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Author Topic: GOLDEN PHOENIX MINERALS (GPXM:OTC:BB) Nice!
Market12
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Been in this one for a couple of days. Good slow gainer -- no heart attacks, just a smooth ride.

Nice chart too! Looks good for tomorrow also.

Good company with positive recent news releases.

Good luck!

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NR
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http://www.golden-phoenix.com/

Golden Phoenix Appoints Top Mining Executive, Donald Prahl, to Lead Start-Up of Ashdown Moly Mine

 -
http://biz.yahoo.com/prnews/060816/law037.html?.v=69

Wednesday August 16, 5:00 am ET

- A Veteran Industry Professional With Proven Gold and Moly Experience -

SPARKS, Nev., Aug. 16 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM - News) is pleased to announce the appointment of Donald R. Prahl as Vice President Operations. Mr. Prahl takes charge of all mine development beginning with the near-term start of production at the Ashdown molybdenum-and-gold joint venture in Humboldt County, Nevada. Earl Harrison, Mine Manager, will report to Mr. Prahl and continue to direct the Ashdown project on a day-to-day basis.

Don Prahl brings to Golden Phoenix a distinguished career running major mining operations throughout the country. Notable are Mr. Prahl's achievements as Vice President and General Manager of the Barrick Goldstrike Mine in Elko, Nevada, where he managed 1600 employees and a $350 million budget. During his tenure, the Goldstrike mine established a record for single-year output of 2.4 million ounces of gold while generating profits of $315 million.

Prior to that, Mr. Prahl was Vice President and General Manager for the Cyprus-Amax Sierrita mine in Arizona, overseeing copper and molybdenum mining, flotation, roasting and packaging. Mr. Prahl initiated a top-to-bottom turn-around at Sierrita, which was subsequently named the safest surface mine in America by the Mine Safety and Health Administration (MSHA) and rated the world's most productive surface mine by CRU International.

.....

Cyprus-Amax Sierrita mine
Acquired By Phelps Dodge in 1999

http://www.phelpsdodge.com/AboutUs/WorldwideLocations/LocationDetails/USA_Arizon a_Sierrita.htm

.....

Barrick Gold Corporation
NYSE:ABX
Price 30.95
Market Cap (intraday): 26.74B

http://www.barrick.com/Default.aspx?SectionID=7b430ebe-7e0c-4f39-891b-4abe3fee86 cf&LanguageId=1

.....

Don Prahl commented on his appointment, saying, "I am grateful for the opportunity to help bring this remarkable moly mine to market. I am impressed with the quality and tenacity of the Golden Phoenix team, from its executive leadership to its expert field managers and miners. Initially, I plan to set up residence near the Ashdown mine in order to be close to the action. My wife, Diana, and I are delighted to return to our roots in Nevada, and look forward to playing a part in this rapidly evolving success story."

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NR
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Most recently, Mr. Prahl was Vice President and General Manager for the Cleveland Cliffs iron mine in Minnesota, in charge of 500 employees and a $185 million budget. Through Mr. Prahl's leadership, the mine increased tonnage and reduced costs, achieved ISO-14001 compliance and delivered rising profits, while being awarded for the lowest MSHA reportable injury rate in the company's history.

.....

Cleveland-Cliffs Inc
NYSE:CLF
Price USD$36.10
Market Cap (intraday): 1.50B

http://www.cleveland-cliffs.com/investor/

.....

--------------------
One is never completely useless. One can always serve as a bad example.

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NR
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Ashdown Update

 -

August 16, 2006

Donald Prahl, Golden Phoenix's Vice President Operations, seen here at headquarters studying Ashdown maps. Don has relocated from Minnesota to Denio, Nevada to support Mine Manager Earl Harrison in bringing the mine to full production. Earl will continue to lead the operations of the mine and mill, and report to Don.

The Humboldt County Building Department has granted provisional authority for the Ashdown Mill to begin operations in advance of administrative processing and issuance of the Occupancy Permit. The permit is expected within the next few weeks. The provisional authority granted allows the mill staff, under the direction of Earl Harrison, to ramp up to full-scale testing and trials of the crushing, grinding, and flotation circuits using run-of-mine material. While every component of the mill has previously been run and tested separately, the focus now shifts to the integration of all systems, and the fine-tuning of the equipment. Concentrates will be generated as a product of these trials, which will provide the baseline information necessary to dial-in the chemistry and metallurgy necessary to produce a final product that meets commercial specifications. The final product will be 50% Mo or higher, and individual metal “contaminants” such as copper, lead, and zinc will be suppressed to specified levels.

.....

http://www.golden-phoenix.com/ashdown.htm

[ August 17, 2006, 23:19: Message edited by: NaturalResources ]

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One is never completely useless. One can always serve as a bad example.

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Purl Gurl
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This company appears to have some potential and
is worth looking over.

Most recent news of beginning operations does not
mention operations are limited until select
environmental permits are approved. Current
processing equipment is small scale and is not
designed to produce revenue.

Charts indicate this stock is in the middle of
a concerted pump effort. Chances are very high
share prices will fall fairly soon.

Readers are urged to read _very carefully_
with giving extra attention to discussion of
the Mineral Ridge claim and the Ashdown claim.

http://www.sec.gov/Archives/edgar/data/1042784/000100127706000328/form10-qsb.htm

During your reading, should you not come across this
statement below, you are not reading carefully.

"We anticipate covering our working capital needs
through funding received from loans and any future
revenue we may generate, as well as other sales of
our common stock. In the event we fund our working
capital needs through the issuance of equity, our
existing and future shareholders will be diluted
and any net income per share would be lower in
future periods."

What else do you find related to that statement?

Do you think "right now" is the best time to buy?

Purl Gurl

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glassman
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"We anticipate covering our working capital needs
through funding received from loans and any future
revenue we may generate, as well as other sales of
our common stock. In the event we fund our working
capital needs through the issuance of equity, our
existing and future shareholders will be diluted
and any net income per share would be lower in
future periods."


sheesh purl i see that in almost every HONEST one i read, aren't we allowed to have any fun? [Big Grin]

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Don't envy the happiness of those who live in a fool's paradise.

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Purl Gurl
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Four minutes. Not enough time has elapsed for
you to have read that filing carefully. You
are not qualified to comment with authority.

That company statement is directly linked to
a lot of other information of concern.

Your comment misleads readers which is not
appropriate behavior.

Purl Gurl

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glassman
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hmmmmm....
i read thru it earlier here
http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001001277%2D06%2D00032 8%2Etxt&FilePath=%5C2006%5C08%5C14%5C&CoName=GOLDEN+PHOENIX+MINERALS+INC+%2FMN%2 F&FormType=10QSB&RcvdDate=8%2F14%2F2006&pdf=


but i don't post picks anymore...
Fusion in the 424 was my concern

--------------------
Don't envy the happiness of those who live in a fool's paradise.

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glassman
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i've never seen a clause like this in a 424...

No Short-Selling or Hedging by Fusion Capital

Fusion Capital has agreed that neither it nor any of its affiliates shall engage in any direct or indirect short-selling or hedging of our common stock during any time prior to the termination of the Purchase Agreement.


have you?

not qualified? sheeesh...

--------------------
Don't envy the happiness of those who live in a fool's paradise.

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T e x
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quote:
Originally posted by glassman:
i've never seen a clause like this in a 424...

No Short-Selling or Hedging by Fusion Capital

Fusion Capital has agreed that neither it nor any of its affiliates shall engage in any direct or indirect short-selling or hedging of our common stock during any time prior to the termination of the Purchase Agreement.


have you?

not qualified? sheeesh...

Have *not* read the filing...

but, if this is in there? strange, for sure...in my experience.

& I *mean* very strange...

for one? I can't remember a penny even *mentioning* hedgies...

my, o my--the soup thickens...

--------------------
Nashoba Holba Chepulechi
Adventures in microcapitalism...

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T e x
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quote:
Originally posted by stockdealer:
listen I have a question if someone can answer me. There is a stock it's ECC Capital Corporation and it's ticker sybol is ECR. Now the stock is only 1.06, but it says it has a dividend of .72 cents 66% is that possible? Can someone explain what is going on over their with that I would appreciate it.

suggest you repost, either on newbie forum, or on appropriate price-forum. Because it's three letters, I assume it is AMEX...try NASDAQ (etc) forum...or, as mentioned, the Newbie forum.

--------------------
Nashoba Holba Chepulechi
Adventures in microcapitalism...

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stockdealer
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ok thank u have a good one

--------------------
behind the bag!! it gets by Buckner

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Purl Gurl
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"my, o my--the soup thickens."

You only need to stir the pot to thicken
the soup, maybe add a teaspoon of flour.

However, do not expect me to spoon feed.

;)

Purl Gurl

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Purl Gurl
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You might find these series of articles of mine
to be of interest, dating back more than a year.

http://www.allstocks.com/stockmessageboard/cgi-bin/ultimatebb.cgi/ubb/get_topic/ f/2/t/007886.html

Purl Gurl

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Purl Gurl
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You boys always seem to be several steps behind.

Purl Gurl

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T e x
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so you've seen this language before?

quote:
No Short-Selling or Hedging by Fusion Capital

Fusion Capital has agreed that neither it nor any of its affiliates shall engage in any direct or indirect short-selling or hedging of our common stock during any time prior to the termination of the Purchase Agreement.



--------------------
Nashoba Holba Chepulechi
Adventures in microcapitalism...

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Purl Gurl
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"so you've seen this language before?"

Did you know there are some SEC filings which
actually contain cuss words? Not joking, real
cuss words! Others contain pure comedy.

What I am trying to accomplish is to prompt
readers into noticing what has happened as
a side effect of placing the Mineral Ridge
operations on standby status. This decision
creates effects which ripple through the
financial status of this company.

I have elected to not spoon feed readers on
this one. Careful reading of SEC filings,
specifically the most recent 10Q filing, will
prove to be a good learning experience for
all readers regardless of skill level.

This filing is a perfect example of why good
reading skills and good associative thinking
play such an important role in decision making.

Clearly, I have been tracking this stock for
well over a year now evidenced by my articles
back in May of 2005 year. I know this company
inside and out. There is potential for profit
by traders. However, my expectation is readers
will discover this potential through effort,
rather than being spoon fed.

Purl Gurl

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NR
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quote:
Originally posted by Purl Gurl:
.....Charts indicate this stock is in the middle of
a concerted pump effort. Chances are very high
share prices will fall fairly soon. .....

Purl Gurl

Just curious Purl, but what about the charts indicates this stock is in the middle of a concerted pump effort? I'm always interested in learning TA.
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glassman
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let's try to get a legal defintion of pump and dump first NR...

i have been seeing a lot of people miscommunicating lately...

much more than we normally see:

A second form of Internet fraud comprises the category of "pump and dump" schemes. While the outcome of "pump and dump" schemes is identical to imposter schemes, namely the enrichment of the perpetrator at the expense of the majority of shareholders, the means employed to effectuate that result differ. Typically, the individual gives trading advice and tips to investors on the Internet, talking up stock that the individual already owns and then selling when the demand occasioned by the advice reaches a given level. A recent representative "pump and dump" case involved the website of Yun Soo Oh Park, who billed himself out as "Tokyo Joe" and specialized in stock tips and trading advice. On January 5, 2000, the Securities and Exchange Commission (SEC) filed fraud charges against Park, alleging that he used his website to maintain an ongoing "pump and dump" scam, talking up stocks he already owned to subscribers of his tips service and then surreptitiously selling them when demand increased. Between selling stocks he recommended and charging fees for subscription to his service, Park made over $ 1.1 million in a twelve-month period ending in June 1999. As a result of this activity, the SEC filed four counts against Park, the most relevant count being violations of the Investment Advisers Act of 1940, specifically 15 U.S.C. §88b-6(1) and 15 U.S.C. §80b-6(2).3

i suggest that people who participate in short-selling should also be examined in the same way...
http://www.law.duke.edu/journals/dltr/articles/2001dltr0006.html

this site provides much information on internet issues...
Congress' desire to offer such immunity comports with its goal of maintaining and ensuring an unfettered atmosphere of speech and communication throughout the Internet. A high value is placed on freedom of speech on the Internet, and accordingly Congress has noted the importance of restraining government regulation in the medium. Tort liability imposed on service providers for the communications of third parties would prove to be an undue government regulation and ultimately would result in an unwelcome silence within a forum that service as a stage for a substantial amount of prolific speech. The Court recognized Congress' desire to encourage service providers to actively play a role in the regulation of obscene, fraudulent, and defamatory statements on their sites, when it declined to recognize such self-regulation as the creation of information which would exposes them to liability. The sheer amount of information posted on the Internet hampers government's ability to regulate all postings themselves, accordingly government must encourage self-regulation and thus strongly oppose any attempt to create liability on such regulation. In order to avoid being the subject of a lawsuit, service providers (including Internet news websites) would more than likely shun any attempts at self-regulation and allow fraudulent information to flourish throughout their websites.

the problem arises in that a moderator cannot be reasonably expected to DD out every stock mentioned by somebody...
it's not possible...

there is more too..

much more look here:
This being said, however, it is important to note that while computer services find themselves protected by immunity, the original culpable party who posts defamatory and fraudulent messages will not be protected by such measures. These individuals will find themselves subject to liability for such statements.

--------------------
Don't envy the happiness of those who live in a fool's paradise.

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NR
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Glass, I wasn't trying to call GPXM a P&D nor was I trying to suggest PurlGurl is. I just am curious as to what T/A you can use to identify a stock that is in the middle of a "concerted pump effort".

PurlGurl stated that ... "Chances are very high share prices will fall fairly soon."

While I am riding on free shares, (bought at *~0.22 last year, sold this year *~0.48), I was considering buying a bit more but based on PG's comments I might hold off.

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One is never completely useless. One can always serve as a bad example.

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glassman
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just trying to help everybody get on the same page here NR...

like i said? there has been a lotof mis-communication...
you'll note that the page i pulled has Duke in the url, it's not some arm-chair speculation page...
and i am qualified to cut-n-paste... [Razz]

my hope is that it will help everybody understand each other better....

--------------------
Don't envy the happiness of those who live in a fool's paradise.

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Purl Gurl
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 -

Natural Resources, you will note I did not write
this is a pump and dump stock. Glassman, as is
his persistent habit, is twisting my words into
something I did not write. Pointless for me to
object to his historical activity.

In my chart you notice an informal black line
arrow displaying long term trend; downward.

My red arrows point to events which cannot be explained.
During this time period there are no company events which
warrant such a steep, sudden climb in share price.

You will note, last Friday, share prices are beginning
to fall, quite dramatically.

This unusual activity displayed is very typical and quite
predictable for subsequent behavior.

Have a look at my charts in the ICTN thread for reference.

There is no evidence this is a pump and dump but there
is evidence this one is being pumped. There is a very
distinct difference between the two which is lost upon
those not well learned in stock trading.

I like this company. My opinion is this is not the best time
to buy shares. I would wait for this fall to bottom out,
then have a look at buying.

Purl Gurl

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glassman
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Glassman, as is
his persistent habit, is twisting my words into
something I did not write. Pointless for me to
object to his historical activity.


pointless to even mention it since i didn't mention any names, i am simply trying to define terms here...

helping everyone...

--------------------
Don't envy the happiness of those who live in a fool's paradise.

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NR
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quote:
Originally posted by glassman:
just trying to help everybody get on the same page here NR...

like i said? there has been a lotof mis-communication...
you'll note that the page i pulled has Duke in the url, it's not some arm-chair speculation page...
and i am qualified to cut-n-paste... [Razz]

my hope is that it will help everybody understand each other better....

Glass, thanks for trying to keep things clear. You and Purl both make a good point about makeing a distinction between a stock being "pumped" and a "P&D" scam.

As Purl stated in a previous thread:

"This stock is found on all major boards and it is being pumped, but not as a "pump & dump" scam.
Participant sentiment does seem genuine and
concensus is this company will exhibit share
price increases in the near term."

--------------------
One is never completely useless. One can always serve as a bad example.

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NR
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quote:
Originally posted by gagged_n_burried:
NR.. P&D does have a very typical pattern.. and can almost easily manifest while observing trade pattern on charts.. buying/selling volume.. direction of trades.. and lot of other factors effecting it. heres a classic example for learning P&D pattern, identify them, and how to play them if you want to. Guapo from HSM has posted a classic example some months back. I shall try and post the link.

http://www. hot stock market . com/forums/showthread.php?t=36435&page=5

remove spaces and try to see if you can reach the page. he explains very clearly with example of the pattern ..

gagged_n_burried, thanks for the info, I'll add it to my stock DD folder, should come in handy.

--------------------
One is never completely useless. One can always serve as a bad example.

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Purl Gurl
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I write,

"During this time period there are no company events
which warrant such a steep, sudden climb in share price."

Before my words can be twisted, there are company
events during the third week of August, but these
events are not of the type which would cause this
much of a rise.

The news during that time period, might cause a
nickel a share rise caused by naive traders, but
not a full ten cents a share rise, which is
piggy-backed on the first initial rise.

I could propose a possible explanation but evidence
is not available nor all that well supported.

A possible but more of a guess,

Naive traders like the news of August third week,
creating a bit of an upward run. This is ok, this
news is positive. Some traders see this then jump
in at boards, pump, causing a bit more excitement
amongst the naive. This leads to the secondary
upward run shown in my chart.

A profit taking fall is very clear in my chart.
This would be the pumpers jumping out for profit.

This ten cent rise in prices, in two stages, does
not fit the pattern of a pump and dump. Adding to
this, a pump and dump will display a gradual climb
in prices, not a very steep radical jump. A true
pump and dump takes time.

A pump can happen in one or two days, which is
what we see in charts. This is actually fairly
much typical behavior, not all that negative.

Prices "should" fall tomorrow and on into the week.
Of course, this is not written in stone. End result
might be a little bit higher bottom support.

However, momentum behind a fall like this "should"
drop prices below bottom support, a buy chance,
followed by prices moving up very slightly, then
become level for a time.

Buying just below bottom support affords you a
better chance of not losing money, but is not
a guarantee of making profits. This is simply
a bit better of a buy position.

For a upward trend to develop, this company must
provide news of moving into full scale operations
which suggests future revenues.

Again, I like this company but GPXM is in the
middle of a transition period from the Mineral
Ridge operation to the Ashdown moly operations.
No doubt, there is a reason for this switch,
most likely a good business decision.

This switch appears to be presenting some good
buy prices for the long term. I truly think
this company will do well in the future.

Purl Gurl

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glassman
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Participant sentiment does seem genuine and
concensus is this company will exhibit share
price increases in the near term."


i am also impressed with the honesty, and foresight of the company in their filings...
addressing the issue of "toxic financing" is very good IMO...

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Don't envy the happiness of those who live in a fool's paradise.

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IMAKEMONEY
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That trend sure is down,IMO, got to look at a better chart.

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LIFE IS 10% HOW YOU MAKE IT AND 90% HOW YOU TAKE IT!

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Purl Gurl
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 -

Overall performance is not bad. I missed my 0.70
per share estimate made in May of 2005 but came
relatively close, for a one year projection.

The idling of Mineral Ridge is not something
any could see coming.

I think I am the only person who bought back
when I profiled this stock in May, 2005, for
Allstocks readers.

They also missed out on my uranium plays last year.

Research is very important for sector plays. When
readers do not perform good research, when readers
do not keep up with international and national
news, readers miss out on hundreds of chances to
make good profits.

This is a price you pay when you expect to be
spoon fed by others. Stock trading is either a
full time job or not a job at all. You cannot
play in the markets and be successful. You must
work a full time job in the markets to succeed.

I soundly reject this excuse of, "I do not have
time for research." I also reject these childish
complaints of my being too tough. Annoys me to
watch my hard work for others simply be ignored.
However, a price is paid; you miss out on profits.

However, readers do enjoy cry babying about how
mean I am, although they do not enjoy good profits.

This one, I "might" buy back in should prices
move down to 0.30 to 0.34 per range.

Purl Gurl

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IMAKEMONEY
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Damn Purl, Great research and find. Could you hit me on the head next time.lol

--------------------
LIFE IS 10% HOW YOU MAKE IT AND 90% HOW YOU TAKE IT!

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Purl Gurl
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"Could you hit me on the head next time."

Wish I could! :)

Darn hard to get people to pay attention! There
are some people, though, I would like to smash
their keyboards with my claw hammer.

Important for you to know, IMAKEMONEY, I am not
always right, almost like everyone else. Usually
when I make a bad pick, this pick is a really bad
major loser! Big losses, right fast!

Always remember, none of us are always right.

However, there are those of us for whom stock
trading is a full time job, and there are those
of us who have being playing this game for decades.

Over the years, I have made a lot of mistakes
and have learned more than I can remember. My
success rate is eighty to eighty-five percent
for profitable picks. Five to ten percent will
be "no count" picks, this is, stocks which never
change at all, up or down. Five to ten percent
will be dire losers, most often scams which fool
everyone, self included.

My success is due to one reason only, I work
hard at this. Mine is more than a full time
job in the markets. I can do this, others can
do this as well. There is no special talent,
no crystal ball, no gifted thinking, none of
that on my part. I simply work hard at this
which requires no talent, just hard work.

I can do this, others can do this.

I soundly reject all excuse making.

I can do this, others can do this.

Purl Gurl

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IMAKEMONEY
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Agreed Purl, That seems to work for most things in life.

--------------------
LIFE IS 10% HOW YOU MAKE IT AND 90% HOW YOU TAKE IT!

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Honky Tonk Girl
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Here wqe go.... expect a lot more soon....

Good Luck,
Honky Tonk Girl

Golden Phoenix Initiates Formation of Operating Company With Win-Eldrich to Launch Moly Production

SPARKS, Nev., Aug. 30 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM - News) is pleased to
announce that it has initiated a plan with joint venture partner, Win-Eldrich Mines, Ltd., (TSXV: WEX), Toronto, Canada, to
create a limited liability company (LLC) that will manage and operate the Nevada-based Ashdown molybdenum mining project on behalf
of the partners.

The plan was formalized in a Letter Agreement dated August 29, 2006, stipulating the creation of an LLC in which Golden Phoenix will hold a 60% interest and Win-Eldrich will hold a 40% interest. The Letter Agreement defines the steps to be taken over the next five weeks to reconcile the Golden Phoenix earn-in expenditures and to complete transfer to the LLC of each partner's project assets, including the
underlying mineral rights, the fully-operative mill facility and preexisting contracts.

In the interim, Win-Eldrich will transfer $550,000 to Golden Phoenix by August 31, 2006 as estimated payment of Win-Eldrich's contribution for the current quarter. Following formation of the LLC, Win-Eldrich will also release to Golden Phoenix 60% of the net proceeds derived from the processing and sale of stockpiled molybdenite ore, which was accomplished under Win-Eldrich's direction in 2005. Upon the completion of financial reviews by each partner final adjustments to both payments are to be made by September 30, 2006.

The LLC will be a Nevada-based company governed by a five-person board selected in proportion to the 60/40 ownership interests. One of the members will be an independent industry professional to be appointed by Golden Phoenix. Continuity of management will be maintained during the interim period by Golden Phoenix under contract to the LLC. VP Operations Don Prahl and Mine Manager Earl Harrison will continue to lead the on-site effort.

David A. Caldwell, President of Golden Phoenix, commented, "This LLC structure will promote tightened communication, faster response times, and an efficient partnership forum by which to guide the growth and direction of the Ashdown mine.

As the market price for moly oxide strengthens, the LLC will expedite the start of concentrate production, complete access to the bonanza grades in the South Zone, and aggressively pursue expansion of the overall resource."

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 manager/operator and 60% owner and partner of the Ashdown gold and molybdenum property in Humboldt County, Nevada.

Posts: 6 | From: holland | Registered: Aug 2006  |  IP: Logged | Report this post to a Moderator
Honky Tonk Girl
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Golden Phoenix Initiates Formation of Operating Company With Win-Eldrich to Launch Moly Production

SPARKS, Nev., Aug. 30 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM - News) is pleased to
announce that it has initiated a plan with joint venture partner, Win-Eldrich Mines, Ltd., (TSXV: WEX), Toronto, Canada, to
create a limited liability company (LLC) that will manage and operate the Nevada-based Ashdown molybdenum mining project on behalf
of the partners.

The plan was formalized in a Letter Agreement dated August 29, 2006, stipulating the creation of an LLC in which Golden Phoenix will hold a 60% interest and Win-Eldrich will hold a 40% interest. The Letter Agreement defines the steps to be taken over the next five weeks to reconcile the Golden Phoenix earn-in expenditures and to complete transfer to the LLC of each partner's project assets, including the
underlying mineral rights, the fully-operative mill facility and preexisting contracts.

In the interim, Win-Eldrich will transfer $550,000 to Golden Phoenix by August 31, 2006 as estimated payment of Win-Eldrich's contribution for the current quarter. Following formation of the LLC, Win-Eldrich will also release to Golden Phoenix 60% of the net proceeds derived from the processing and sale of stockpiled molybdenite ore, which was accomplished under Win-Eldrich's direction in 2005. Upon the completion of financial reviews by each partner final adjustments to both payments are to be made by September 30, 2006.

The LLC will be a Nevada-based company governed by a five-person board selected in proportion to the 60/40 ownership interests. One of the members will be an independent industry professional to be appointed by Golden Phoenix. Continuity of management will be maintained during the interim period by Golden Phoenix under contract to the LLC. VP Operations Don Prahl and Mine Manager Earl Harrison will continue to lead the on-site effort.

David A. Caldwell, President of Golden Phoenix, commented, "This LLC structure will promote tightened communication, faster response times, and an efficient partnership forum by which to guide the growth and direction of the Ashdown mine.

As the market price for moly oxide strengthens, the LLC will expedite the start of concentrate production, complete access to the bonanza grades in the South Zone, and aggressively pursue expansion of the overall resource."

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 manager/operator and 60% owner and partner of the Ashdown gold and molybdenum property in Humboldt County, Nevada.

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Honky Tonk Girl
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Golden Phoenix: plus euro 0,04 +10% !!!
Posts: 6 | From: holland | Registered: Aug 2006  |  IP: Logged | Report this post to a Moderator
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