Why Invest? News and Media Ashdown Molybdenum Mine On February 27th, 2009, Golden Phoenix announced it would sell 100% of its interest in the Ashdown Project LLC to Win-Eldrich Mines Limited. Under the original terms of the binding memorandum of understanding, Win-Eldrich agreed to pay US$5.3 million to Golden Phoenix, which was  satisfied by the issuance of a Secured Promissory Note on May 13, 2009, for the full amount of the purchase price. The agreement amicably resolved all outstanding arbitration issues between the parties. However, on April 15, 2010, in furtherance of its debt reduction efforts, Golden Phoenix entered into a series of agreements whereby it agreed to reduce the principal amount owed by Win-Eldrich from US$5.3 million to Four Million Two Hundred Thirty-One Thousand Nine Hundred Twenty- Five Dollars and Nineteen Cents ($4,231,925.19). In exchange for this principal amount reduction, Win-Eldrich agreed to assume Golden Phoenix debts totaling One Million Sixty Eight Thousand Seventy Four Dollars and Eighty One Cents ($1,068,074.81). The Replacement Secured Promissory Note in the amount of Four Million Two Hundred Thirty-One Thousand Nine Hundred Twenty-Five Dollars and Nineteen Cents ($4,231,925.19) bears interest at a rate of 5.25% per annum, with interest accruing from April 1, 2011, and monthly payments to commence as of May 1, 2011, and continue in equal monthly installments for forty-nine (49) months until the Secured Promissory Note’s maturity date of April 1, 2015, unless sooner accelerated upon an event of default. Documentation on the evolution of this transaction can be found in Golden Phoenix’s Form 8-K filed with the SEC on April 21, 2010; May 19, 2009; and March 3, 2009. Copyright  ©  2010  Golden Phoenix Minerals, Inc.  |  Terms of Use  |  Privacy Policy  |  Safe Harbor Statement  |  Contact Projects Leadership Royalty Mining Company News & Media Why Invest? Mineral Ridge Management Market Opportunity Company Snapshot Join Email List Why Gold? Ashdown Mine Board of Directors Royalty Mining Advantage Mission Statement Press Releases Why Gold Miners? Adams Mine Technical Advisory 24 Month Acquisition Plan Code of Ethics Conference Calls Why Junior Gold Miners? Northern Champion Committees Growing Team of Experts SEC Filings Company Videos Why Golden Phoenix? Upcoming Events Download Golden Phoenix’s PowerPoint Presentation 8/16/10 (PDF) Download Golden Phoenix’s Company Fact Sheet 8/16/10 (PDF) Thursday, August 26, 2010  Golden Phoenix Signs July 2010 Option Agreement to Acquire 80% Interest in Mhakari Gold and Silver Project - 24 Month Acquisition Plan Continues Wednesday, August 25, 2010  Golden Phoenix Advances 24 Month Acquisition Plan With July 2010 Signing of Purchase Agreement to Acquire 80% Interest in Vanderbilt Silver & Gold Project Tuesday, August 17, 2010 Golden Phoenix Pays Off Remaining $1 Million Debt To Crestview Capital - Successful Conclusion To Debt Restructuring Monday, August 9, 2010 Golden Phoenix Executes Block Sale of 7,042,275 Shares of Scorpio Gold Common Stock Monday, August 9, 2010 Golden Phoenix Unveils Royalty Mining Growth Strategy On Company’s New Web Site Thursday, May 6, 2010 Golden Phoenix Signs LOI to Acquire Ra Resources, Ltd. and its Portfolio of Canadian Gold and Copper Prospects Thursday, May 6, 2010 Golden Phoenix Reports on Surface Drilling at Mineral Ridge Gold Deposit: 22.86 Meters Grading 1.65 g/t Gold in Drinkwater Zone Friday, April 23, 2010 Golden Phoenix Signs LOI's to acquire 80% Interest in the Vanderbilt and Coyote Fault Gold and Silver Claims Bordering the Mineral Ridge Mine Friday, April 23, 2010 Golden Phoenix Forms Top Echelon Advisory Committee to Assist Expansion of Corporate Mine Portfolio Wednesday, April 21, 2010 Golden Phoenix to Host Shareholder Conference Call  Following Completion of Major Debt Reduction Initiative Thursday, March 11, 2010 Golden Phoenix Closes the Mineral Ridge Joint Venture Sale with Scorpio Gold See all press releases