Golden Phoenix Advances 24 Month Acquisition Plan With July 2010 Signing of Purchase Agreement to Acquire 80% Interest in Vanderbilt Silver and Gold Project
SPARKS, Nev., Aug. 25 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM) is pleased to announce that in furtherance of launching its 24-month acquisition plan, on July 6, 2010, it entered into a definitive asset Purchase Agreement to acquire an undivided 80% interest in the historic Vanderbilt Silver/Gold Mine ("Vanderbilt") in Esmeralda County, Nevada, as detailed in the Company's Form 8-K, filed with the SEC on July 8, 2010.
The Vanderbilt is adjacent to the Mineral Ridge property, which the Company maintains a thirty percent (30%) interest in via its membership interest in Mineral Ridge Gold, LLC; the joint venture entity that owns and operates the Mineral Ridge property with Scorpio Gold. The Purchase Agreement completes the letter of intent process begun several months ago with Mhakari Gold (Nevada) Inc.
"We believe properties like the Vanderbilt that sit adjacent to our Mineral Ridge Gold Project hold significant upside potential," stated Tom Klein, CEO of Golden Phoenix. "The signing of this definitive Purchase Agreement in July furthers the efforts for our recently announced 24-month acquisition plan."
The Vanderbilt is comprised of 44 claims, plus 3 patented claims.
"Modern mining techniques have not been applied to the Vanderbilt," continued Tom Klein. "What miners left behind as low-grade deposits in the early 1900s, could potentially be considered high-grade deposits by today's standards."
According to a report published by the U.S. Geological Service in 1906, the Vanderbilt was the first area to be mined on Mineral Ridge beginning in the 1860s and continuing into the early 1900s. Mining methods during this period were labor intensive and crude by today's standards. Rocks were often picked off the surface or explosives were used to follow a gold or silver vein into the ground one dynamite blow at a time. In order for a property to be productive, deposits needed to be rich.
Mr. Klein concluded: "Our expectation is that properties like the Vanderbilt have the ability to transform Mineral Ridge into one of Nevada's premium mining districts."
Vanderbilt is located just outside of Silver Peak, Nevada. According to local history, the town was so named because of the Vanderbilt Silver Mine.
Please visit the Golden Phoenix website at: http://www.golden-phoenix.com.
Golden Phoenix Minerals, Inc. is a Nevada-based mining company whose focus is Royalty Mining in the Americas. Golden Phoenix is committed to delivering shareholder value by acquiring, developing and mining superior precious and strategic metal deposits throughout North and South America using competitive business practices balanced by principles of ethical stewardship. Golden Phoenix is a 30% joint venture partner with Scorpio Gold on the Mineral Ridge gold and silver property near Silver Peak, Nevada, and owns 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.
For More Information Contact: |
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Robert Ian, Director of Corporate Communications (775) 453-4741 |
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SOURCE Golden Phoenix Minerals, Inc.
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