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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">As
Filed with the Securities and Exchange Commission on July 14, 2008</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Registration No.
333-</font>&#160;________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font>

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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman">UNITED
STATES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman">SECURITIES
AND EXCHANGE COMMISSION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">WASHINGTON,
D.C. 20549</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman">FORM
S-8</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">REGISTRATION
STATEMENT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">UNDER
THE SECURITIES ACT OF 1933</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman">GOLDEN
<font style="FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman">PHOENIX</font>
MINERALS, INC.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(Exact
name of registrant as specified in its Charter)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div align="center">
      <table cellpadding="0" cellspacing="0" width="100%">
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            <td valign="bottom" width="50%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline">Nevada</font></div>
            </td>
            <td valign="bottom" width="50%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline">41-<font style="TEXT-DECORATION: underline">1878178</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="50%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">(State
      or other jurisdiction of incorporation or organization)</font></div>
            </td>
            <td valign="top" width="50%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">(I.R.S.
      Employer Identification No.)</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">1675 E.
Prater Way, Suite 102</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Sparks,
Nevada 89434</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(Address
of Principal Executive Offices) (Zip Code)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Golden
Phoenix Minerals, Inc. 2007 Equity Incentive Stock Option Plan</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;(Full
title of the plans)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">David A.
Caldwell, Chief Executive Officer</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Golden
Phoenix Minerals, Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">1675 E.
Prater Way, Suite 102</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Sparks,
Nevada 89434</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(Name and
address of agent for service)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(775)
853-4919</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(Telephone
number, including area code, of agent for service)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Copies
to:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Scott E.
Bartel, Esq.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Kevin F.
Barrett, Esq.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Bullivant
Houser Bailey PC</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">1415 L
Street, Suite 1000</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Sacramento,
California 95814</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Telephone:
(916) 930-2500</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Fax:
(916) 930-2501</font></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221; and &#8220;smaller
reporting company&#8221; in Rule 12b-2 of the Exchange Act.&#160;&#160;(Check
one):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="left" valign="bottom" width="70%" style="BORDER-RIGHT: black 1px solid; BORDER-TOP: #000000 0.5pt solid; BORDER-LEFT: black 1px solid; BORDER-BOTTOM: black 1px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;&#160;Large
      accelerated filer [&#160;&#160;]</font></div>
            </td>
            <td align="right" valign="bottom" width="30%" style="BORDER-RIGHT: black 1px solid; BORDER-TOP: #000000 0.5pt solid; BORDER-LEFT: black 1px solid; BORDER-BOTTOM: black 1px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Accelerated
      filer&#160;&#160;[&#160;&#160;]&#160;&#160; </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="70%" style="BORDER-RIGHT: black 1px solid; BORDER-LEFT: black 1px solid; BORDER-BOTTOM: black 1px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      Non-accelerated filer [&#160;&#160;]&#160;&#160;(Do not check if a smaller
      reporting company)</font></div>
            </td>
            <td align="right" valign="top" width="30%" style="BORDER-RIGHT: black 1px solid; BORDER-LEFT: black 1px solid; BORDER-BOTTOM: black 1px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Smaller
      reporting company&#160;&#160;[X]&#160;&#160;
</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">CALCULATION
OF REGISTRATION FEE</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="bottom" width="20%" style="BORDER-RIGHT: black 1px solid; BORDER-TOP: #000000 2.25pt double; BORDER-LEFT: #000000 2.25pt double; BORDER-BOTTOM: black 1px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Title
      of Securities </font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">to
      be registered</font></div>
            </td>
            <td valign="bottom" width="20%" style="BORDER-TOP: #000000 2.25pt double; BORDER-BOTTOM: black 1px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Amount
      to be</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">registered<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(1)</font></font></div>
            </td>
            <td valign="bottom" width="20%" style="BORDER-RIGHT: black 1px solid; BORDER-TOP: #000000 2.25pt double; BORDER-LEFT: black 1px solid; BORDER-BOTTOM: black 1px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Proposed
      maximum offering price per share <font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(2)</font></font></div>
            </td>
            <td valign="bottom" width="20%" style="BORDER-TOP: #000000 2.25pt double; BORDER-BOTTOM: black 1px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Proposed
      maximum aggregate offering price <font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(2)</font></font></div>
            </td>
            <td valign="bottom" width="20%" style="BORDER-RIGHT: #000000 2.25pt double; BORDER-TOP: #000000 2.25pt double; BORDER-LEFT: black 1px solid; BORDER-BOTTOM: black 1px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Amount
      of</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">registration
      fee</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="middle" width="20%" style="BORDER-RIGHT: black 1px solid; BORDER-TOP: black 1px solid; BORDER-LEFT: #000000 2.25pt double; BORDER-BOTTOM: black 1px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      Common Stock, no par value</font></div>
            </td>
            <td valign="middle" width="20%" style="BORDER-TOP: black 1px solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="middle" width="20%" style="BORDER-RIGHT: black 1px solid; BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="middle" width="20%" style="BORDER-TOP: black 1px solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="middle" width="20%" style="BORDER-RIGHT: #000000 2.25pt double; BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="white">
            <td valign="middle" width="20%" style="BORDER-RIGHT: black 1px solid; BORDER-TOP: black 1px solid; BORDER-LEFT: #000000 2.25pt double; BORDER-BOTTOM: #000000 1px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      2007 Equity Incentive Plan</font></div>
            </td>
            <td valign="middle" width="20%" style="BORDER-TOP: black 1px solid; BORDER-BOTTOM: #000000 1px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">10,000,000</font></div>
            </td>
            <td valign="middle" width="20%" style="BORDER-RIGHT: black 1px solid; BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid; BORDER-BOTTOM: #000000 1px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">$0.163</font></div>
            </td>
            <td valign="middle" width="20%" style="BORDER-TOP: black 1px solid; BORDER-BOTTOM: #000000 1px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">$1,630,000.00</font></div>
            </td>
            <td valign="middle" width="20%" style="BORDER-RIGHT: #000000 2.25pt double; BORDER-TOP: black 1px solid; BORDER-LEFT: black 1px solid; BORDER-BOTTOM: #000000 1px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">$64.06</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(1)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Pursuant
      to Rule 416(a) of the Securities Act of 1933, as amended (the &#8220;Securities
      Act&#8221;), this Registration Statement shall also cover any additional shares
      of Common Stock that become issuable under the 2007 Equity Incentive being
      registered pursuant to this Registration Statement by reason of any stock
      dividend, stock split, recapitalization or any other similar transaction
      effected without the receipt of consideration that results in an increase
      in the number of the Registrant&#8217;s outstanding shares of Common
      Stock.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(2)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Pursuant
      to Rules 457(c) and (h) under the Securities Act of 1933, as amended
      (&#8220;Securities Act&#8221;), the offering price is estimated solely for the purpose
      of calculating the registration statement fee and is based upon the
      closing price per share of the common stock of the Registrant on July 10,
      2007, as quoted on the OTCBB.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">This
Registration Statement shall become effective upon filing in accordance with
Rule 462 under the Securities Act.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">PART
I</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">INFORMATION
REQUIRED IN THE SECTION 10(a) PROSPECTUS</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 45.8pt"></font>Information required by Part I to be
contained in the Section 10(a) prospectus is omitted from this registration
statement in accordance with the Note to Part I of the Form S-8.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Item 1.&#160;&#160;&#160;Plan
Information.</font>*</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Item
2.&#160;&#160;&#160;Registrant Information and Employee Plan Annual
Information.*</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">*&#160;&#160;The
documents containing the information specified in this Part I will be sent or
given to employees, directors or others as specified by Rule
428(b).&#160;&#160;In accordance with the rules and regulations of the
Securities and Exchange Commission (the &#8220;Commission&#8221;) and the instructions to
Form S-8, such documents are not being filed with the Commission either as part
of this Registration Statement or as prospectuses or prospectus supplements
pursuant to Rule 424.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">PART
II</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Item
3.&#160;&#160;Incorporation of Documents by Reference.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">The
following documents filed by the Registrant with the Securities and Exchange
Commission are incorporated by reference into this registration
statement.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36.3pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(1)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Registrant&#8217;s
      Annual Report on Form 10-KSB for the fiscal year ended December 31, 2007,
      filed with the Commission on March 31,
2008;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36.3pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(2)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Registrant&#8217;s
      Quarterly Report on Form 10-QSB for the quarter ended March 31, 2008,
      filed with the Commission on May 15,
2008;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36.3pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(3)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Registrant&#8217;s
      Current Reports on Form 8-K, filed with the Commission on June 5, 2008,
      May 28, 2008 and on January 7, 2008;
and</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="center">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">(4)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">The
      description of the Company&#8217;s Common Stock which is contained in the <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Company&#8217;s
      Registration Statement on Form S-1, Amendment No. 2, filed with <font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">the
      Securities and Exchange Commission on May 9,
      2008.</font></font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Please note that all other documents
and reports filed under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act,
prior to the filing of a post-effective amendment which indicates that all
securities offered have been sold or which deregistered all securities then
remaining unsold, will be deemed to be incorporated by reference herein and will
be made a part of this registration statement from the date of the filing of
such documents.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Any statement contained in a document
incorporated by reference herein shall be deemed to be modified or superseded
for purposes of the registration statement to the extent that a statement
contained herein modifies or replaces such statement.&#160;&#160;Any such
statement shall not be deemed to constitute a part of this registration
statement except as so modified or replaced.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Registrant will provide without
charge to each person to whom a Prospectus is delivered, upon request of any
such person, a copy of any or all of the foregoing documents incorporated herein
by reference (other than exhibits to such documents).&#160;&#160;Written
requests should be directed to Administrative Assistant, Golden Phoenix
Minerals, Inc., 1675 E. Prater Way, Suite 102, Sparks, Nevada 89434. Telephone
requests may be directed to (775) 853-4919.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Item
4.&#160;&#160;Description of Securities.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Not applicable.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Item
5.&#160;&#160;Interests of Named Experts and Counsel.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Not
applicable.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Item
6.&#160;&#160;Indemnification of Directors and Officers.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Section 78.138 of the Nevada Revised
Statutes (&#8220;NRS&#8221;) provides that neither a director nor an officer of a Nevada
corporation can be held personally liable to the corporation, its stockholders
or its creditors unless the director or officer committed both a breach of
fiduciary duty and such breach was accompanied by intentional misconduct, fraud,
or knowing violation of law. Nevada does not exclude breaches of the duty of
loyalty or instances where the director has received an improper personal
benefit. The Company&#8217;s proposed Nevada Articles and Bylaws state that the
personal liability of all of the directors and officers of the corporation is
hereby eliminated to the fullest extent allowed as provided by the
NRS.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>A Nevada corporation may indemnify any
person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative, except an action by or in the right
of the corporation, by reason of the fact that he is or was a director, officer,
employee or agent of the corporation, or is or was serving at the request of the
corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, against expenses,
including attorneys&#8217; fees, judgments, fines and amounts paid in settlement
actually and reasonably incurred by him in connection with the action, suit or
proceeding, if he is not liable under NRS 78.138 (see above), acted in &#8220;good
faith&#8221; and in a manner he reasonably believed to be in and not opposed to the
best interests of the corporation, and with respect to any criminal action or
proceeding, had no reasonable cause to believe his conduct was unlawful.
However, with respect to actions by or in the right of the corporation, no
indemnification shall be made with respect to any claim, issue or matter as to
which such person shall have been adjudged to be liable to the corporation
unless and only to the extent that the court in which such action or suit was
brought shall determine upon application that, despite the adjudication of
liability but in view of all the circumstances of the case, such person is
fairly and reasonably entitled to indemnity for such expenses which such court
shall deem proper. A director or officer who is successful, on the merits or
otherwise, in defense of any proceeding subject to the Nevada corporate
statutes&#8217; indemnification provisions must be indemnified by the corporation for
reasonable expenses incurred in connection therewith, including attorneys&#8217;
fees.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Company&#8217;s Articles provide that the
corporation shall, to the maximum extent and in the manner permitted by the NRS,
indemnify and hold harmless any and all persons whom it shall have power to
indemnify under said provisions from and against any and all liabilities
(including expenses) imposed upon or reasonably incurred by him or her in
connection with any action, suit or other proceeding in which he or she may be
involved or with which he or she may be threatened, or other matters referred to
in or covered by said provisions both as to action in his or her official
capacity and as to action in another capacity while holding such office, and
shall continue as to a person who has ceased to be a director or officer of the
corporation. The Company&#8217;s Bylaws do not modify Nevada law in this
respect.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Item
7.&#160;&#160;Exemption from Registration Claimed.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Not
applicable.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Item
8.&#160;&#160;Exhibits</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit <font style="TEXT-DECORATION: underline">Number</font></font></font></div>
            </td>
            <td align="left" valign="top" width="75%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Description</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="75%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="lightcyan">
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman"><a href="goldenphoenixs8ex41.htm">4.1</a></font></div>
            </td>
            <td align="left" valign="top" width="75%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman"><a href="goldenphoenixs8ex41.htm">Golden Phoenix Minerals, Inc. 2007 Equity
      Incentive Stock Option Plan</a></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="75%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="lightcyan">
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman"><a href="goldenphoenixs8ex5-1.htm">5.1</a></font></div>
            </td>
            <td align="left" valign="top" width="75%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman"><a href="goldenphoenixs8ex5-1.htm">Opinion of Bullivant Houser Bailey
      PC</a></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="75%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="lightcyan">
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">23.1</font></div>
            </td>
            <td align="left" valign="top" width="75%">
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      of Bullivant Houser Bailey PC (contained in Exhibit
5.1)</font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Item
9.&#160;&#160;Undertakings.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">1.&#160;&#160;The
undersigned Registrant hereby undertakes:</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(a.) To file, during any period in
which offers or sales are being made, a post-effectiveamendment to this
Registration Statement:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(i.) To include any prospectus required
by section 10(a)(3) of the Securities Act;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -72pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(ii.) To reflect in the prospectus any
facts or events arising after the effective dateof the Registration Statement
(or the most recent post-effective amendmentthereof) which, individually or in
the aggregate, represent a fundamental change in the information set forth in
the registration statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any deviation
from the low or high end of the estimated maximum offering range may be
reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more
than a 20% change in the maximum aggregate offering price set forth in the
&#8220;Calculation of Registration Fee&#8221; table in the effective Registration Statement;
and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>&#160;(iii.) To include any material
information with respect to the plan of distributionnot previously disclosed in
the Registration Statement or any material change tosuch information in the
Registration Statement;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-STYLE: italic">Provided, however</font>, that
paragraphs (1)(a)(i) and (1)(a)(ii) of this Item 9 do notapply if the
information required to be included in a post-effective amendment bythose
paragraphs is contained in reports filed with or furnished to the Commission by
the Registrant pursuant to section 13 or section 15(d) of the Securities
Exchange Act of 1934 that are incorporated by reference herein.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(b.)
That, for the purpose of determining any liability under the Securities Act,
eachsuch post effective amendment shall be deemed to be a new registration
statementrelating to the securities offered herein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(c.) To
remove from registration by means of a post-effective amendment any of
thesecurities being registered which remain unsold at the termination of the
offering.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Registrant&#8217;s annual
report pursuant to section 13(a) or section 15(d) of the Exchange Act (and,
where applicable, each filing of an employee benefit plan&#8217;s annual report
pursuant to section 15(d) of the Exchange Act) that is incorporated by reference
in this Registration Statement shall be deemed to be a new registration
statement relating to the securities offered herein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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liabilities arising under the Securities Act may be permitted to directors,
officers and controlling persons of the Registrant pursuant to the foregoing
provisions, or otherwise, the Registrant has been advised that in the opinion of
the Commission such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such
issue.</font></font></div>
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            </td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Pursuant
to the requirements of the Securities Act of 1933, the Registrant certifies that
it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this registration statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in the City of
Sparks, State of Nevada on this 14th day of July, 2008.</font></div>
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OF ATTORNEY</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>KNOW ALL PERSONS BY THESE PRESENTS,
that each person whose signature appears below constitutes and appoints David A.
Caldwell as his attorney-in-fact, with full power of substitution in each, for
him or her in any and all capacities to sign any amendments to this Registration
Statement on Form S-8, and to file the same, with exhibits thereto and other
documents in connection therewith, with the Commission, hereby ratifying and
confirming all that said attorney-in-fact, or his substitutes, may do or cause
to be done by virtue hereof.</font></div>
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to the requirements of the Securities Act of 1933, this registration statement
has been signed by the following persons in the capacities and on the date
indicated.</font></div>
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              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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      <font style="TEXT-DECORATION: underline">/s/ </font><font style="TEXT-DECORATION: underline">Dennis P.
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              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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      July 14, 2008</font></div>
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              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;&#160;
      <font style="TEXT-DECORATION: underline">/s/ </font><font style="TEXT-DECORATION: underline">J. Roland
      Vetter</font>_________</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;&#160;
      J. Roland Vetter</font></div>
            </td>
            <td align="left" valign="top" width="39%" style="BORDER-RIGHT: black 1px solid; BORDER-LEFT: black 1px solid; BORDER-BOTTOM: black 1px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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            </td>
            <td align="left" valign="top" width="14%" style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: black 1px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;&#160;
      July 14, 2008</font></div>
            </td>
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            <td align="left" valign="top" width="27%" style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: black 1px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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      <font style="TEXT-DECORATION: underline">/s/ </font><font style="TEXT-DECORATION: underline">Ronald L.
      Parratt</font>________</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;&#160;
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            </td>
            <td align="left" valign="top" width="39%" style="BORDER-RIGHT: black 1px solid; BORDER-LEFT: black 1px solid; BORDER-BOTTOM: black 1px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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      Director</font></div>
            </td>
            <td align="left" valign="top" width="14%" style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: black 1px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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      Anderson</font>______</font></div>
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              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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      <font style="TEXT-DECORATION: underline">____________________&#160;&#160;&#160;
      </font>_</font></div>
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            </td>
            <td align="left" valign="top" width="39%" style="BORDER-RIGHT: black 1px solid; BORDER-LEFT: black 1px solid; BORDER-BOTTOM: #000000 1px solid">
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      Director</font></div>
            </td>
            <td align="left" valign="top" width="14%" style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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    <div><br></div>
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EXHIBITS</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit <font style="TEXT-DECORATION: underline">Number</font></font></font></div>
            </td>
            <td align="left" valign="top" width="75%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Description</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="75%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="lightcyan">
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman"><a href="goldenphoenixs8ex41.htm">4.1</a></font></div>
            </td>
            <td align="left" valign="top" width="75%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman"><a href="goldenphoenixs8ex41.htm">Golden Phoenix Minerals, Inc. 2007 Equity
      Incentive Stock Option Plan</a></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="75%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="lightcyan">
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman"><a href="goldenphoenixs8ex5-1.htm">5.1</a></font></div>
            </td>
            <td align="left" valign="top" width="75%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman"><a href="goldenphoenixs8ex5-1.htm">Opinion of Bullivant Houser Bailey PC
      dated June 26, 2008</a></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="75%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="lightcyan">
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">23.1</font></div>
            </td>
            <td align="left" valign="top" width="75%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Consent
      of Bullivant Houser Bailey PC (contained in Exhibit
5.1)</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="75%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
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            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman"><a href="goldenphoenixs8ex23-2.htm">23.2</a></font></div>
            </td>
            <td align="left" valign="top" width="75%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman"><a href="goldenphoenixs8ex23-2.htm">Consent of HJ &amp; Associates, LLC,
      Independent Auditors</a></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8</font></div>
      <hr style="COLOR: black" noshade size="2">
    </div>
  </body>
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[{"type": "S-8", "sequence": "1", "filename": "goldenphoenixs8.htm", "description": "GOLDEN PHOENIX MINERALS, INC. FORM S-8 JULY 14, 2008", "secsgml_size_bytes": 85713}]
{"company-data": {"conformed-name": "GOLDEN PHOENIX MINERALS INC", "cik": "0001042784", "assigned-sic": "1000", "irs-number": "411878178", "state-of-incorporation": "NV", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-152332", "film-number": "08951687"}, "business-address": {"street1": "1675 E. PRATER WAY,", "street2": "SUITE 102", "city": "SPARKS", "state": "NV", "zip": "89434", "phone": "7758534919"}, "mail-address": {"street1": "1675 E. PRATER WAY,", "street2": "SUITE 102", "city": "SPARKS", "state": "NV", "zip": "89434"}, "former-company": {"former-conformed-name": "GOLDEN PHOENIX MINERALS INC /MN/", "date-changed": "19991026"}}
goldenphoenixs8.htm
As
Filed with the Securities and Exchange Commission on July 14, 2008
Registration No.
333-
________
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
S-8
REGISTRATION
STATEMENT
UNDER
THE SECURITIES ACT OF 1933
GOLDEN
PHOENIX
MINERALS, INC.
(Exact
name of registrant as specified in its Charter)
Nevada
41-
1878178
(State
      or other jurisdiction of incorporation or organization)
(I.R.S.
      Employer Identification No.)
1675 E.
Prater Way, Suite 102
Sparks,
Nevada 89434
(Address
of Principal Executive Offices) (Zip Code)
Golden
Phoenix Minerals, Inc. 2007 Equity Incentive Stock Option Plan
(Full
title of the plans)
David A.
Caldwell, Chief Executive Officer
Golden
Phoenix Minerals, Inc.
1675 E.
Prater Way, Suite 102
Sparks,
Nevada 89434
(Name and
address of agent for service)
(775)
853-4919
(Telephone
number, including area code, of agent for service)
Copies
to:
Scott E.
Bartel, Esq.
Kevin F.
Barrett, Esq.
Bullivant
Houser Bailey PC
1415 L
Street, Suite 1000
Sacramento,
California 95814
Telephone:
(916) 930-2500
Fax:
(916) 930-2501
Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of "large accelerated filer," "accelerated filer" and "smaller
reporting company" in Rule 12b-2 of the Exchange Act.  (Check
one):
Large
      accelerated filer [  ]
Accelerated
      filer  [  ]
Non-accelerated filer [  ]  (Do not check if a smaller
      reporting company)
Smaller
      reporting company  [X]
CALCULATION
OF REGISTRATION FEE
Title
      of Securities
to
      be registered
Amount
      to be
registered
(1)
Proposed
      maximum offering price per share
(2)
Proposed
      maximum aggregate offering price
(2)
Amount
      of
registration
      fee
Common Stock, no par value
2007 Equity Incentive Plan
10,000,000
$0.163
$1,630,000.00
$64.06
(1)
Pursuant
      to Rule 416(a) of the Securities Act of 1933, as amended (the "Securities
      Act"), this Registration Statement shall also cover any additional shares
      of Common Stock that become issuable under the 2007 Equity Incentive being
      registered pursuant to this Registration Statement by reason of any stock
      dividend, stock split, recapitalization or any other similar transaction
      effected without the receipt of consideration that results in an increase
      in the number of the Registrant's outstanding shares of Common
      Stock.
(2)
Pursuant
      to Rules 457(c) and (h) under the Securities Act of 1933, as amended
      ("Securities Act"), the offering price is estimated solely for the purpose
      of calculating the registration statement fee and is based upon the
      closing price per share of the common stock of the Registrant on July 10,
      2007, as quoted on the OTCBB.
This
Registration Statement shall become effective upon filing in accordance with
Rule 462 under the Securities Act.
2
PART
I
INFORMATION
REQUIRED IN THE SECTION 10(a) PROSPECTUS
Information required by Part I to be
contained in the Section 10(a) prospectus is omitted from this registration
statement in accordance with the Note to Part I of the Form S-8.
Item 1.   Plan
Information.
*
Item
2.   Registrant Information and Employee Plan Annual
Information.*
*  The
documents containing the information specified in this Part I will be sent or
given to employees, directors or others as specified by Rule
428(b).  In accordance with the rules and regulations of the
Securities and Exchange Commission (the "Commission") and the instructions to
Form S-8, such documents are not being filed with the Commission either as part
of this Registration Statement or as prospectuses or prospectus supplements
pursuant to Rule 424.
PART
II
INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT
Item
3.  Incorporation of Documents by Reference.
The
following documents filed by the Registrant with the Securities and Exchange
Commission are incorporated by reference into this registration
statement.
(1)
Registrant's
      Annual Report on Form 10-KSB for the fiscal year ended December 31, 2007,
      filed with the Commission on March 31,
2008;
(2)
Registrant's
      Quarterly Report on Form 10-QSB for the quarter ended March 31, 2008,
      filed with the Commission on May 15,
2008;
(3)
Registrant's
      Current Reports on Form 8-K, filed with the Commission on June 5, 2008,
      May 28, 2008 and on January 7, 2008;
and
(4)
The
      description of the Company's Common Stock which is contained in the
Company's
      Registration Statement on Form S-1, Amendment No. 2, filed with
the
      Securities and Exchange Commission on May 9,
      2008.
Please note that all other documents
and reports filed under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act,
prior to the filing of a post-effective amendment which indicates that all
securities offered have been sold or which deregistered all securities then
remaining unsold, will be deemed to be incorporated by reference herein and will
be made a part of this registration statement from the date of the filing of
such documents.
Any statement contained in a document
incorporated by reference herein shall be deemed to be modified or superseded
for purposes of the registration statement to the extent that a statement
contained herein modifies or replaces such statement.  Any such
statement shall not be deemed to constitute a part of this registration
statement except as so modified or replaced.
3
The Registrant will provide without
charge to each person to whom a Prospectus is delivered, upon request of any
such person, a copy of any or all of the foregoing documents incorporated herein
by reference (other than exhibits to such documents).  Written
requests should be directed to Administrative Assistant, Golden Phoenix
Minerals, Inc., 1675 E. Prater Way, Suite 102, Sparks, Nevada 89434. Telephone
requests may be directed to (775) 853-4919.
Item
4.  Description of Securities.
Not applicable.
Item
5.  Interests of Named Experts and Counsel.
Not
applicable.
Item
6.  Indemnification of Directors and Officers.
Section 78.138 of the Nevada Revised
Statutes ("NRS") provides that neither a director nor an officer of a Nevada
corporation can be held personally liable to the corporation, its stockholders
or its creditors unless the director or officer committed both a breach of
fiduciary duty and such breach was accompanied by intentional misconduct, fraud,
or knowing violation of law. Nevada does not exclude breaches of the duty of
loyalty or instances where the director has received an improper personal
benefit. The Company's proposed Nevada Articles and Bylaws state that the
personal liability of all of the directors and officers of the corporation is
hereby eliminated to the fullest extent allowed as provided by the
NRS.
A Nevada corporation may indemnify any
person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative, except an action by or in the right
of the corporation, by reason of the fact that he is or was a director, officer,
employee or agent of the corporation, or is or was serving at the request of the
corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, against expenses,
including attorneys' fees, judgments, fines and amounts paid in settlement
actually and reasonably incurred by him in connection with the action, suit or
proceeding, if he is not liable under NRS 78.138 (see above), acted in "good
faith" and in a manner he reasonably believed to be in and not opposed to the
best interests of the corporation, and with respect to any criminal action or
proceeding, had no reasonable cause to believe his conduct was unlawful.
However, with respect to actions by or in the right of the corporation, no
indemnification shall be made with respect to any claim, issue or matter as to
which such person shall have been adjudged to be liable to the corporation
unless and only to the extent that the court in which such action or suit was
brought shall determine upon application that, despite the adjudication of
liability but in view of all the circumstances of the case, such person is
fairly and reasonably entitled to indemnity for such expenses which such court
shall deem proper. A director or officer who is successful, on the merits or
otherwise, in defense of any proceeding subject to the Nevada corporate
statutes' indemnification provisions must be indemnified by the corporation for
reasonable expenses incurred in connection therewith, including attorneys'
fees.
4
The Company's Articles provide that the
corporation shall, to the maximum extent and in the manner permitted by the NRS,
indemnify and hold harmless any and all persons whom it shall have power to
indemnify under said provisions from and against any and all liabilities
(including expenses) imposed upon or reasonably incurred by him or her in
connection with any action, suit or other proceeding in which he or she may be
involved or with which he or she may be threatened, or other matters referred to
in or covered by said provisions both as to action in his or her official
capacity and as to action in another capacity while holding such office, and
shall continue as to a person who has ceased to be a director or officer of the
corporation. The Company's Bylaws do not modify Nevada law in this
respect.
Item
7.  Exemption from Registration Claimed.
Not
applicable.
Item
8.  Exhibits
Exhibit
Number
Description
4.1
Golden Phoenix Minerals, Inc. 2007 Equity
      Incentive Stock Option Plan
5.1
Opinion of Bullivant Houser Bailey
      PC
23.1
Consent
      of Bullivant Houser Bailey PC (contained in Exhibit
5.1)
23.2
Consent of HJ & Associates, LLC,
      Independent Auditors
Item
9.  Undertakings.
1.  The
undersigned Registrant hereby undertakes:
(a.) To file, during any period in
which offers or sales are being made, a post-effectiveamendment to this
Registration Statement:
(i.) To include any prospectus required
by section 10(a)(3) of the Securities Act;
(ii.) To reflect in the prospectus any
facts or events arising after the effective dateof the Registration Statement
(or the most recent post-effective amendmentthereof) which, individually or in
the aggregate, represent a fundamental change in the information set forth in
the registration statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any deviation
from the low or high end of the estimated maximum offering range may be
reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more
than a 20% change in the maximum aggregate offering price set forth in the
"Calculation of Registration Fee" table in the effective Registration Statement;
and
5
(iii.) To include any material
information with respect to the plan of distributionnot previously disclosed in
the Registration Statement or any material change tosuch information in the
Registration Statement;
Provided, however
, that
paragraphs (1)(a)(i) and (1)(a)(ii) of this Item 9 do notapply if the
information required to be included in a post-effective amendment bythose
paragraphs is contained in reports filed with or furnished to the Commission by
the Registrant pursuant to section 13 or section 15(d) of the Securities
Exchange Act of 1934 that are incorporated by reference herein.
(b.)
That, for the purpose of determining any liability under the Securities Act,
eachsuch post effective amendment shall be deemed to be a new registration
statementrelating to the securities offered herein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof.
(c.) To
remove from registration by means of a post-effective amendment any of
thesecurities being registered which remain unsold at the termination of the
offering.
2. The
undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Registrant's annual
report pursuant to section 13(a) or section 15(d) of the Exchange Act (and,
where applicable, each filing of an employee benefit plan's annual report
pursuant to section 15(d) of the Exchange Act) that is incorporated by reference
in this Registration Statement shall be deemed to be a new registration
statement relating to the securities offered herein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof.
3. Insofar as indemnification for
liabilities arising under the Securities Act may be permitted to directors,
officers and controlling persons of the Registrant pursuant to the foregoing
provisions, or otherwise, the Registrant has been advised that in the opinion of
the Commission such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such
issue.
6
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, the Registrant certifies that
it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this registration statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in the City of
Sparks, State of Nevada on this 14th day of July, 2008.
GOLDEN
      PHOENIX MINERALS, INC.,
a
      Nevada corporation
By:
/
s/ David A.
      Caldwell
___________
David
      A. Caldwell,
Chief
      Executive Officer
(Principal
      Executive Officer and Director)
POWER
OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS,
that each person whose signature appears below constitutes and appoints David A.
Caldwell as his attorney-in-fact, with full power of substitution in each, for
him or her in any and all capacities to sign any amendments to this Registration
Statement on Form S-8, and to file the same, with exhibits thereto and other
documents in connection therewith, with the Commission, hereby ratifying and
confirming all that said attorney-in-fact, or his substitutes, may do or cause
to be done by virtue hereof.
Pursuant
to the requirements of the Securities Act of 1933, this registration statement
has been signed by the following persons in the capacities and on the date
indicated.
Signature
Title
Date
/s/
David A.
      Caldwell
_______
David A. Caldwell
Chief
      Executive Officer
(Principal Executive Officer and Director)
July 14, 2008
/s/
Dennis P.
      Gauger
________
Dennis P. Gauger
Principal Accounting Officer
(Principal Accounting Officer)
July 14, 2008
/s/
J. Roland
      Vetter
_________
J. Roland Vetter
Director
July 14, 2008
/s/
Ronald L.
      Parratt
________
Ronald L. Parratt
Director
July 14, 2008
/s/
Corby G.
      Anderson
______
Corby G. Anderson
Director
July 14, 2008
____________________
_
Kent D. Aveson
Director
July 14, 2008
7
INDEX TO
EXHIBITS
Exhibit
Number
Description
4.1
Golden Phoenix Minerals, Inc. 2007 Equity
      Incentive Stock Option Plan
5.1
Opinion of Bullivant Houser Bailey PC
      dated June 26, 2008
23.1
Consent
      of Bullivant Houser Bailey PC (contained in Exhibit
5.1)
23.2
Consent of HJ & Associates, LLC,
      Independent Auditors
8