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Mining Industry News: Golden Phoenix Options 80% Stake In 2 Nevada Claims

April 26, 2010 (FinancialWire) — Golden Phoenix Minerals, Inc. (OTCBB: GPXM) said it has signed two letters of intent with Mhakari Gold Corp. to secure the option to acquire 80% interest in the Vanderbilt Mine and Coyote Fault silver and gold properties, a 2,000-acre land package containing over 100 claims flanking the Mineral Ridge Gold Project located southwest of Tonopah, Nevada.  

According to Golden Phoenix, the Vanderbilt claims cover the historic Vanderbilt Silver and Gold Mine along with the surrounding Galena Flats area. This was the first area to be mined on Mineral Ridge from the late 1860's to the early 1900's.

Since that time, according to the company, little exploration has been conducted in and around the mine using modern techniques. It said that, throughout the Vanderbilt property, numerous rock samples assaying from four to 25 ounce per ton silver and .01 to 1.5 opt gold have been recently recorded.

The Coyote Fault Property covers the northern extension of the Coyote Fault, which is considered to be one of the possible structural controls to known gold mineralization on Mineral Ridge, according to Golden Phoenix.

The Coyote Fault Property lies adjacent to the western perimeter of the Mineral Ridge Gold Project, directly northwest of the Solberry and Blue Light zones.  As with the Vanderbilt Mine, no modern exploration of the Coyote Fault Property has been reported.

Nevada-based Golden Phoenix Minerals is a mining company engaged in acquiring, developing and mining precious and strategic metal deposits in North America. Golden Phoenix is part owner of the Mineral Ridge gold and silver property near Silver Peak, Nevada, through its joint venture with Scorpio Gold, and owns the Adams Mine and Duff Claim Block near Denio, Nevada, and the Northern Champion molybdenum mine in Ontario, Canada.

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