Managemenrt

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DAVID A. CALDWELL – Chief Executive Officer

Dave Caldwell has served as a Director of Golden Phoenix since its founding in 1997. He has 20 years experience as a geologist and geophysicist specializing in the discovery, delineation and economic evaluation of mineral deposits. Prior to his appointment as President and COO of Golden Phoenix, Mr. Caldwell was Chief Geologist for Nevada Pacific Gold in Elko, Nevada, which he co-founded in 1997. Preceding his entry into the junior gold arena, Mr. Caldwell managed exploration and bankable feasibility phases of project development for Santa Fe Pacific Gold Corporation and Gold Fields Mining Company. Mr. Caldwell was awarded double Bachelor of Science degrees in Geology and Geophysics from the Institute of Technology at the University of Minnesota, and earned a Master of Science degree in Geology and Geochemistry from the New Mexico Institute of Mining and Technology. He is a Trustee for the Northwest Mining Association and a past President and current Director of the Geologic Society of Nevada.

DONALD R. PRAHL - Chief Operating Officer

Don Prahl is a veteran industry professional with deep experience in gold, moly and copper production at several of the largest mining operations in the country. He is in charge of all aspects of mine development for the Company, currently focused on the Ashdown moly project. Mr. Prahl has served as Vice President and General Manager for the Barrick Goldstrike mine in Nevada, the Cyprus-Amax Sierrita mine in Arizona, and the Cleveland Cliffs mine in Minnesota. He has a proven track record for improving , streamlining, and expanding operations while delivering bottom-line results. He has received the coveted Sentinels of Safety award for his performance in the area of safe mine and mill practices, and the Nevada Governor's Award for Excellence for his work in reclamation. Mr. Prahl was trained as a Minerals Engineer at the University of Wisconsin, and has received post-graduate training in productivity from Harvard University. Mr. Prahl was past Chairman of the Board for the Nevada Mining Association, and is an active member of the American Institute of Mining Engineers.

ROBERT P. MARTIN - President

Rob Martin is a long-time shareholder who first joined Golden Phoenix as Director of Corporate Development during the early stages of its restructuring. He comes from the private sector where he founded engineering and transportation businesses and is co-owner of a Hawaii-based service company under contract to the Hilton Corporation. Mr. Martin’s background includes company turn-arounds, communications, public relations and human resources. He holds a baccalaureate degree from Washington University and completed post-graduate business studies at the University of Washington. Since 1985, Mr. Martin has donated time as President of Pacific Marine Research, a non-profit youth education organization.

CRAIG PATRICK - Managing Advisor, Strategic Planning

Craig Patrick is a 38 year mining veteran who has worked with many of the majors, including Phelps-Dodge, Kennicott, Asarco and Cyprus. He has underground and surface experience in both hard and soft rock mining throughout the United States, Australia, Latin America and Africa. He has served in numerous senior level positions with major mining companies, successfully streamlining new operations, reducing costs, directing employee relations and supervising new hires. Mr. Patrick received his B.S in Business Administration and Economics from the University of Arizona, and earned a Masters of Business Administration from the University of Phoenix. He is a recipient of the Chairman’s International Safety Award for outstanding safety record at the Cerro Verde operation in Peru, the Sentinels of Safety Award for outstanding safety record at the Sierrita Operation, and a two-time winner of the Soaring Eagle Award for Outstanding Performance in Safety & Human Resources at Cyprus Mining Corporation. Craig originally joined the company as VP of Corporate Development, helping to guide Ashdown Mine into on-going production before transferring to the position of Managing Advisor for Strategic Planning, allowing him to pursue outside opportunities while remaining involved in the Company's future development.

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Management Support Staff

WAYNE COLWELL - Director of Laboratory Services

Wayne joined Golden Phoenix in September of 2004 as Director of Laboratory Services. He has been instrumental in the development and permitting of the Ashdown Project as well as environmental compliance and metallurgical review for the Mineral Ridge Mine. A graduate of the University of Nevada - Reno with a degree in Pre-Med, Wayne co-founded and operated the Minerals Processing and Environmental Laboratories later known as Col-Tech Envirolabs, and McClellend Laboratories focused on the metallurgical and analytical needs of the world-wide mining community.

LARI MARLOW – Financial Controller and Senior Accountant

Lari is a native Nevadan and has been involved with mining most of her life. She served as Administrative Manager in charge of accounting, human resources and purchasing, first at Echo Bay Minerals and then for Round Mountain Gold Corporation. Most recently, Lari was Financial Controller at Plum Mining in the Comstock. Lari holds a B.S. degree in Business Administration from the University of Nevada, Reno.