Have Approved Proposed Acquisition; Closing Remains Subject to Regulatory Approval

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SPARKS, Nev., Jan. 12, 2011 /PRNewswire/ -- Golden Phoenix Minerals, Inc. (the "Company") (OTC Bulletin Board: GPXM) is pleased to announce that on December 16, 2010, the shareholders of Ra Resources Ltd. ("Ra") have approved the proposed acquisition of Ra via a wholly-owned subsidiary of Golden Phoenix.


Upon the closing of this transaction, Golden Phoenix will acquire 100% of the issued and outstanding shares of Ra. Ra owns and controls four gold and base metal properties within the Shining Tree mining district of northeastern Ontario.


"Golden Phoenix is pleased to have the support of Ra shareholders," stated Tom Klein, CEO of Golden Phoenix. "The approval of this proposed acquisition puts us one step closer to advancing our projects in the Shining Tree mining district."


Closing of the transaction remains subject to regulatory approval and is expected to occur during the first quarter of 2011. The acquisition agreement with Ra was previously announced by Golden Phoenix on October 8, 2010.


Please visit the Golden Phoenix website at: http://www.golden-phoenix.com/">www.golden-phoenix.com.


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 mining superior precious and strategic metal deposits throughout North, Central and South America using competitive business practices balanced by principles of ethical stewardship. Golden Phoenix is a 30% joint venture partner with Scorpio Gold on the Mineral Ridge gold and silver property near Silver Peak, Nevada, and owns the Adams Mine and Duff Claim Block near Denio, Nevada, and the Northern Champion molybdenum mine in Ontario, Canada. Golden Phoenix has an option to earn an 80% interest in the Vanderbilt Silver and Gold Project, and the Coyote Fault Gold and Silver Project, both of which are adjacent to the Mineral Ridge gold and silver property near Silver Peak, Nevada. Golden Phoenix has entered into a Memorandum of Understanding to acquire an 80% interest in five gold and molybdenum properties in Peru; two on the Pataz Gold Trend in the north and three in the Porvenir area in the south. Golden Phoenix has entered into a Definitive Acquisition Agreement to acquire a 100% interest in four gold and base metal properties in the Shining Tree Mining District in Ontario, Canada.