Golden Phoenix Minerals Reports Assay Results from Scorpio Gold's Bulk Sampling of Oversized Leach Pad Material at Mineral Ridge Gold Deposit

Golden Phoenix Minerals Reports Assay Results from Scorpio Gold's Bulk
Sampling of Oversized Leach Pad Material at Mineral Ridge Gold Deposit
- significant improvement in gold recovery anticipated -

SPARKS, Nev., Nov. 9 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc.
(OTC Bulletin Board: GPXM) is pleased to report Scorpio Gold Corporation's
preliminary bulk sample results from the Mineral Ridge gold deposit, Nevada.
The samples were collected from oversized material remaining on the leach pad
that was inadequately leached by previous operators.

The average grade of bulk samples collected from the leach pad is 1.75 g/t
gold (Table 1). The poor initial leach recovery by previous operators was due
to inadequate crush size and leaching techniques. Additional column leach and
flooded vat leach tests are being completed; however, Scorpio Gold anticipates
a significant improvement in recovery can be realized by correctly crushing
and re-leaching this material.

Table 1. Leach Pad Bulk Sample Results

Split A Split A Checks Split B Split B Checks
Dry ---------- --------- ---------- --------
Sample Weight Au Ag Au Ag Au Ag Au Ag
No. (kg) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t)
------- --- ---- ---- ---- ---- ---- ---- ---- ----

42810 A 179.0 3.05 <1.71 2.68 <1.71 5.04 2.40
42810 B 188.5 1.75 2.06 3.09 3.09
42810 C 141.5 1.27 <1.71 0.84 3.43
42810 D 154.5 1.16 7.20 1.05 5.14
42810 E 174.0 2.30 2.40 1.96 4.11
42810 F 192.0 2.05 <1.71 2.01 3.77
42810 G 196.5 3.60 4.11 2.87 2.40 2.86 <1.71
42810 H 196.0 2.53 <1.71 2.35 3.77
42810 I 181.0 3.20 <1.71 3.22 <1.71
42810 J 195.5 1.38 4.46 2.41 <1.71
42810 K 178.5 0.63 <1.71 0.41 1.71
42810 L 151.5 0.48 <1.71 0.46 <1.71 0.41 <1.71
42810 M 168.5 0.71 6.51 0.64 1.71
42810 N 155.5 2.40 3.77 3.06 2.06
42810 O 150.0 2.11 2.74 2.55 2.06
42810 P 143.0 1.34 3.43 1.05 4.80
42810 Q 153.0 0.99 <1.71 1.34 3.77
42810 R 169.0 1.96 <1.71 2.14 <1.71 2.27 <1.71
42810 S 175.0 1.61 <1.71 1.43 1.71
42810 T 120.0 1.96 3.43 1.44 2.40
42810 U 147.0 2.28 2.40 3.00 4.80
42810 V 154.0 1.34 6.17 1.65 4.80
42810 W 164.5 1.02 2.40 1.07 <1.71 1.17 <1.71
42810 X 128.0 1.20 4.11 1.21 4.11
42810 Y 143.0 0.55 3.09 0.37 4.80
42810 Z 152.5 2.34 8.23 1.88 4.46
42811 A 153.5 0.94 5.14 0.55 <1.71
42811 B 158.5 2.73 4.46 2.52 <1.71
42811 C 194.5 2.64 3.77 2.06 <1.71 1.98 <1.71
42811 D 131.0 0.47 4.11 0.59 <1.71
42811 E 176.5 2.85 5.14 2.56 <1.71
42811 F 209.0 3.11 3.77 1.71 <1.71
42811 G 122.5 0.99 4.46 1.22 <1.71
42811 H 200.5 1.33 3.77 1.23 <1.71 1.56 4.80
42811 I 187.5 2.17 2.40 1.61 <1.71
42811 J 183.0 1.55 3.77 1.16 <1.71
42811 K 178.5 0.68 4.11 0.45 <1.71
42811 L 171.0 0.61 4.46 0.79 <1.71

The approximate dimension of the sampled area is 36,500 meters by
approximately 4 meters deep. The estimated bulk density of the material is
1.78 g/cm3. The samples were collected from 19 3.0-meter deep test pits dug in
a grid across the coarse material. The top 1.5 meters was handled separately
from the bottom 1.5 meters in each of the pits. The samples were then coned
and quartered on the site and the final lab split was crushed to a nominal
minus 1.27 cm size fraction and sent in 38 separate barrels to Florin
Laboratories where they coned and quartered the received material separately
again and assayed two splits from each sample submitted. All samples were fire
assayed with an AAS finish.

All reported findings, including references to new claims, fall within the
area of interest defined within the joint venture agreement currently in
negotiations between Golden Phoenix Minerals and Scorpio Gold. Scorpio Gold
reports its results under Canadian mining and TSX Venture guidelines, which
report mineral reserve and resource estimates differently than in the U.S.,
and may not meet the standards of "proven" and "probable" reserves set forth
in SEC Industry Guide 7. Currently, there are no mineral reserves reported
under the Guide 7 definition. Mr. Peter J. Hawley, PGeo, is Scorpio Gold's
Qualified Person and CEO for the various Scorpio Gold projects. Mr. Hawley is
responsible for the current exploration and development program at Mineral
Ridge and has reviewed the content of this release. Golden Phoenix Minerals
intends to conduct further exploration on the property in the future in an
effort to convert mineralized material into mineral reserves, in accordance
with SEC Industry Guide 7 standards and definitions.

For more information on Golden Phoenix Minerals, please visit their corporate
website at http://www.Golden-Phoenix.com/.

Golden Phoenix Minerals, Inc. is a Nevada-based mining company committed to
deliver value to its shareholders by acquiring, developing and mining superior
precious and strategic metal deposits in North America using competitive
business practices balanced by principles of ethical stewardship. Golden
Phoenix owns the Mineral Ridge gold and silver property near Silver Peak,
Nevada and the Northern Champion molybdenum mine in Ontario, Canada.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: The statements by officers of the Company, and other statements
regarding optimism related to the business, expanding exploration and
development activities and other statements in this press release are
forward-looking statements within the meaning of the Securities Litigation
Reform Act of 1995. Such statements are based on current expectations,
estimates and projections about the Company's business. Words such as expects,
anticipates, intends, plans, believes, sees, estimates and variations of such
words and similar expressions are intended to identify such forward-looking
statements. These statements are not guarantees of future performance and
involve certain risks and uncertainties that are difficult to predict. Actual
results could vary materially from the description contained herein due to
many factors including continued market prices for the Company's mineral
products. In addition, actual results could vary materially based on changes
or slower growth in the molybdenum and gold markets; the potential inability
to realize expected benefits and synergies in the Company's mining operations;
domestic and international business and economic conditions; changes in the
mining industry for base and precious minerals, especially molybdenum;
unexpected difficulties in expanding production at the Company's mines;
changes in customer demand or ordering patterns for molybdenum; changes in the
competitive environment including pricing pressures or technological changes;
technological advances; shortages of skilled miners; the need for additional
capital and other risk factors listed from time to time in the Company's
Securities and Exchange Commission (SEC) filings under "risk factors" and
elsewhere. The forward-looking statements contained in this press release
speak only as of the date on which they are made, and the Company does not
undertake any obligation to update any forward-looking statement to reflect
events or circumstances after the date of this press release.

CONTACT:
Golden Phoenix Minerals, Inc.
Robert P. Martin, President (775) 853-4919
investor@golden-phoenix.com

SOURCE Golden Phoenix Minerals, Inc.

Robert P. Martin, President of Golden Phoenix Minerals, Inc., +1-775-853-4919,
investor@golden-phoenix.com