Golden Phoenix Minerals, Inc.

Golden Phoenix Engages SRK Consulting (U.S.) To Perform Due Diligence Review of Mineral Ridge Gold Project, Nevada

LAS VEGAS, NV, FEBRUARY 29, 2012 – Golden Phoenix Minerals, Inc. (the “Company” or “Golden Phoenix”) (OTC Bulletin Board: GPXM) is pleased to announce it has engaged SRK Consulting (U.S.) Inc. (“SRK”) to perform a Due Diligence Review (the “Review”) of the drilling, geological and project data that has been compiled at the Mineral Ridge Gold Project in Nevada.

Golden Phoenix Enters Into $20 Million Term Sheet for Debt Repayment and Simultaneous Advancement of Company Projects

LAS VEGAS, NV, FEBRUARY 29, 2012 – Golden Phoenix Minerals, Inc. (the “Company” or “Golden Phoenix”) (OTC Bulletin Board: GPXM) is pleased to announce it has entered into a non-binding $20 Million USD Term Sheet (“Term Sheet”) with Maximilian Investors LLC of New York (“Maximilian”) for the anticipated purpose of debt repayment and simultaneous advancement of Company projects.