Golden Phoenix Mineral's Ashdown Project LLC Generated $10.4 Million in Moly Sales in 2007; First Quarter Sales Continue Strong
Golden Phoenix Mineral's Ashdown Project LLC Generated $10.4 Million in Moly Sales in 2007; First Quarter Sales Continue Strong
SPARKS, Nev., April 15 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals,
Inc. (OTC Bulletin Board: GPXM) reports that the Ashdown Project LLC generated
approximately $10.4 million in gross income from sales of molybdenum (MoS2)
concentrates in 2007. By comparison, sales in 2006 totaled $176,777. Golden
Phoenix owns 60 percent of the Ashdown Project LLC.
In 2007, 732,627 pounds of concentrates were produced and shipped at an
average sale price of $31.30 per pound of contained Mo. During the fourth
quarter of 2007, six shipments of moly concentrates were produced, averaging
44,600 pounds per shipment at a grade of approximately 53% Mo. In that same
period, recoveries in the mill averaged approximately 92%.
The rate of production established in the fourth quarter of 2007 continued
into 2008, with seven shipments being completed between January 1, 2008 and
the present. One of those shipments was processed in nine days, the fastest
production rate to date, at an average recovery exceeding 95% for an estimated
market value of approximately $660,000.
David A. Caldwell, CEO of Golden Phoenix, commented on the first
anniversary of production at Ashdown, 'A little over a year since we began to
ship product, I am very pleased to report the mill is achieving recoveries
routinely exceeding 90%, with moly values well above 50% and copper
contamination below half a percent. This means that we are generating a
quality concentrate at a time when the industry-at-large is struggling to
reach, much less exceed, minimum specifications. This is a credit to our
unique ore body as well as the persistent efforts of our technical staff both
underground and at the mill. Our focus in the coming months will be completion
of the development work needed to raise ore production from the current
60-to-70 tons per day to the 100 tpd design capacity of the mill.'
Golden Phoenix Minerals, Inc. is a Nevada-based mining company committed
to deliver value to its shareholders by acquiring, developing and mining
superior precious and strategic metal deposits in North America using
competitive business practices balanced by principles of ethical stewardship.
Golden Phoenix owns the Mineral Ridge gold and silver property near Silver
Peak, Nevada, the Northern Champion molybdenum mine in Ontario, Canada, and is
majority owner of the Ashdown Project LLC gold and molybdenum property held
jointly by Golden Phoenix Minerals, Inc. and Win-Eldrich Mines, Ltd. of
Toronto, Canada through its US subsidiary, Win-Eldrich Gold, Inc.
'Safe Harbor' Statement under the Private Securities Litigation Reform Act
of 1995: The statements by David A. Caldwell, CEO, and other statements
regarding the expansion of production at the Ashdown Mine, 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 molybdenum and gold
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, especially molybdenum; unexpected difficulties in expanding
production at the Company's mines; changes in customer demand or ordering
patterns for molybdenum; changes in the competitive environment including
pricing pressures or technological changes; technological advances; shortages
of skilled miners; 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.
CONTACT:
E & E Communications Paul Knopick 949/707-5365 pknopick@eandecommunications.com
