Golden Phoenix Advances 24 Month Acquisition Plan with July 2010 Signing of Purchase Agreement to Acquire 80% Interest in Vanderbilt Silver and Gold Project
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SPARKS, Nev., Aug. 25 -- Golden Phoenix Minerals, Inc. (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.
Source: Golden Phoenix Minerals, Inc.
CONTACT:
Robert Ian,
Director of Corporate Communications,
of Golden Phoenix Minerals, Inc.,
+1-775-453-4741,
robertian@golden-phoenix.com
Web Site: http://www.golden-phoenix.com/
