Golden Phoenix Releases Q1 Results: Ashdown´s Sylvia Vein Yields Outstanding Molybdenum Grades; Mineral Ridge Drilling Advances

SPARKS, Nev., May. 15 /PRNewswire/ --

SPARKS, Nev., May 15 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. today released its first quarter results for 2008. 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 also announced 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.

Mr. 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 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.

Please visit the Golden Phoenix 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, the Northern Champion molybdenum mine in Ontario, Canada, and is majority owner of the Ashdown Project LLC gold and molybdenum property.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements regarding the expansion of production, 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: E & E Communications Paul Knopick 949/707-5365 pknopick@eandecommunications.com