Golden Phoenix JV Partner Scorpio Gold Intersects 24.39 Meters Grading 5.19 g/t Gold on Brodie Zone North Extension, Mineral Ridge Project

LAS VEGAS, NV -- (Marketwire) -- 11/15/11 -- Golden Phoenix Minerals, Inc. ('Golden Phoenix') (OTCBB: GPXM) joint venture partner Scorpio Gold announces the intersection of 24.39 meters grading 5.19 g/t gold on the Brodie Zone North Extension at the Mineral Ridge Gold Project in Nevada.

Golden Phoenix currently maintains a thirty percent (30%) interest in the Mineral Ridge Gold Project via its membership interest in Mineral Ridge Gold LLC, the joint venture entity that owns and operates the Mineral Ridge property with Scorpio Gold.

Peter J. Hawley, President and CEO of Scorpio Gold, reports, 'Follow-up drilling on the Brodie Zone targeted its northwest extension and has now defined a mineralized trend over an 850 meter (2,800 foot) strike length, remaining open in both northwest and southeast directions. The trend is on strike with the Bluelite Zone located 1,370 meters (4,500 feet) to the northwest. Drill holes presented in Table 1 were collared over a spacing of 300 to 600 meters (1,000 to 2,000 feet) northwest from the historical Brodie pit. Drill hole MR11252, which intersected 24.39 meters averaging 5.19 g/t gold, was the furthest hole drilled to the northwest.'

Table 1. Brodie Zone Northwest Extension - Significant Drill Results

-------- ------ ------ ------ -------- -------- ------- --------- ----------
Hole No.  From    To    Width From (m)  To (m)   Width     Gold   Gold (g/t)
          (ft)   (ft)   (ft)                      (m)     (OPT)
----------------------------------------------------------------------------
 MR11149    255    270     15    77.74    82.32    4.57     0.220       6.23
----------------------------------------------------------------------------
            280    285      5    85.37    86.89    1.52     0.016       0.45
----------------------------------------------------------------------------
            445    450      5   135.67   137.20    1.52     0.052       1.47
----------------------------------------------------------------------------
 MR11150      0      5      5     0.00     5.00    5.00     0.014       0.40
----------------------------------------------------------------------------
             25     35     10     7.62    10.67    3.05     0.019       0.52
----------------------------------------------------------------------------
            210    215      5    64.02    65.55    1.52     0.023       0.65
----------------------------------------------------------------------------
            225    230      5    68.60    70.12    1.52     0.014       0.40
----------------------------------------------------------------------------
            240    245      5    73.17    74.70    1.52     0.023       0.65
----------------------------------------------------------------------------
            285    290      5    86.89    88.41    1.52     0.020       0.57
----------------------------------------------------------------------------
 MR11151    145    150      5    44.21    45.73    1.52     0.046       1.30
----------------------------------------------------------------------------
            215    225     10    65.55    68.60    3.05     0.085       2.41
----------------------------------------------------------------------------
            235    240      5    71.65    73.17    1.52     0.030       0.85
----------------------------------------------------------------------------
 MR11152    445    485     40   135.67   147.87   12.20     0.019       0.53
----------------------------------------------------------------------------
            515    530     15   157.01   161.59    4.57     0.017       0.47
----------------------------------------------------------------------------
 MR11153    310    320     10    94.51    97.56    3.05     0.039       1.11
----------------------------------------------------------------------------
            485    490      5   147.87   149.39    1.52     0.021       0.60
----------------------------------------------------------------------------
 MR11252    415    495     80   126.52   150.91   24.39     0.183       5.19
----------------------------------------------------------------------------
            415    460     45   126.52   140.24   13.72     0.313       8.87
----------------------------------------------------------------------------

All holes presented in the above tables were completed by reverse circulation (RC) drilling. True width is estimated at ~90% downhole width. Analytical results were performed by American Assay Laboratory Inc. (AAL) in Sparks, Nevada, USA. AAL does not have ISO/IEC 17025 accreditation but implements a quality management system following ISO/IEC 17025 standards and maintains a paperwork trail for ISO/IEC 17025 accreditation. AAL participates in a number of testing and certification programs, details of which are presented in the Company's quality assurance and quality control (QA/QC) program for the Mineral Ridge project: www.scorpiogold.com/i/pdf/reports/QAQC-MR.pdf External check assays to verify lab accuracy are routinely completed by ALS Chemex, an ISO 9001:2000 certified and ISO/IEC 17025:2005 accredited laboratory.

Mr. Peter J. Hawley, PGeo, is Scorpio Gold's Qualified Person and CEO for the various Scorpio Gold projects. Mr. Hawley is responsible for the current exploration and development program at Mineral Ridge.

Scorpio Gold reports its results under Canadian mining and TSX Venture Exchange guidelines, which report mineral reserve and resource estimates differently than in the U.S., and may not meet the standards of 'proven' and 'probable' reserves set forth in SEC Industry Guide 7. Investors should not infer from these assay results that there exists sufficient amounts of precious metals in these areas to support profitable mining operations now, or in the immediate future.

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.

For More Information Contact:

Robert Ian

Director of Corporate Communications

(702) 983-0469
investor@goldenphoenix.us