this was the first trip for Jay and Ed. Both gentlemen were very impressed and Jay has already discussed his observations in his weekly hot line message. Finally, a very Happy Holidays to you and your families. Our families are looking forward to Christmas friends and joyous times next week. Christmas blessings are with all of us.