Mineral exploration: Golden Phoenix Minerals, Inc.
Golden Phoenix Minerals, Inc. (the “Company” or “Golden Phoenix”) is a mineral exploration, development and production company formed in Minnesota on June 2, 1997. On May 30, 2008, we reincorporated in Nevada. Our business includes acquiring and consolidating mineral properties with potential production and future growth through exploration discoveries. Acquisition emphasis is focused on properties containing gold, silver, molybdenum and other strategic minerals that present low political and financial risk and exceptional upside potential. Currently, our main focus is in Nevada.
Our primary mining property asset is the Mineral Ridge mine, located in Nevada. Our near-term goal is to develop a feasibility plan and obtain financing through a joint venture or sale of all or part of our interest in the mine based on the potential for profitable production of gold and silver at Mineral Ridge. In February 2007, we completed a purchase agreement with four individuals for the Northern Champion molybdenum property located in Ontario, Canada, and we plan to take bulk samples for metallurgical and market testing, and to actively explore and delineate molybdenum mineralization on the property as funding is available.
We suspended the molybdenum mining operations of the Ashdown LLC in November 2008 in response to a substantial decline of molybdenum oxide market prices. On February 25, 2009, we entered into an agreement to sell 100% of our ownership interest in the Ashdown LLC. As a result, the Ashdown LLC is classified as discontinued operations for all periods presented in our consolidated financial statements and in our discussion of results of operations.
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