Here is an interesting Gold Play and is attractive,but needs to be watched and played like poker.......
Golden Phoenix Minerals (GPXM) closed yesterday .23, is engaged in the exploration and development of precious and base metals in the western United States and Alaska.
Golden Phoenix Minerals
3595 Airway Drive Suite 405
Reno, NV
89511
United States
Phone:775-853-4919
Toll Free:
Fax:775-853-5010
Email:investor@golden-phoenix.com
Website:http://www.golden-phoenix.com
Stockholders? Equity
Preferred stock, no par value, 50,000,000 shares
authorized and 426,300 and 432,200 shares
issued and outstanding at March 31, 2002, and
December 31, 2001
1,708
1,708
Common stock, no par value, 150,000,000
shares authorized, 51,369,163 and 44,435,086
issued and outstanding at March 31, 2002 and
December 31, 2001, respectively (including 16,987,947 of
144 restricted shares for organizational services)
RECENT DEVELOPMENTS
Mineral Ridge
At Mineral Ridge, the Company has an open pittable mineable reserve of 2,658,000 tons averaging 0.079 ounces gold per ton for a total of 209,200 ounces. Since the Company purchased the property in November 2000, it has produced 183.9 ounces of gold and 414.7 ounces of silver from the ongoing rinsing of the gold ore on the mine?s leach pads and cleanup of the process plant. It also continues to maintain and repair portions of the processing plant, refinery, assay lab, solution ponds, leach lines and offices in anticipation of mine start up.
On March 14, 2001 the Company announced that its Mineral Ridge Revised Reclamation Plan and Permit was approved by the U.S. Bureau of Land Management and the Nevada Division of Environmental Protection. Golden Phoenix also requested and received the transfer to it of all other key permits, including the Water Pollution Control Permit, the Storm Water General Permit, the Industrial Artificial Pond Permit and the Air Quality Permit.
On April 16, 2002 the Company announced that it had posted a $1.8 million interim reclamation bond for its Mineral Ridge mine as previously required by the Bureau of Land Management (BLM) and the Nevada Department of Environmental Protection (NDEP). The Company must further increase the bond to a total of $3.16 million in order to resume cyanide leaching and to commence mining. The Company continues to negotiate with several surety and financing companies in order to obtain the full bond amount.
Once the Company gets its final reclamation bond filed, gold production will start immediately by adding cyanide to the leach solutions that are circulating through the leach pad. The Company estimates that between 20,000 to 40,000 ounces of gold will be recovered from the pad in about two years of operations.
Borealis
On February 12, 2002 the Company announced that it had signed a letter agreement with Seabridge Resources, Inc., Toronto, Canada to sell its Borealis gold project in Mineral County, Nevada. Then, on February 15, it announced that it had rescinded the letter agreement with Seabridge Resources, Inc. to sell its Borealis gold project due to issues that arose during due diligence.
The only negative aspect of this company like many OBB companies is their continous CD to operate....In other words, they will sell shares in the retail markets to help finance and this means a negative for share price to move up....
As I mentioned above,with the troubling problems in the Middle East and a unstable situation in oil,OPEC,as independent thinking they may be and still sides with the west,could have a detrimental effect on the economy,making this a gold play environment..
This company, as with all small gold concerns only and I can't stress this enough, is an absolute risk to the highest degree.Their 5 Day Support at.18 and resistance .21 makes this a play in motion considering the present gold moves. If this price breaks the .21 we could see a short-term run..
As always, apply smart DD and invest intelligently..
Have a good day..
ET
Golden Phoenix Minerals (GPXM) closed yesterday .23, is engaged in the exploration and development of precious and base metals in the western United States and Alaska.
Golden Phoenix Minerals
3595 Airway Drive Suite 405
Reno, NV
89511
United States
Phone:775-853-4919
Toll Free:
Fax:775-853-5010
Email:investor@golden-phoenix.com
Website:http://www.golden-phoenix.com
Stockholders? Equity
Preferred stock, no par value, 50,000,000 shares
authorized and 426,300 and 432,200 shares
issued and outstanding at March 31, 2002, and
December 31, 2001
1,708
1,708
Common stock, no par value, 150,000,000
shares authorized, 51,369,163 and 44,435,086
issued and outstanding at March 31, 2002 and
December 31, 2001, respectively (including 16,987,947 of
144 restricted shares for organizational services)
RECENT DEVELOPMENTS
Mineral Ridge
At Mineral Ridge, the Company has an open pittable mineable reserve of 2,658,000 tons averaging 0.079 ounces gold per ton for a total of 209,200 ounces. Since the Company purchased the property in November 2000, it has produced 183.9 ounces of gold and 414.7 ounces of silver from the ongoing rinsing of the gold ore on the mine?s leach pads and cleanup of the process plant. It also continues to maintain and repair portions of the processing plant, refinery, assay lab, solution ponds, leach lines and offices in anticipation of mine start up.
On March 14, 2001 the Company announced that its Mineral Ridge Revised Reclamation Plan and Permit was approved by the U.S. Bureau of Land Management and the Nevada Division of Environmental Protection. Golden Phoenix also requested and received the transfer to it of all other key permits, including the Water Pollution Control Permit, the Storm Water General Permit, the Industrial Artificial Pond Permit and the Air Quality Permit.
On April 16, 2002 the Company announced that it had posted a $1.8 million interim reclamation bond for its Mineral Ridge mine as previously required by the Bureau of Land Management (BLM) and the Nevada Department of Environmental Protection (NDEP). The Company must further increase the bond to a total of $3.16 million in order to resume cyanide leaching and to commence mining. The Company continues to negotiate with several surety and financing companies in order to obtain the full bond amount.
Once the Company gets its final reclamation bond filed, gold production will start immediately by adding cyanide to the leach solutions that are circulating through the leach pad. The Company estimates that between 20,000 to 40,000 ounces of gold will be recovered from the pad in about two years of operations.
Borealis
On February 12, 2002 the Company announced that it had signed a letter agreement with Seabridge Resources, Inc., Toronto, Canada to sell its Borealis gold project in Mineral County, Nevada. Then, on February 15, it announced that it had rescinded the letter agreement with Seabridge Resources, Inc. to sell its Borealis gold project due to issues that arose during due diligence.
The only negative aspect of this company like many OBB companies is their continous CD to operate....In other words, they will sell shares in the retail markets to help finance and this means a negative for share price to move up....
As I mentioned above,with the troubling problems in the Middle East and a unstable situation in oil,OPEC,as independent thinking they may be and still sides with the west,could have a detrimental effect on the economy,making this a gold play environment..
This company, as with all small gold concerns only and I can't stress this enough, is an absolute risk to the highest degree.Their 5 Day Support at.18 and resistance .21 makes this a play in motion considering the present gold moves. If this price breaks the .21 we could see a short-term run..
As always, apply smart DD and invest intelligently..
Have a good day..
ET
