Golden Phoenix Announces Annual Shareholder Meeting on November 19, 2010 at Corporate Office Near Reno; Coincides With San Francisco Hard Assets Show

SPARKS, Nev., Oct. 18 /PRNewswire/ -- Golden Phoenix Minerals, Inc. ("Golden Phoenix") (OTC Bulletin Board: GPXM) is pleased to announce its Annual Meeting of Stockholders will be held at 10:00 a.m. (Pacific Time), on Friday, November 19, 2010, at the Company's corporate office, located at 1675 East Prater Way, Suite 102, Sparks, Nevada 89434.

Shareholders of record as of October 4, 2010, will be receiving a Proxy Statement and proxy card in the mail shortly after its anticipated mailing date on or about October 20, 2010.  The Company's definitive proxy statement will be filed with the SEC as of the date of this press release, and will be available at: www.sec.gov, as well as the Company's website at: www.golden-phoenix.com.

"It is important for all our shareholders to return their proxies in time to be voted at the meeting," stated Tom Klein, CEO of Golden Phoenix. "Our company is developing rapidly. We ask each shareholder to participate in that development by voting their proxy and returning it as requested."

The Annual Meeting of Stockholders on November 19, 2010, coincides with the San Francisco Hard Assets Investment Conference on November 21 and 22, allowing shareholders to attend both events, if they choose.

Mr. Klein concluded: "For those shareholders who will be attending the meeting in person, I, along with the other officers and directors of Golden Phoenix, look forward to welcoming you."

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. Golden Phoenix has an option to earn an 80% interest in the Vanderbilt Silver and Gold Project, and the Coyote Fault Gold and Silver Project, both of which are adjacent to the Mineral Ridge gold and silver property near Silver Peak, Nevada.

"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.