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Golden Phoenix Alert
Las Vegas, NV, July 11, 2012
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Golden Phoenix Announces Settlement of Litigation With Scorpio Gold and Waterton
Global
LAS VEGAS, NV, July 11, 2012 - Golden Phoenix Minerals, Inc. ("Golden Phoenix")
(OTC Bulletin Board: GPXM) announced today that it, Waterton Global Value L.P. ("Waterton")
and Scorpio Gold Corporation ("Scorpio") have entered into a settlement agreement
(the "Settlement Agreement") in respect of the litigation Golden Phoenix commenced
against Scorpio and Waterton (the "Litigation"), which was initially announced in
Golden Phoenix's press release dated April 4th, 2012.
Under the terms of the Settlement Agreement, Golden Phoenix, Waterton and Scorpio
have agreed to discontinue the Litigation and have fully released each other from
any claims or possible claims relating to the Litigation. The Settlement Agreement
was entered into on the same day that the District Court for the County of Washoe
issued an order (the "Order") dismissing all claims brought by Golden Phoenix against
Waterton. The Settlement Agreement does not constitute an admission of liability
by any of the parties thereto, and Scorpio has not been required to make any payments
in connection with the settlement of the Litigation.
Donald Gunn, Chairman of Golden Phoenix's Interim Governing Board, stated "Golden
Phoenix is pleased to have entered into a Settlement Agreement with respect to the
Litigation and looks forward to proceeding with its business plan and refocusing
its efforts on project advancement and enhancing shareholder value. Golden Phoenix
wishes each of Waterton and Scorpio the best in their respective future business
ventures."
Peter J Hawley, President and CEO of Scorpio, comments; "Now that the parties have
agreed to settle the Litigation, Scorpio Gold looks forward to fully focusing its
attentions on the further development of the Mineral Ridge project, and wishes Golden
Phoenix, its former joint venture partner at Mineral Ridge, the best of luck with
its future business endeavours."
Cheryl Brandon, Portfolio Manager at Waterton, stated "Waterton has always believed
that any claims asserted against it are, categorically, without merit and the District
Court's Order dismissing such claims is a clear affirmation of that belief. Waterton
is pleased to enter into the Settlement Agreement and would like to commend the
Chairman of Golden Phoenix's Interim Governing Board, Donald Gunn, and the Chairman
of its Board, Robert Martin, for demonstrating the leadership necessary to move
the company in a more positive direction."
Golden Phoenix looks forward to announcing and advancing the next steps for the
development of its diverse portfolio of mining projects.
Please visit the Golden Phoenix website at: www.goldenphoenix.us.
About Golden Phoenix: Golden Phoenix Minerals, Inc. is a Nevada-based mining company
whose focus is Royalty Mining in the Americas. Golden Phoenix is committed to delivering
shareholder value by identifying, acquiring, developing and joint venturing gold,
silver and strategic metal deposits throughout North, South and Central America.
Golden Phoenix owns, has an interest in, or has entered into agreements with respect
to mineral properties located in the United States, Canada, Panama and Peru including
its 15% interest in Golden Phoenix Panama, S.A., the joint venture entity that owns
and operates the Concessions constituting the Santa Rosa gold mine. Golden Phoenix
has an option to earn an 80% interest in four properties that are adjacent to the
Mineral Ridge Gold Project in Nevada. These include the Vanderbilt Silver and Gold
Project, Galena Flats, Coyote Fault Gold and Silver Project and the Coyote Fault
Extension.
Forward-Looking Statements: Information contained herein regarding pending legal
matters or strategy, optimism related to the business, expanding exploration, development
activities and other such statements are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995 and are subject
to the safe harbors created thereby. While Golden Phoenix believes such statements
are reasonable, they are based on current expectations, estimates and projections
about the Company's business and are not guarantees of future performance and involve
certain risks and uncertainties that are difficult to predict. Actual results could
vary materially from the description contained herein due to many factors including
continued market prices for the Company's mineral products, domestic and international
business and economic conditions, and other risk factors listed in the Company's
Securities and Exchange Commission (SEC) filings under "risk factors" and elsewhere.
The Company does not undertake any obligation to update any forward-looking statement
to reflect events or circumstances after the date of this press release.
For More Information Contact:
Robert Ian, Director of Corporate Communications
702-589-7560
investor@goldenphoenix.us
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Forward Looking Statements: Information contained herein regarding optimism related
to the business, expanding exploration, development activities and other such statements
are "forward-looking statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 and are subject to the safe harbors created thereby. While Golden
Phoenix believes such statements are reasonable, they are based on current expectations,
estimates and projections about the Company's business and are not guarantees of
future performance and involve certain risks and uncertainties that are difficult
to predict. Actual results could vary materially from the description contained
herein due to many factors including continued market prices for the Company's mineral
products, domestic and international business and economic conditions, and other
risk factors listed in the Company's Securities and Exchange Commission (SEC) filings
under "risk factors" and elsewhere. The Company does not undertake any obligation
to update any forward-looking statement to reflect events or circumstances after
the date of this press release.
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Golden Phoenix Minerals Inc. | 7770 Duneville Street | Suite 11 | Las Vegas | NV | 89139
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Global Iron Limited
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CODE : GFE.AX |
ISIN : AU000000GFE1 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Global Iron est une société d’exploration minière d'or et de fer basée en Australie. Global Iron détient divers projets d'exploration en Australie. Ses principaux projets en exploration sont MT IDA et MT DIMER en Australie. Global Iron est cotée en Australie et en Allemagne. Sa capitalisation boursière aujourd'hui est 8,5 millions AU$ (8,7 millions US$, 7,0 millions €). La valeur de son action a atteint son plus haut niveau récent le 02 novembre 2007 à 0,85 AU$, et son plus bas niveau récent le 21 novembre 2008 à 0,03 AU$. Global Iron possède 18 125 002 actions en circulation. |