Wednesday, 24th October 2007 (1710 views)

Golden Phoenix Minerals has announced that it plans to update an existing feasibility study for the Mineral Ridge property.

The company, which acquired the property in 2000, hopes to update a partial feasibility study for the site which was originally prepared in 1995, as part of its efforts to develop a mine plan for the property.

It intends to expand the defined mineralisation on the site as it develops an initial step-out, infill and exploratory drilling programme at Mineral Ridge.

Historical operations on the site have produced over 600,000 ounces of gold to date since 1864 and Don Prahl, chief executive of Golden Phoenix Minerals, said that the site still has strong potential for exploration.

"If you take the global metal budget measured by historic mining at Mineral Ridge and add it to the inventory remaining in the ground, it totals over one million ounces of gold," he explained.

"With the current market environment for gold, I believe the time for reestablishing Mineral Ridge could not be better," he added.

The project, located in the north-east region of the Silver Peak mountain range in Esmeralda County, Nevada covers six square miles and is estimated to contain 209,000 ounces of gold reserves.

 

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