Golden Phoenix Minerals

Golden Phoenix Minerals is a mining company publicly traded on the Over-the-Counter Bulletin Board market under the symbol GPXM.OB. The company is based in Sparks, Nevada, and presently all of its mining properties are located within mine-friendly Nevada and Ontario, Canada. 

- President's Letter to Shareholders (view)

Mineral Ridge Mine Tour in September '08

Exploratory drilling during mining tour

Golden Phoenix was formed in 1997 to capitalize on the decline in precious metals prices and resulting availability of undervalued mining properties. This proved to be an effective strategy. The Company was able to acquire (through purchase and joint venture) four mining properties at favorable terms, just prior to the revitalization of the gold and silver markets. Two of these properties, Ashdown Mine (located in the banner photo at the top of this page) and Mineral Ridge Mine (in photos to the right), formed the backbone of the Company.

Golden Phoenix seeks properties that have proven records of past performance requiring special attention and scaled redevelopment. The Company maintains a lean and efficient profile as it goes about the job of bringing its properties on line. In the summer of 2003, Mineral Ridge began gold and silver production and was placed on care-and maintenance in January of 2005. In December of 2006, Ashdown commenced sales of molybdenum concentrates and was placed on care-and-maintenance in November of  2008. In May of  2009, Golden Phoenix sold its interest in Ashdown to Win-Eldrich for $5.3 million plus interest, on a note payment schedule to commence April 1, 2010.

In June of 2009, Golden Phoenix entered into negotiations with Scorpio Gold to joint venture the restart of gold production at Mineral Ridge.

By evolving from acquisition through exploration to production, Golden Phoenix has developed the know-how to advance mining properties in both the base and noble metals categories.

Near Term Goals, Long Term Vision

In response to the sudden rise in the price of molybdenum over the past year (from $3-to-$40 per pound) Company resources were redirected toward the near-term development of a targeted moly deposit at Ashdown known as the Sylvia vein. This mineralized material was previously drilled and bulk-sampled to reveal exceptionally high concentrations of molybdenum disulfide within a well-defined mineral shoot, allowing for its rapid development. From December 2006 until November 2008, Golden Phoenix was mining and milling the Sylvia deposit through its partnership company, Ashdown Project LLC.

Concurrently, the Company initiated cost-cutting measures at its Mineral Ridge heap leach operation.  After operating its gold recovery circuit through the summer, the heap leach was idled while studies continue to determine the most effective approach to capitalize on the gold mineralization at the mine.

The Company is presently in negotiations with Scorpio Gold to redevelop a feasibility study for profitable production of gold and silver at Mineral Ridge under a joint venture. Proceeds from future activities are also expected to be used to examine potential at the Northern Champion moly property in Ontario, Canada, acquired in 2006.

These objectives are in line with the Company's long-term vision to acquire unique properties at favorable terms, and bring them into profitable production through creative mining management.

Mike checks completed conditioner tankage

Jeff adjusts float cells at Ashdown Mill

First load of Ashdown moly hits the crusher!

Bulk sampling begins (pdf)

High-volume blower installed at Ashdown (more)

First moly sample from Ashdown's North Zone!

Rock assay grades 5.35% moly from Ashdown North Zone as new sample arrives for testing

'04 gold pour at Mineral Ridge

Moly Oxide (USD per lb) $10.50