10 April 2008Molybdenum prices to stay high, strong demand...

10 April 2008

Molybdenum prices to stay high, strong demand worldwide; major producer says

Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM) reported today that Asia's top producer of molybdenum has said that worldwide prices will remain high due to strong demand around the globe.

Jinduicheng Molybdenum Group Co. executives told Reuters news service that another reason prices will stay high ($33 a lb.) is because output will not increase greatly in the next three years.

"This Shanghai company, which produces seven percent of the world's molybdenum, the silver-white metal used to toughen alloy steel, is proving to us that we're in the right sector at the perfect time," said Robert P. Martin President. "Moly is currently trading on the London Metals Exchange at ten times the price of the year 2000."

Ashdown Project LLC mined 749,852 pounds of concentrates in 2007 and shipped these at an average sale price of $30.30 per pound of contained Mo.

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. – Press Release

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