Gold Intersections On Mineral Ridge Project Marty Zone 

LAS VEGAS, NV - Golden Phoenix Minerals, Inc. joint venture partner Scorpio Gold reported the intersection of 12.20 meters grading 3.99 g/t gold followed by 7.62 meters grading 3.71 g/t Gold on the Mary Zone at the Mineral Ridge Gold Project in Nevada.

Golden Phoenix currently maintains a thirty percent (30%) interest in the Mineral Ridge Gold Project via its membership interest in Mineral Ridge Gold LLC, the joint venture entity that owns and operates the Mineral Ridge property with Scorpio Gold.

Peter J. Hawley, President and CEO, of Scorpio Gold said, "Drill results continue to expand the width of the Mary Zone and further confirm that gold mineralization extends southwest from the Mary Zone to the adjacent Mary LC Zone, encompassing a strike length of 780 meters. Commencement of open pit mining at the Mary Zone is on schedule for later in January 2012, adding to current production from the Drinkwater Pit and increasing the overall production at Mineral Ridge."

The companyies addresses are: Golden Phoenix Minerals, 7770 Duneville Street, Suite 11,Las Vegas, NV 89139, 702-589-7475, fax: 702-589-7478, email: [email protected]; Scorpio Gold Corporation, 206-595 Howe St., Vancouver, BC V6C 2T5, 604-678-9639, fax: 604-558-1136, email: [email protected].