Golden Phoenix Invites Its Shareholders to Tour Mineral Ridge Gold Mine Prior to Annual Meeting

SPARKS, Nev., Aug. 7 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM.OB), is pleased to announce that a guided tour of its Mineral Ridge gold mine, located in Esmeralda County, Nevada, has been scheduled for all interested shareholders on Saturday, September 6, 2008.

The mine tour will occur two days prior to the Annual Meeting of Shareholders, scheduled for 10:00 a.m. (Pacific Time) on Monday, September 8, 2008 at the Hampton Inn Tropicana in Las Vegas, Nevada. The mine tour and Annual Meeting coincide with the Las Vegas Hard Assets Conference, September 9 and 10, allowing shareholders to attend all three events if they choose.

Golden Phoenix President, Robert Martin, commented, "Last year's tour of the Ashdown molybdenum mine was so successful, we decided to extend the offer to our Mineral Ridge property this year. Our managers and staff always enjoy face-to-face interaction with our shareholders, and we look forward to an informative and enjoyable day exploring this magnificent property together."

The tour of Mineral Ridge will depart at 8:00 a.m. from Tonopah, Nevada, located approximately 225 miles north of Las Vegas. Participants will be bussed from Tonopah 65 miles to the mine property where they will tour the underground workings, open pits, support facilities and historic mining sites. Guests will also enjoy a traditional western barbecue lunch during their tour.

Those interested in participating must register by the August 25, 2008 deadline. To register, please contact Sara Warren at (775) 853-4919 or by email at swarren@golden-phoenix.com. A fact sheet with driving directions and hotel recommendations for both Tonopah and Las Vegas is available. Tour participants will be responsible to provide their own transportation to and from the Tonopah assembly point.

We look forward to seeing you at the Ridge!

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 held jointly by Golden Phoenix Minerals, Inc. and Win-Eldrich Mines, Ltd. of Toronto, Canada through its US subsidiary, Win-Eldrich Gold, Inc.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements by David A. Caldwell, CEO, and other statements regarding the expansion of production at the Ashdown Mine, 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:
    Robert P. Martin, President 775/853/4919
    investor@golden-phoenix.com

    Equiti Trend 800/585/6988

    E&E Communications 949/707-5365
    pknopick@eandecommunications.com

SOURCE Golden Phoenix Minerals, Inc.