Golden Phoenix Reports 50 Percent Increase in Concentrate Production and Sales at Ashdown Molybdenum Mine; Worldwide Moly Price Continues to Rise

SPARKS, Nev., June 16 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM.OB) reports that so far this year, the Ashdown Project LLC has generated sales of twelve lots of molybdenum concentrate, a 50% increase in the production rate compared to the same period in 2007.

Increased concentrate production is attributed to sustained mining of high-grade ore and consistent mill operations. Mine equipment availability has improved and recent underground development has reached a zone of quality ore at lower levels in the mine. Mill operations are achieving 90% availability due to implementation of an expanded preventative maintenance program and improved materials and parts availability. Mill recovery is consistently above 90%.

A "lot" consists of 12 Supersacks of molybdenite concentrate totaling approximately 23,500 pounds of contained molybdenum, which is shipped as a single unit to the buyer. Every Ashdown lot shipped this year has exceeded minimum specification standards. The weekly average price of molybdenum oxide, used to buy and sell product internationally, has risen $1.30 to $33.50 a pound over the past three weeks. Molybdenum oxide prices have increased more than 400% over the past five years.

The Ashdown Project LLC is upgrading its mobile equipment fleet and mine infrastructure. The mine recently received a new Atlas Copco ST-2G Scooptram. A second scoop and two haul trucks are on order for delivery this summer and fall. The new equipment will replace older leased equipment. Mine infrastructure will also improve with a power systems upgrade, a larger main ventilation fan and a larger air compressor. These additions will improve working conditions for the miners and productivity of the crews.

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 in this news release 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:

     E & E Communications
     Paul Knopick
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     pknopick@eandecommunications.com

SOURCE Golden Phoenix Minerals, Inc.