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

To: Vince Moretto who wrote (386)	7/31/2004 2:21:59 PM
From: Vince Moretto	Respond to of 811

Correction, make that 50,000 preferred shares convertible to 50 million common.

To: Vince Moretto who wrote (386)	8/11/2004 8:23:43 PM
From: Vince Moretto	Read Replies (1) \| Respond to of 811

Here are some additional details on the Ashdown molybdenum/gold property. At the shareholder meeting the CEO stated that Ashdown (based on 270 holes drilled) has a Gold reserve of 1.2 million tons@ 0.125 ounces per ton(156,000 ounces). Made reference to a 100,000 ounce open pit... As far as Molybdenum goes, I heard the CEO state a 146,000 ton resource 0f 2.9% Moly, with a probable additonal reserve of 1 million tons @ 1% molybdenum. He stated that Ashdown has a proven resource of 8 million pound of Moly, and hypothesized the potential of another/or possibly total of 16 - 50 million pounds. Also estimated a 15 million $ capital outlay for full scale (up to 1500 ton per day) mill, and about half the bond requirement of mineral ridge. So what does this mean? At least 30 million pounds of Moly looks probable... possibly up to 50 million pounds....so somewhere between $500-800 million worth. It was stated at the meeting that Ashdown would be profitable down to Moly at 3 bucks per pound. (currently around 17.00/lb)