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Golden Phoenix Engages SRK Consulting to Prepare Resource Estimate and NI-43-101 Technical Report on Santa Rosa Gold Mine, Panama

SPARKS, NV--(Marketwire -09/20/11)- Golden Phoenix Minerals, Inc. (the "Company") (OTC.BB: GPXM.OB - News) is pleased to announce it has engaged SRK Consulting (U.S.) Inc. ("SRK") to prepare a resource estimate and a NI-43-101 Technical Report for the Santa Rosa gold mine ("Mina Santa Rosa"), Panama.

SRK recently returned from a site visit at Mina Santa Rosa and has begun the process of reviewing all historical project data. SRK will develop a geological model and prepare an independent resource estimate based on the historical data available. The initial resource estimate will be presented in a NI-43-101 compliant technical report.

"Golden Phoenix is pleased to be working with SRK on Mina Santa Rosa," stated Tom Klein, CEO of Golden Phoenix. "SRK's global experience and in-house expertise provides the range of services we require to advance this project in a timely manner."

About SRK: SRK Consulting is an independent, international consulting practice that provides focused advice and solutions to clients, mainly from earth and water resource industries. For mining projects, SRK offers services from exploration through feasibility, to mine planning and production.

Formed in 1974, SRK now employs more than 1000 professionals internationally in over 40 offices on 6 continents. SRK's independence is ensured by the fact that it is strictly a consultancy organization, holding no equity in any project, and with ownership primarily by staff. This permits SRK consultants to provide clients with conflict-free and objective support on crucial issues which is important for due diligence and feasibility studies, which form a large part of SRK's business. Among SRK's 1500 clients are most of the world's major and medium-sized metal and industrial mineral mining houses, exploration companies, banks, petroleum exploration companies, construction firms and government departments.

Please visit the Golden Phoenix website at: www.goldenphoenix.us.

About Golden Phoenix: Golden Phoenix Minerals, Inc. is a Nevada-based mining company whose focus is Royalty Mining in the Americas. Golden Phoenix is committed to delivering shareholder value by identifying, acquiring, developing and joint venturing gold, silver and strategic metal deposits throughout North, South and Central America. Golden Phoenix owns, has an interest in, or has entered into agreements with respect to mineral properties located in the United States, Canada, Panama and Peru including its 30% interest in the Mineral Ridge gold project near Silver Peak, Nevada.

Forward Looking Statements: Information contained herein regarding optimism related to the business, expanding exploration, development activities and other such statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to the safe harbors created thereby. While Golden Phoenix believes such statements are reasonable, they are based on current expectations, estimates and projections about the Company's business and 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, domestic and international business and economic conditions, and other risk factors listed in the Company's Securities and Exchange Commission (SEC) filings under "risk factors" and elsewhere. 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.