Golden Phoenix Completes Phase-Two Sampling of Vanderbilt Silver and Gold Project; Grades Average 91.4 g/t Silver; 1.74 g/t Gold

SPARKS, Nev., March 22, 2011 /PRNewswire/ -- Golden Phoenix Minerals, Inc. (the "Company") (OTC Bulletin Board: GPXM) is pleased to announce the completion of phase-two sampling for assay analysis as it relates to silver and gold mineralization at the Vanderbilt Silver and Gold Project ("Vanderbilt") near Silver Peak in Esmeralda County, Nevada.

Silver Spartan LLC collected a total of 26 channel samples from approximately 5 kilometers of underground workings within the historic Vanderbilt silver and gold mine. The sample locations included walls and ore veins at the back ends of drifts. The average grade of all samples is 91.4 grams per metric tonne ('g/t') silver and 1.74 g/t gold with an average sample weight of 4.67 kg.

"Phase-two silver grades are an average of 50% higher than our phase-one analysis," stated Tom Klein, CEO of Golden Phoenix. "Gold grades of 1.74 g/t are encouraging. Further exploration of the Vanderbilt, Coyote Fault and Mineral Ridge properties can help determine the potential for what could evolve into a district-sized resource estimate."

The highest grade of silver was in the 4.3 kg sample number 18, which assayed at 304 g/t Ag and 3.11 g/t Au. The highest grade gold was in the 3.94 kg sample number 22; it assayed 4.87 g/t Au and 261 g/t Ag.

Silver Spartan LLC is proceeding with further analysis of its phase-two work at Vanderbilt. A topographic map overlaid with a map of the underground network is being developed to help pinpoint high-priority drill targets. A report will be generated following completion of the mapping sequence.

Mr. Klein concluded: "We are advancing the Vanderbilt to drill-ready status. Based on the mapping and recommendations by Silver Spartan LLC, we expect to begin our initial drilling program this summer."

Although the early results of exploration on the Vanderbilt property look promising and may support the Company's decision to continue expending its resources on further exploration, the test results set forth above are not yet sufficient to establish any proven or probable ore reserves under traditional mining standards, including SEC Industry Guide 7, nor has there been sufficient exploration to determine if the extraction of precious metals on this property is feasible, from an economic point of view.  Investors should not infer from these early assay results that there exists sufficient amounts of precious metals on this property to support profitable mining operations now, or in the immediate future.

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.

For More Information Contact:
Robert Ian, Director of Corporate Communications (775) 453-4741
[email protected]

SOURCE Golden Phoenix Minerals, Inc.