Golden Phoenix Minerals, Inc.
Golden Phoenix is a U.S. mining company with a current growth strategy focused on the expansion of operations through the development of gold and silver mineral properties into joint ventures or royalty mining projects. Our current efforts are focused on Nevada.
Golden Phoenix is an exploration company and mineral project generator
Our growth strategy is to acquire or consolidate mineral properties with immediate exploration opportunities and potential for production. Our goal (and risk reduction strategy) is to own joint venture interests in multiple producing mines in geographically diverse jurisdictions using multiple mine operators instead of 100% exposure to one project.
Update on Golden Phoenix current operations
Because of lack of funds and scaling back our operations, we have allowed certain of our mineral property claims interests to lapse, and we have abandoned projects in Nevada, Canada and Peru to focus on those properties which we believe have the best potential for success. We recently announced the sale of our 10% interest in the Santa Rosa, Panama gold project.
Our mineral properties currently consist of options to acquire interests in the Mhakari and North Springs properties in Nevada. We will be required to raise significant additional capital to fund our operations and to complete the acquisition of the interests in and further the exploration, evaluation and development of our existing mineral properties and other prospects. Negative trends in current capital markets for junior mining companies have made it difficult to continue our mineral property exploration and evaluation activities and fund our operations. As a result, we have significantly scaled back our mineral property acquisition and development plans and reduced the level of our operations. However, the sale of our interest in the Santa Rosa Gold Mine will provide much needed funding to help capitalize the Company and provide working capital to commence planned exploration activities on our joint-ventured Nevada properties.