Golden Phoenix Minerals Acquires Precious and Base Metal Projects in Nevada and Alaska.

RENO, Nev.--(BUSINESS WIRE)--Aug. 21, 1997--Golden Phoenix Minerals Inc. (GPXM) has acquired precious and base metals exploration projects in Nevada and Alaska.

The properties acquired are 100% owned by Golden Phoenix and are subject to a 2% underlying NSR. The entire land package was acquired from Don McDowell, executive vice president of Golden Phoenix, who acquired these mineral interests previous to the incorporation of Golden Phoenix.

Additional land acquisition in these and other project areas is ongoing and will be owned 100% by Golden Phoenix. In addition, several joint venture acquisitions are pending with major mining companies on existing advanced resource development projects. Details of these acquisitions will be made available as soon as final contracts and required filings are completed. -0-

         ACQUIRED EXPLORATION PROPERTIES - Western United States

          GARAMENDI (Au, Pb, Zn, Ag)            Elko County, NV
          LONG CANYON (Au, Pb, Zn, Ag)          Elko County, NV
          MEDICINE MAN (Au, Ag)                 Elko County, NV
          EXXON    (Au, Ag, Cu)                 Elko County, NV
          BLUE BASIN (Au, Ag)                   Elko County, NV

               ACQUIRED EXPLORATION PROPERTIES - Alaska

          CHISNA (Au, Cu, Ni, PGE)                       Alaska
          CHISTOCHINA (Cu, Au,)                          Alaska

Detailed geologic information will be made pending completion of initial surface sampling, mapping and data compilation.

Golden Phoenix Minerals Inc. (GPXM) is a NASD OTC Bulletin Board listed minerals exploration corporation dedicated to the discovery and development of precious and base metal deposits in the western United States and Alaska.

CONTACT: Golden Phoenix Minerals Inc.

Michael Fitzsimonds or Donald McDowell

702/853-4919 or 702/829-1280