posted
Golden Phoenix Reports Molybdenum Sales Now Total $3.3 Million at Ashdown Project
SPARKS, Nev., May 15 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM), manager and majority owner of the Ashdown Project LLC, a Nevada-based molybdenum mine, reports that, as of May 10, 2007, six lots of molybdenum (Mo) concentrate, totaling approximately 267,900 pounds, have been produced and sold at a combined value of nearly $3.3 million.
Each lot consists of 12 Supersacks with each Supersack containing approximately 3,950 pounds of concentrates averaging 54% elemental (Mo). Since product sales began in 2006, the Ashdown Project LLC has gross revenues of $177,000 in Q4 2006, $798,000 in Q1 2007 and $2.3 million thus far in Q2 2007, as the mine continues to ramp up toward full production capability.
The mine is providing mineralized material to the mill at a rate of approximately 80 tons per day. However, there is daily variability in production tonnage resulting from the balance between mining of molybdenite within the vein structure versus development work occurring in the unmineralized footwall. Development crews have recently completed a second refuge chamber, powder magazine, water sump and load out area. Further development will be required, including driving a secondary escape way and installing a sand line and additional ventilation. This work will continue through the summer, and sustainable production at full capacity is expected only after further development has been completed.
The Ashdown mill continues to refine its operational efficiencies, with bagging of in-spec concentrates at rates typically ranging between one and two Supersacks each 24-hour period. The rate of production directly correlates to the head-grades of molybdenite, which routinely range between 1% and 4% Mo, and have averaged 1.39% Mo to date due to inclusion of dilutionary rock from development work. April also saw a record 26 milling days resulting in the processing of more than 2000 tons of mill feed. This tonnage will continue to be variable until a sufficient number of stopes have been developed to achieve steady state production rates.
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posted
Looks like we might have a jump at open. 5,000 0.49 B x A 0.495 5,000
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GPXM did the same thing with it's 10K for 2006, and filed it within 15 days as required by the SEC.
IMO, this latest notification is nothing to worry about, and based on this morning's PR we should see revenues from Molybdenum sales of ~$798,000 for Q1 2007, or ~4x the revenues from Q4 2006.
While I would expect an increase in PPS when the Q1 2007 results are released, IMO the real story will be told when Q2 results are released.
Revenue for Q2 from Molybdenum sales, according to this mornings PR, is already $2.3 million. While output at Ashdown is not yet steady, with 1 1/2 months to go in Q2 one could estimate between ~3-4 million for the end of the second quarter. Even if revenue for Q2 only reached ~3 million, it would still be higher than ALL of GPXM's revenue for 2004, 2005 and 2006 combined!
IMO, the PR this morning was huge and, barring any unexpected bad news, PPS should continue to trend upward over the next several months. Also, with drilling results from Northern Champion expected this summer, the results from the IP survey expected within 4-5 weeks, and a new feasibility report for Mineral Ridge expected any time, Q2 2007 should be a blowout quarter for GPXM.
This is all IMO of course, and DYODD.
GLTA, NR.
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posted
Information on The Santa Rosa Gold/Moly project owned by ACTION MINERALS INC. (Tier2) (CDNX:ATM.V)
The Santa Rosa Gold/Moly project consists of the Cold Creek, Cold Spring and Fury Properties, three contigious claim groups, one of which adjoins GPXM's Ashdown Mine.
Report on the Cold Creek Property from Action Minerals:
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-------------------- One is never completely useless. One can always serve as a bad example. Posts: 2430 | From: CA | Registered: Jun 2005
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-------------------- One is never completely useless. One can always serve as a bad example. Posts: 2430 | From: CA | Registered: Jun 2005
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-------------------- One is never completely useless. One can always serve as a bad example. Posts: 2430 | From: CA | Registered: Jun 2005
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posted
Golden Phoenix to Highlight Its Molybdenum Achievements at Metals Forum in New York City on June 5th
Wednesday May 30, 2007
SPARKS, Nev., May 30 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM), manager and majority owner of the Ashdown Project LLC, the first new U.S. molybdenum mine to enter into production of moly concentrates during the current record price consolidation, has been invited to participate in the Ryan's Notes Noble Alloys Forum in New York City on June 5th, 2007.
CEO David Caldwell and President Robert Martin will attend the forum on behalf of Golden Phoenix and participate in a panel discussion on molybdenum, scheduled to start at 9:30 a.m. Caldwell and Martin will present slides of the current molybdenum production and sales taking place at the Ashdown Mine. Ryan's Notes has scheduled Golden Phoenix to participate on the panel with Ian J. McDonald, Chairman of Thompson Creek Metals Company (formerly Blue Pearl Mining), Scott Broughton, President of Roca Mines, and Mark Larsen, President of U.S. Energy Corp.
Ryan's Notes is a leader in reporting on the ferrous and non-ferrous metals industries, providing newsletters and conferences on metals, mining developments and market conditions. The daylong forum, entitled "What the Future Holds," will begin at 7:30 a.m. and feature a series of presentations at the New York Athletic Club, 180 Central Park South. For information on the forum, visit http://www.ryansnotes.com/conferences.htm or call 914-738-7386.
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posted
Ashdown Mine Issues Its First Cash Distribution of $1.25 Million to Golden Phoenix and Win-Eldrich From Q2 Molybdenum Sales
Wednesday July 11, 2007
SPARKS, Nev., July 11 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM - News), Manager and majority owner of the Ashdown Project LLC, a Nevada-based molybdenum mine, reports the distribution to Ashdown co-owners Golden Phoenix and Win-Eldrich Mines Ltd. of $1.25 million in available cash generated from second quarter molybdenum concentrate sales.
Of the total $1.25 million distribution, Golden Phoenix received $750,000 and Win-Eldrich received $500,000, in accordance with their current 60/40 ownership split. This represents the first distribution to be made to the owners since the Ashdown Project commenced sales of molybdenum concentrates in December of 2006 and does not reflect Golden Phoenix' claim to an additional 9.5% ownership interest currently being arbitrated.
The distribution was authorized at an Ashdown Management Committee meeting held on June 28, 2007. Under terms of the Operating Agreement governing the Ashdown Project LLC, a quarterly distribution of available cash may be made once current mining costs plus one month's advance operating expenses have been paid in advance or reserved. Full financial information on mine operations will not be available until Golden Phoenix completes its second quarter financial statements.
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posted
GOLDEN PHOENIX MINERALS INC files Prospectus Pursuant to Rule 424
Thursday July 12, 2007
This Prospectus relates to the sale of 21,343,178 shares of common stock, no par value per share, by the Selling Security Holders listed under “Selling Security Holders” on page 44, of which 50,000 shares of common stock are to be issued in connection with financial advisory services. This Prospectus also covers the sale of 10,600,000 shares of our common stock by the Selling Security Holders upon the exercise of outstanding warrants. We will not receive any proceeds from the resale of any common stock by the Selling Security Holders sold pursuant to this Prospectus. We will receive gross proceeds of $ 4,240,000 if all of the warrants are exercised for cash by the Selling Security Holders.
Our common stock is quoted on the OTC Bulletin Board under the symbol “GPXM.OB”. On June 27, 2007, the last reported sale price for our common stock as reported on the OTC Bulletin Board was $0.35 per share.
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quote:SPARKS, Nev., Aug. 27 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM - News), is pleased to announce posting of its first profit since its formation in 1997, with net income reported in the quarter ended June 30, 2007 of $1,058,688 or $0.01 per share. Net income resulted from the production and sale of molybdenum concentrates, totaling $4,466,470, at its majority-owned Ashdown mine plus a gain on extinguishment of debt related to restructuring of a preexisting obligation.
Addressing the financial results, David A. Caldwell, CEO of Golden Phoenix, said, "Two-and-a-half years since we began restructuring Golden Phoenix I am proud to witness our first quarterly profit. This milestone accompanies the success we have achieved in building the Ashdown mine and mill. Our progress in ramping up production at Ashdown allows us to allocate resources to development of the other molybdenum and gold properties in our portfolio, and to begin the hunt for new opportunities."
During the second quarter, management was also able to extinguish $537,309 in debt through the restructuring and assignment of a loan obligation incurred to construct the Ashdown mine. This brings Golden Phoenix's cumulative total gain on extinguishment of debt to $5,793,928 since 2005, when restructuring began.
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posted
Golden Phoenix Reports on Ashdown Mine Development and Molybdenum Production Thursday September 6, 8:30 am ET
quote:SPARKS, Nev., Sept. 6 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM - News) is pleased to report that operational efficiencies continued to improve through the second quarter as production capability was expanded at its majority owned Ashdown Project LLC business unit, operated through a joint venture with Win-Eldrich Mines Ltd. Development work at Ashdown has been ongoing, with full-scale production from multiple stope headings targeted for early 2008.
During the second quarter of 2007, the Ashdown Project LLC posted sales of molybdenum concentrates totaling $4,466,395, which represents an increase of over $3.6 million, or 460%, from its first quarter sales. Operating costs and expenses for the second quarter were $2,276,789, compared to $1,680,068 for the first quarter reflecting an acceleration in budgeted staffing from approximately twelve to twenty-four miners and from approximately nine to eighteen milling and support personnel, as well as other costs related to the ramp up in production.
The advancement in development at both the mine and mill resulted in a total of 144,882 pounds of molybdenum (Mo) being sold in the second quarter at a cost of $15.71 per pound as compared to 64,942 pounds at $25.87 per pound during the first quarter. These per-pound calculations represent fully loaded, total costs that include ore production, barren-rock development, general and administrative expenses, accretion, depreciation and amortization expenses.
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Golden Phoenix Announces Major Expansion of Mineral Rights at Ashdown Molybdenum Mine
quote:SPARKS, Nev., Dec. 26 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM - News) is pleased to announce the completion of a staking program that has added 193 claims to the Ashdown Molybdenum Mine in northwestern Nevada. This represents a 191% increase in unpatented load claims under the control of Golden Phoenix and its partner, Win-Eldrich Mines, Ltd., bringing the total land package of the Ashdown Project LLC to 294 claims covering 5,880 acres along trend.
The claims were staked during the past three months and have been recorded in Humboldt County and filed with the Bureau of Land Management. One block of claims extends to the west, and links the mine, which is located on Federal lands, with the mill and tailings facilities built on private property under long-term lease to the Project. A second block of claims adjoins the southern boundary of the mine, following quartz outcroppings and moly shows on-trend along the Pine Forest Range.
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