Full Production Anticipated For Ashdown Mine In 2008

SPARKS, NV – Golden Phoenix Minerals, Inc. reported that mining operations at Ashdown have reached the 4450 level of the Sylvia Vein, encountering mineralization assaying 4.5% Mo across the 15-foot-wide vein.

The 4450 level lies 55 feet down dip from the 4490 drift, and confirms that the core of the known ore body continues at grades and dimensions comparable to those encountered at higher elevations. Over the past several weeks, head grades have averaged 2.25% Mo at the mill, and production continues with the recent completion and sale of Shipment #26 and production of seven sacks of Shipment #27. Year-to-date, nine complete shipments of moly concentrate totaling 308,362 dry pounds of concentrates have been produced. Milling operations continue to exceed expectations with recoveries averaging 92%.

Kent Aveson, General Manager of Ashdown, states, “I am pleased with our overall progress at building consistent production at our mine. Mill availability was 97% last month, and our last 14 shipments have exceeded specifications. While we have yet to complete the infrastructure needed to achieve sustained mine production of 100 tons of ore per day, we are we steadily advancing toward that goal.”

Progress on construction of the secondary escapeway has reached 220 feet, with approximately 120 feet remaining. The escapeway is a 10-foot-wide tunnel leading from the surface to the underground workings along a 13% down slope. In addition to emergency escape, the second portal will provide for ventilation, utility access, and movement of miners and materials needed to expand daily tonnage production.

Aveson continued, “We recently added 19 personnel to our staff, filling out critical positions underground, at our mill and in our maintenance department. We are looking to acquire additional mining equipment and continue to improve infrastructure as we mine and mill ore. The price of moly is holding well above $32 per pound and our quality control measures are currently delivering high-quality product to our broker.”

Activities at Golden Phoenix’ wholly owned Mineral Ridge gold mine, in Esmeralda County, Nevada are progressing on schedule. West Coast Environmental continues with its feasibility evaluation of the pit reserves and mining plan. Engineering of the dry stack tailings system has been completed by AMEC and design and operational concepts are scheduled to be presented to Nevada’s Department of Environmental Protection for comments in the coming weeks.

Condemnation drilling at Mineral Ridge, performed to rule out underlying ore bodies beneath prospective mill sites, has begun. This drilling should be completed by month’s end. New permitting for the project will begin once condemnation drilling has been evaluated and preliminary layout drawings of configurations for component placement are generated. The Technical Services Group has been actively pursuing available process equipment.

The heap leach pad has drained down quickly over the last month and evaluation drilling of the remainder of the pad remains on schedule. Additionally, much of the deep drilling for structure evaluation has been completed and assessment of the geological information garnered is underway.

As a result of Ashdown Project LLC mining activities, sales totaled $4,061,224 for the three months ended March 31, 2008 as compared to sales of $798,112 for the three months ended March 31, 2007. The Ashdown Project LLC is a primary molybdenum (Mo) mine in Humboldt County, Nevada owned 60% by Golden Phoenix and 40% by Win-Eldrich Gold, Inc.

The company’s address is 1675 E. Prater Way, Suite 102, Sparks, NV 89434, 775-853-4919, fax: 775-853-5010, email: investor@golden-phoenix.com.