Golden Phoenix Completes Field Inspection of Molybdenite Stockpiles and Milling Facility in Peru; Crews to Reopen Caved Portal

SPARKS, Nev., Nov. 29, 2010 /PRNewswire/ -- Golden Phoenix Minerals, Inc. (the "Company") (OTC Bulletin Board: GPXM) is pleased to announce its Technical Services Group has completed a field inspection of the Porvenir molybdenite stockpiles and the Company's recently secured milling facility, in southern Peru.

Based on this analysis, the mill is scheduled to commence a test run of molybdenum ore in December. This will determine how the ore best responds to flotation and could potentially expand the mill's capacity with optimized production. Labor crews are currently being assembled to begin sorting and moving ore to the mill.

Efforts will also include evaluating the potential to reactivate mining at the Porvenir molybdenum and tungsten mine. Crews will reopen the caved portal and secure adits and stopes for core drilling. The vertical vein has not been tested along strike or depth beyond the main access level. Wayne Colwell, Senior Manager of Golden Phoenix's Technical Services Group will make a return visit in December to observe the progress.

"Our expansion into Peru is advancing as planned," stated Tom Klein, CEO of Golden Phoenix. "We expect production of molybdenum concentrates to commence during the first quarter of 2011."

Mr. Klein concluded: "Recent news reports about the possibility of China classifying molybdenum as a national mining resource and limiting its production and export are another reason moly production makes good business sense for Golden Phoenix."

Please visit the Golden Phoenix website at:  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 identifying, acquiring, developing and mining superior precious and strategic metal deposits throughout North, Central 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. Golden Phoenix has entered into a Memorandum of Understanding to acquire an 80% interest in five gold and molybdenum properties in Peru; two on the Pataz Gold Trend in the north and three in the Porvenir area in the south. Golden Phoenix has entered into a Definitive Acquisition Agreement to acquire a 100% interest in four gold and base metal properties in the Shining Tree Mining District 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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