Golden Phoenix Completes Ashdown By-Pass, Reaches Sylvia Decline Leading to High-Grade Moly Deposit
SPARKS, Nev., Jan. 23 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM) is pleased to announce that its mining crews have completed a 600-foot by-pass tunnel and broken through to the Sylvia Decline that leads to the high-grade molybdenum mineralization at the Ashdown Mine in Humboldt County, Nevada.
Crews breached the west rib of the Sylvia Decline during second shift on January 21. The last 20-foot section of the by-pass was reduced in size to an 8-by-8 foot heading, allowing the crews to stabilize the entry point and implement ground control procedures. The next step will be to 'slab' (or expand) the walls to fit the intersection between the by-pass and the decline. This section will then be rock-bolted for use as a truck load-out in future ore extraction operations.
The by-pass circumvents collapsed portions of the 23-year old decline and rejoins it in a zone of competent rock. Once the union of the by-pass and decline is widened and timbered, inspection crews will report on the condition of the decline before advancing further.
Commenting on the recent progress, Earl Harrison, Mine Manager, said, 'Now that contact is established with the Sylvia Decline, our next step is to widen and grade the intersection, assess the condition of the decline and make it ready to mine and mill high-grade molybdenite under the Company's 1000-ton bulk sample permit. During the next few weeks we'll develop a detailed plan and schedule for starting up production.'
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, and is manager/operator of the Ashdown gold and molybdenum property, which has been approved for a 1000-ton molybdenum bulk sample program.
Visit the Golden Phoenix Web site at http://www.Golden-Phoenix.com/
Forward-Looking Statements. Certain statements included herein may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company's actual results could differ materially from those anticipated in such forward-looking statements as a result of a number of factors. These risks and uncertainties, and certain other related factors, are discussed in the Company's Form 10-KSB, Form 10-QSB and other filings with the Securities and Exchange Commission. These forward-looking statements are made as of this date and the Company assumes no obligation to update such forward-looking statements as a result of a number of factors.
CONTACT:
Golden Phoenix Minerals, Inc.
Robert Martin
Director of Corporate Development
775/853-4919
E & E Communications
Paul Knopick
949/707-5365
pknopick@eandecommunications.com
