The NI 43-101 Technical Report on the Santa Rosa Gold Mine, Panama, may be accessed here. Please note: it may take up to 24 hours for the Report to appear on SEDAR from the time of its filing.

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”).

Highlights of the Technical Report were previously reported by Golden Phoenix in a Press Release issued January 3rd, 2012, and included:

SRK reports an in-situ Inferred resource at the former Santa Rosa and ADLM pits totaling 23.1 million metric tonnes at 0.90 grams/tonne (g/t) Au, for a contained 669,000 ounces of gold, at a 0.30 g/t Au cutoff. In addition to the gold content, the resource contains an average grade of 2.87 g/t Ag for a contained 2.1 million ounces of silver. **Please see Cautionary Note to U.S. investors below.

Golden Phoenix plans to conduct further activities to advance the project toward eventual production. Those activities include re-establishment of topographic and survey controls to guide a confirmation drilling program, additional/confirmatory metallurgical testing, verification of potential mineral resources in the partially leached historical heaps at the site, and conducting a preliminary economic assessment for the property.

A copy of the complete report is available at www.sedar.com and on the Golden Phoenix web site at www.GoldenPhoenix.us.

SRK Consulting is an independent, international consulting practice that provides focused advice and solutions to clients, mainly from earth and water resource industries. For mining projects, SRK offers services from exploration through feasibility, to mine planning and production. SRK Qualified Persons responsible for the resource estimate and NI 43-101 Technical Report on the mineral resources are Ravi Sharma and Corolla Hoag, in SRK’s Tucson, Arizona office.

The technical information in this news release has been reviewed and approved by Dr. Richard Jemielita, a technical consultant who is a Qualified Person in accordance with National Instrument 43-101 Standards of Disclosure for Mineral 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 30% interest in the Mineral Ridge gold project near Silver Peak, Nevada. Golden Phoenix is currently earning into a 60% interest (and potentially 80% interest upon meeting certain milestones and payments) in the Santa Rosa gold mine in Panama. Currently, Golden Phoenix owns a 15% interest in Golden Phoenix Panama, S.A., the joint venture entity that owns and operates the Concessions constituting the Santa Rosa gold mine.

**Cautionary Note to U.S. Investors Regarding Estimates of Inferred Resources: This news release and the report referred to in this news release use the term “inferred resource(s)”. We caution U.S. investors that while these terms are defined in, and permitted by, Canadian regulations, these terms are not defined terms under SEC Industry Guide 7 and generally are not permitted to be used in reports and registration statements filed with the SEC. “Inferred resources” have a great amount of uncertainty as to their existence, as well as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category, such as “measured and indicated” as defined under Canadian regulations or “proven” or “probable” reserves as defined in SEC Industry Guide 7. Under Canadian rules, estimates of inferred mineral resources may not form the basis of a feasibility study or prefeasibility studies, except in rare cases. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves”, as in-place tonnage and grade without reference to unit measures. U.S. investors are cautioned not to assume that any part or all of mineral deposits in this category will ever be converted into reserves. U.S. investors are further advised not to assume that any part or all of an inferred resource exists or is economically or legally minable.

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.

For More Information Contact:Robert Ian, Director of Corporate Communications(702) 983-0469investor@goldenphoenix.us