Golden Phoenix Minerals, Inc.

Golden Phoenix JV Partner Scorpio Gold Intersects 12.20 Meters Grading 3.99 g/t Gold Followed by 7.62 Meters Grading 3.71 g/t Gold on Mary Zone, Mineral Ridge Project

LAS VEGAS, NV, JANUARY 18, 2012 – Golden Phoenix Minerals, Inc. (“Golden Phoenix”) (OTC Bulletin Board: GPXM) joint venture partner Scorpio Gold announces the intersection of 12.20 meters grading 3.99 g/t gold followed by 7.62 meters grading 3.71 g/t Gold on the Mary Zone at the Mineral Ridge Gold Project in Nevada.

Golden Phoenix to Appear on 21st Century Business Television January 18, 2012 on CNBC

LAS VEGAS, NV, JANUARY 17, 2012 – Golden Phoenix Minerals, Inc. (“Golden Phoenix” or the “Company”) (OTC Bulletin Board: GPXM) is pleased to announce its royalty mining growth strategy will be profiled on 21st Century Business on CNBC (as paid programming) on Wednesday, January 18, 2012.

Golden Phoenix Files NI 43-101 Technical Report on SEDAR for Santa Rosa Gold Mine, Panama

LAS VEGAS, NV, JANUARY 12, 2012 – Golden Phoenix Minerals, Inc. (“Golden Phoenix”) (OTC Bulletin Board: GPXM) is pleased to announce that on behalf of Golden Phoenix Panama, S.A., the joint venture entity that owns and operates the Santa Rosa gold mine (“Mina Santa Rosa” or “Santa Rosa project”), Panama, it has filed on SEDAR a National Instrument (“NI”) 43-101 Technical Report representing the initial inferred resource estimate for Mina Santa Rosa. Golden Phoenix received the Technical Report from SRK Consulting (U.S.) Inc. (“SRK”).

Golden Phoenix JV Partner Scorpio Gold Intersects 10.67 Meters Grading 3.65 g/t Gold on Mary Zone, Mineral Ridge Project

LAS VEGAS, NV, JANUARY 05, 2012 – Golden Phoenix Minerals, Inc. (“Golden Phoenix”) (OTC Bulletin Board: GPXM) joint venture partner Scorpio Gold announces the intersection of 10.67 meters grading 3.65 g/t gold on the Mary Zone at the Mineral Ridge Gold Project in Nevada.

Golden Phoenix Receives Initial NI 43-101 Inferred Gold Resource Estimate From SRK Consulting (U.S.) for Santa Rosa Gold Mine, Panama: 669,000 Contained Ounces Gold and 2.137 Million Contained Ounces Silver

LAS VEGAS, NV, JANUARY 03, 2012 – Golden Phoenix Minerals, Inc. (“Golden Phoenix”) (OTC Bulletin Board: GPXM) is pleased to announce that on behalf of Golden Phoenix Panama, S.A., the joint venture entity that owns and operates the Santa Rosa gold mine (“Mina Santa Rosa” or “Santa Rosa project”), Panama, it has received from SRK Consulting (U.S.) Inc. (“SRK”) an initial resource estimate for Mina Santa Rosa. The Santa Rosa project is a volcanic-hosted epithermal gold-silver deposit that was previously operated as an open pit-heap leach operation. Production ceased in 1999 due in part to low gold prices and the operation closed.