Golden Phoenix Minerals to Earn 80% Interest in Coyote Fault Property

Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM) has announced that Phase-I geologic mapping and sampling of its Coyote Fault Gold and Silver Project is scheduled to begin next week.

Golden Phoenix has retained Silver Spartan LLC to perform a Phase-I geologic mapping and sampling program on the Coyote Fault property. Earlier this month, Silver Spartan completed a similar Phase-I program on the Company's Vanderbilt Silver and Gold Project ("Vanderbilt").  Both properties are adjacent to the Mineral Ridge property, in which the Company maintains a thirty percent (30%) interest via its membership interest in Mineral Ridge Gold, LLC; the joint venture entity that owns and operates the Mineral Ridge property with Scorpio Gold.

"Silver Spartan's field geologists have significant experience in the Mineral Ridge area," stated Tom Klein, CEO of Golden Phoenix. "They expect to have the Phase-I Report completed at or near the end of December."

Golden Phoenix has acquired an option to earn an 80% interest in Coyote Fault from Mhakari Gold (Nevada) ("Mhakari").  Mhakari's initial assessment indicates Coyote Fault may be one of the primary geologic structures associated with known gold mineralization on Mineral Ridge.

Mr. Klein concluded: "The Mineral Ridge area is continuing to demonstrate what we believe is a solid geological foundation. Our development of Coyote Fault and the Vanderbilt, along with Scorpio Gold's development of Mineral Ridge, are providing continuous advancement of the Mineral Ridge district."