Golden Phoenix Minerals Major Production Advances

SPARKS, NV - Golden Phoenix Minerals, Inc. reported that so far this year,
the Ashdown Project LLC has generated sales of twelve lots of molybdenum
concentrate, a 50% increase in the production rate compared to the same
period in 2007.
Increased concentrate production is attributed to sustained mining of
high-grade ore and consistent mill operations. Mine equipment availability
has improved and recent underground development has reached a zone of
quality ore at lower levels in the mine. Mill operations are achieving 90%
availability due to implementation of an expanded preventative maintenance
program and improved materials and parts availability. Mill recovery is
consistently above 90%.
A "lot" consists of 12 Supersacks of molybdenite concentrate totaling
approximately 23,500 pounds of contained molybdenum, which is shipped as a
single unit to the buyer. Every Ashdown lot shipped this year has exceeded
minimum specification standards. The weekly average price of molybdenum
oxide, used to buy and sell product internationally, has risen $1.30 to
$33.50 a pound. Molybdenum oxide prices have increased more than 400% over the past five years.
The Ashdown Project LLC is upgrading its mobile equipment fleet and
mine infrastructure. The mine recently received a new Atlas Copco ST-2G
Scooptram. A second scoop and two haul trucks are on order for delivery
this summer and fall. The new equipment will replace older leased
equipment. Mine infrastructure will also improve with a power systems
upgrade, a larger main ventilation fan and a larger air compressor. These
additions will improve working conditions for the miners and productivity
of the crews.
The company's address is 1675 E. Prater Way, Suite 102, Sparks, NV 89434, 775-853-4919, fax: 775-853-5010, email: [email protected].