Golden Phoenix Implements Corporate Cost-Cutting Measures

Golden Phoenix Implements Corporate Cost-Cutting Measures

Golden Phoenix Minerals, Inc. announced that the Company has initiated a comprehensive cost-cutting program designed to conserve operating cash reserves in the face of the current financial upheavals impacting the international business community.

Conservation measures include trimming the corporate staff, rescheduling non-essential projects, and voluntary deferral of salaries, including 100 percent deferral of salaries for corporate officers until further notice.

“None of the measures are designed to have any impact on the Ashdown molybdenum mine, which remains in full operation,” said David A. Caldwell, CEO.

“As our nation witnesses the extraordinary steps being taken by the government and major corporations to stabilize the global credit environment, I have asked our key executives to make timely and prudent adjustments to business-as-usual at Golden Phoenix. The response has been overwhelmingly positive,” Mr. Caldwell said.

As part of these initiatives, Mr. Caldwell and Robert P. Martin, President, have voluntarily accepted Company stock in exchange for a significant portion of their accrued salaries and agreed to its private sale so as not to impact daily trading. Both officers pledged their continued support for Golden Phoenix.

Mr. Caldwell continued, “In light of these worldwide challenges, Golden Phoenix is very fortunate to have the Ashdown mine in current molybdenum production, and we remain committed to safely guiding the Company toward better financial times ahead.”

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.

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