Golden Phoenix Identifies Tungsten in Addition to Moly at Porvenir Project, Peru
Golden Phoenix Minerals, Inc. (the "Company") (OTC Bulletin Board: GPXM) is pleased to announce the identification of tungsten as a potentially significant mineral in the Company's Porvenir project in Peru. Preliminary sampling during the build-out of the sorting operation at the stockpiles has returned indications that a significant amount of tungsten may be present in the stockpiled material.
Analyses have been completed with Golden Phoenix' in-house X-Ray fluorescence instrument and verified at Laboratorios Analiticos del Sur E.I.R.L., an independent lab in Arequipa, Peru.
"The addition of tungsten to our portfolio of strategic metals strengthens our land package in Peru," stated Tom Klein, CEO of Golden Phoenix. "With tungsten prices at historic highs, we believe the processing of the Porvenir stockpiles can provide additional project diversification and upside potential for our shareholders."
Porvenir was historically mined for tungsten. Systematic sampling will now be undertaken to guide blending of the mill feed being sorted on site and shipped to the Rosales Mill where modifications are underway to expand the recovery process to include both tungsten and molybdenum concentrate.
Mill improvements include installation of a complete gravity circuit for tungsten recovery and a regrind circuit to provide production of a consistent molybdenum concentrate. Contracts with the regional power company have been negotiated to supply increased power demanded by additions to the current mill circuit. Final gravity circuit components are scheduled for installation in March.
Tungsten recovery and production of molybdenum concentrate is expected to begin following completion of the mill improvements.
Rehabilitation progress to re-open the Porvenir tungsten and moly mine continues through the 440 and 480 adits. Additional land has been secured under an option agreement by the Company's joint venture partner Sala-Valc S.A.C. on behalf of the Alliance. This land encompasses the area along the strike projection of the three main veins. Geophysical and mapping programs are expected to begin in Q2 2011. Additional assay work will be undertaken to evaluate the potential for other economic metals within the poly-metallic system hosted at Porvenir.
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