A Letter from the Chairman

of the Interim Governing Board

Kenneth S. Ripley, Chairman

Fellow Stakeholders,

The Interim Governing Board, or IGB, was formed in February of this year to assist in the reconfiguration of Golden Phoenix. The IGB is comprised of three individuals: Myself, serving as its Chairman, Ronald Parratt and David Caldwell. Ron and Dave also serve as Company Directors, and I serve as the Company’s Interim CEO.

The purpose of the IGB is to provide a rapid-response team able to plan, process, and put into effect decisions in a timely manner, which is critical during this current phase of Company restructuring. Through the IGB, Ron, Dave and myself can keep each other informed and provide cohesive oversight as the Company evolves.

The IGB is not intended to be a permanent management fixture, and the time will come when it can be disbanded. Until then, it will help guide the process of transformation as we build a new corporate culture, restore investor confidence, and deliver practical results to our shareholders. The three of us ask for your support and understanding going forward, and encourage your comments and ideas.

Golden Phoenix is a company brimming with potential. Let’s all work together to unlock that potential for the good of our owners, our employees and our service providers.

With best regards,
Kenneth S. Ripley
Chairman, IGB