Ashdown Continues To Meet Production Expectations

SPARKS, NV - Golden Phoenix Minerals, Inc. reported that the Ashdown Project LLC molybdenum mine continued to meet the company's expectations for production and sales throughout the second quarter.
Total sales were $4,557,079, bringing Ashdown's sales for the first half of
2008 to $8,618,303. This compares to Ashdown sales for all of 2007 totaling
$10,398,361, and is proof that the ramping process is successfully
proceeding as planned. The funds generated have been applied to Ashdown
operations and development work, and no distributions were taken by the
partners during the first half of 2008.
The completion of the 43-101 compliant feasibility report for Ashdown
in the first quarter of 2008 confirmed estimates of approximately 3.8
million pounds of Mo in reserves, and pointed the way toward exploration opportunities to follow. General Manager Kent Aveson continues
to develop the mine, bringing in new muckers and haul trucks, and the new
trailer park housing facility has received its permits and is now open in
Denio.
A major mine rehabilitation program was put into effect by Kent Aveson and his fine staff, in accordance with MSHA directives. The program saw completion of the secondary escape way, over 300 feet of decline that provides the lower
workings of the mine with increased safety, access, and ventilation. Also a
series of steel reinforcing structures were installed in the main haulage,
which is now stabilized for long term use. At the same time, the ball mill
was fully refurbished, including new internal rubber liners and several
mechanical improvements. All this was performed to MSHA standards and
received its signoff following completion. During this period the mill
continued in operation, re-processing tailings and extracting additional
moly from the pond. Lot #31, containing almost 48,000 pounds of
concentrate, is complete and awaiting shipment, and the mill is filling Lot
#32.
Golden Phoenix President Robert P. Martin, said that, "The drilling program at Mineral Ridge gold mine has been a great success. During the first half of this year, we acquired the drill equipment, built a top flight drilling team, and completed approximately 17,000 feet of exploratory drilling and 7,000 feet of leach pad evaluation drilling. Over 3,400 exploration samples and 1,400 leach pad samples have been submitted for assay. The drill rig and its crews are operating so reliably we recently added a second drilling shift, putting the drill operation on a 30-day-per-month pace. Given the size of the property and the abundance of targets, our exploration program is expected to take several years. We are optimistic it will generate valuable information that can be
incorporated into the feasibility study currently in process and scheduled
for completion before year-end. We will keep our shareholders informed of
our progress."
The company's address is 1675 E. Prater Way, Suite 102, Sparks, NV 89434, 775-853-4919, fax: 775-853-5010, email: [email protected].