Golden Phoenix Reports That Scorpio Gold's Surface Exploration on the Mineral Ridge Gold Project Prompts Additional Staking With the Discovery of New Mineralization

SPARKS, Nev., Feb. 23 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM) is pleased to announce a report from Scorpio Gold Corporation (TSX-V: SGN) regarding additional surface exploration sample results on the Mineral Ridge Gold Project, Nevada.

Peter J. Hawley, CEO of Scorpio Gold, reports, "Follow-up exploration to extend the prospective mineralized Mary Limestone unit and structures outwards from the existing pit areas has led the Company to extend the original two kilometer [1.2 mile] radius to four kilometers [2.4 miles]. The program continues to meet with success, expanding the overall mineralized area and leading to the staking of an additional 206 claims. Follow-up definition work will be planned for the newly identified mineralized zones."

Scorpio Gold's successful exploration and modeling of the mineralized unit and related structures at Mineral Ridge has led to an aggressive staking program covering an additional 7,250 acres. The overall land package of 351 claims now encompasses 10,176 acres, representing an increase of 348% from the original Golden Phoenix holdings.

The known mineralized zones occur over an area of approximately 14,000 feet north-south and 15,000 feet east-west. Individual zones can be as much as 140 feet thick, usually consisting of a higher-grade halo approximately 5-to-30 feet wide surrounded by a lower-grade mineralized envelope. Stacking of two or more high-grade zones is commonly observed.  

The following table presents 66 of 130 surface grab samples that returned greater than 0.1 g/t gold.

    
    
                      Table 1. Surface Sampling Results
    
    
    Sample  Sample Wt. Gold  Re-check    Sample   Sample Wt.  Gold   Re-check
    Number     (kg)    (g/t)    (g/t)    Number      (kg)     (g/t)    (g/t)
    ------     ----    -----    -----    ------      ----     -----    -----
    DH-172     7.27    0.99              DH-230      3.64     0.44
    DH-173     7.27    7.99      9.14    DH-232      3.64     1.96
    DH-174     6.36    6.50      6.47    DH-233      5.91     0.19
    DH-176     5.45   10.32     10.23    DH-234      3.64     0.25
    DH-177     6.36    2.18              DH-238      4.55     0.16
    DH-178     4.55    5.41      5.56    DH-239      5.45     1.09
    DH-179     6.36    5.63      4.79    DH-240      4.09     0.16
    DH-180     6.82    3.67      5.25    DH-241      4.55     1.74
    DH-185     5.45    5.38      6.34    DH-242      3.64     3.48     3.33
    DH-186     5.00    1.24              DH-248      3.64     1.43
    DH-187     6.36    0.19              DH-249      4.09     4.26     4.35
    DH-193     6.36    0.22              DH-250      2.73     1.06
    DH-194     6.36    0.28              DH-251      5.00     1.80
    DH-195     4.55    0.90              DH-252      3.18     0.19
    DH-196     6.36    0.19              DH-256      5.00     1.62
    DH-197     5.00    0.78              DH-257      5.00     0.12
    DH-198     5.91    1.62              DH-258      5.00     0.31
    DH-200     4.09    0.12              DH-276      5.00     0.40
    DH-207     5.00    0.25              DH-277      3.64     9.82     9.54
    DH-211     5.00    0.16              DH-278      4.09     0.53
    DH-215     3.64    0.62              DH-279      4.55     0.12
    DH-216     3.18    4.63      5.50    DH-286      6.82     2.61
    DH-217     4.09    4.79      5.13    DH-287      5.00     1.09
    DH-220     5.45   17.87     17.03    DH-288      5.45     1.71
    DH-221     5.45   10.85     11.13    DH-289      5.45     0.44
    DH-222     4.09    1.93              DH-290      3.64     0.12
    DH-223     4.09    4.41      4.60    DH-299      4.55     0.19
    DH-224     3.18    2.33      2.55    MI-306      5.00     0.16
    DH-225     3.64    9.70     10.91    MI-307      4.09     0.62
    DH-226     5.45   26.58     27.85    MI-308      4.09     0.44
    DH-227     3.64   10.97     11.19    DH-316      3.18     0.44
    DH-228     4.09    0.12              DH-322      4.55     0.37
    DH-229     5.45    0.34              DH-323      3.64     0.25
    

Analytical results were performed by American Assay Laboratory Inc., an ISO/IEC 17025 accredited laboratory, in Sparks, Nevada, USA. All samples were submitted as bulk rock samples and standard preparation procedures were utilized to create a homogeneous sample. Samples were fire assayed with an AA finish at one assay ton (29.17 grams). Results of 0.29 opt (10 ppm) and greater were repeated with a gravimetric (weighed) finish. Standard Quality control procedures were followed which included random insertion of certified standards and blanks in the sample stream as well as routine duplicate sample analysis.

All reported findings fall within the area of interest as defined in the joint venture agreement between Golden Phoenix Minerals and Scorpio Gold, anticipated to close in the near term.  Scorpio Gold reports its results under Canadian mining and TSX Venture Exchange guidelines, which report mineral reserve and resource estimates differently than in the U.S., and may not meet the standards of "proven" and "probable" reserves set forth in SEC Industry Guide 7.  Currently, there are no mineral reserves reported under the Guide 7 definition.  Golden Phoenix intends to conduct further exploration on the property in the future in an effort to convert mineralized material into mineral reserves, in accordance with SEC Industry Guide 7 standards and definitions.

For more information please visit the Golden Phoenix corporate website at http://www.golden-phoenix.com/ and the Scorpio Gold corporate website at http://www.scorpiogold.com.

Golden Phoenix Minerals, Inc. is a Nevada-based mining company committed to deliver value to its shareholders by acquiring, developing and mining superior precious and strategic metal deposits in North America using competitive business practices balanced by principles of ethical stewardship. Golden Phoenix owns the Mineral Ridge gold and silver property near Silver Peak, Nevada, the Adams Mine and Duff Claim Block near Denio, Nevada, and the Northern Champion molybdenum mine in Ontario, Canada.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements by officers of the Company, and other statements regarding optimism related to the business, expanding exploration and development activities and other statements in this press release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements are based on current expectations, estimates and projections about the Company's business. Words such as expects, anticipates, intends, plans, believes, sees, estimates and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Actual results could vary materially from the description contained herein due to many factors including continued market prices for the Company's mineral products. In addition, actual results could vary materially based on changes or slower growth in the gold and base and precious metals markets; the potential inability to realize expected benefits and synergies in the Company's mining operations; domestic and international business and economic conditions; changes in the mining industry for base and precious minerals; unexpected difficulties in restarting or expanding production at the Company's mines;  the need for additional capital and other risk factors listed from time to time in the Company's Securities and Exchange Commission (SEC) filings under "risk factors" and elsewhere. The forward-looking statements contained in this press release speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

SOURCE Golden Phoenix Minerals, Inc.

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