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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 October 8,
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">
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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    <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
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">(Exact
name of registrant as specified in its Charter)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div align="left">
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              <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">Nevada</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">41-1878178</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>
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      </table>
    </div>
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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-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. 2008 Executive Stock Compensation 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>
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          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
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    <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">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 align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="left" valign="top" width="65%" style="BORDER-TOP: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt 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">Large
      accelerated filer [&#160;&#160;]</font></div>
            </td>
            <td align="right" valign="top" width="35%" style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-TOP: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt 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;]</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="65%" style="BORDER-LEFT: #000000 0.5pt 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">Non-accelerated
      filer [&#160;&#160;]&#160;&#160;(Do not check if a smaller reporting
      company)</font></div>
            </td>
            <td align="right" valign="top" width="35%" style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt 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]</font></div>
            </td>
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    </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 align="left" valign="bottom" width="20%" style="BORDER-TOP: #000000 2.25pt double; BORDER-LEFT: #000000 2.25pt double; BORDER-BOTTOM: black 1px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><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: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><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-LEFT: #000000 0.75pt 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
      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-TOP: #000000 2.25pt double; BORDER-LEFT: #000000 0.75pt 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-LEFT: #000000 0.75pt 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 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: #000000 0.75pt 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>
            <td align="left" valign="bottom" width="20%" style="BORDER-LEFT: #000000 2.25pt double; BORDER-BOTTOM: black 1px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Common
      Stock,</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">$0.001
      par value</font></div>
            </td>
            <td valign="bottom" width="20%" style="BORDER-LEFT: #000000 0.75pt solid; BORDER-BOTTOM: black 1px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#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">3,890,000</font></div>
            </td>
            <td valign="bottom" width="20%" style="BORDER-LEFT: #000000 0.75pt solid; BORDER-BOTTOM: black 1px solid">
              <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">$0.067</font></div>
            </td>
            <td valign="bottom" width="20%" style="BORDER-LEFT: #000000 0.75pt solid; BORDER-BOTTOM: black 1px solid">
              <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">$260,630</font></div>
            </td>
            <td valign="bottom" width="20%" style="BORDER-RIGHT: #000000 2.25pt double; BORDER-LEFT: #000000 0.75pt solid; BORDER-BOTTOM: black 1px solid">
              <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">$10.25</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">Calculated
      pursuant to General Instruction E to Form S-8. Pursuant to Rule 416, this
      registration statement also covers any additional securities that may be
      offered or issued in connection with any stock split, stock dividend,
      recapitalization or any other similar transaction effected without receipt
      of consideration, which 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
      approximate closing price per share of the common stock of the Registrant
      on October 7, 2008, 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 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">EXPLANATORY
NOTE</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>Golden Phoenix Minerals, Inc., a
Nevada corporation (the "Registrant"), has prepared this Registration Statement
in accordance with the requirements of Form S-8 under the Securities Act of
1933, as amended (the &#8220;Securities Act&#8221;). This Registration Statement registers
3,890,000 shares of the Company&#8217;s Common Stock which may be issued from time to
time to participants under the Golden Phoenix Minerals, Inc. 2008 Executive
Stock Compensation Plan (the &#8220;Plan&#8221;) and for re-offer and/or re-sale by the
individuals listed under the Selling Stockholder section of the prospectus
(collectively, the &#8220;Selling Stockholders&#8221;) under the Plan.</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>This Registration Statement consists
primarily of two parts. The first part contains a prospectus prepared in
accordance with Part I of Form S-3 (in accordance with Instructions B(3) and C
of the General Instructions to Form S-8). The second part contains information
required in the Registration Statement pursuant to Part II of Form
S-8.</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: 10pt; FONT-FAMILY: Times New Roman">ii</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="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: 36pt"></font>The document(s) containing the
information required by Part I to Form S-8 will be sent or given to the
participants in the Plan as specified by Rule 428. Such documents are not being
filed with the Securities and Exchange Commission (&#8220;Commission&#8221;) either as part
of this Registration Statement or as prospectuses or prospectus supplements
pursuant to Rule 424. Such documents and the documents incorporated by reference
in this Registration Statement pursuant to Item 3 of Part II to Form S-8, taken
together, constitute a prospectus that meets the requirements of Section 10(a)
of the Securities Act.</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: 10pt; FONT-FAMILY: Times New Roman">iii</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>
      <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">REOFFER
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="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">3,890,000
Shares of Common Stock</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">&#160;for
Resale by Certain Stockholders</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">GOLDEN
PHOENIX MINERALS, INC.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 1.3pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">This
Prospectus relates to the sale of 3,890,000 shares of our common stock, par
value $0.001 per share by the Selling Security Holders.&#160;&#160;The Selling
Security Holders are listed under &#8220;Selling Security Holders&#8221; on page
11.&#160;&#160;We will not receive any proceeds from the resale of any common
stock by the Selling Security Holders sold pursuant to this
Prospectus.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 1.3pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Our
common stock is quoted on the OTC Bulletin Board under the symbol &#8220;GPXM.OB&#8221;. On
October 7, 2008, the last reported sale price for our common stock as reported
on the OTC Bulletin Board was $0.067 per share.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 1.3pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">The
Selling Security Holders may, from time to time, sell, transfer or otherwise
dispose of any or all of our shares of common stock on any stock exchange,
market or trading facility on which the shares are traded or in private
transactions. These dispositions may be at fixed prices, at prevailing market
prices at the time of sale, at prices related to the prevailing market price, at
varying prices determined at the time of sale or at negotiated prices. The
Selling Security Holders may use any one or more of the following methods when
selling shares: (i) ordinary brokerage transactions and transactions in which
the broker-dealer solicits investors; (ii) block trades in which the
broker-dealer will attempt to sell the shares as agent but may position and
resell a portion of the block as principal to facilitate the transaction; (iii)
purchases by a broker-dealer as principal and resale by the broker-dealer for
its account; (iv) an exchange distribution in accordance with the rules of the
applicable exchange; (v) privately negotiated transactions; (vi) to cover short
sales after the date the registration statement of which this Prospectus is a
part is declared effective by the Securities and Exchange Commission; (vii)
broker-dealers may agree with the Selling Security Holders to sell a specified
number of such shares at a stipulated price per share; (viii) a combination of
any such methods of sale; and (ix) any other method permitted pursuant to
applicable law.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 1.3pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">INVESTING IN OUR COMMON STOCK
INVOLVES A HIGH DEGREE OF RISK. SEE &#8220;RISK</font>&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">FACTORS&#8221; BEGINNING ON PAGE 4 OF THIS
PROSPECTUS.</font></font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 1.3pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">NEITHER
THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS
APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS IS
TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 1.3pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Our
mailing address and telephone number is as follows:</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 1.3pt" 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: 1.3pt" 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: 1.3pt" 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: 1.3pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(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: 1.3pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">The
date of this Prospectus is October 8, 2008</font><br></div>
    </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">iv</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="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><a name="toc">TABLE OF CONTENTS</a></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="right" colspan="2" valign="top" width="100%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;&#160;&#160;&#160;
      Page&#160;&#160;&#160;&#160;</font></font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="95%">
              <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="#incorpofdocs">INCORPORATION OF CERTAIN DOCUMENTS BY
      REFERENCE</a></font></div>
            </td>
            <td valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <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">1</font></div>
              </div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="95%">
              <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="#availableinfo">AVAILABLE INFORMATION</a></font></div>
            </td>
            <td valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <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">1</font></div>
              </div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="95%">
              <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="#reoffer">RE-OFFER PROSPECTUS SUMMARY</a></font></div>
            </td>
            <td valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <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">2</font></div>
              </div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="95%">
              <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="#disclosurefrwd">DISCLOSURE REGARDING FORWARD-LOOKING
      STATEMENTS</a></font></div>
            </td>
            <td valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <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">3</font></div>
              </div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="95%">
              <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="#riskfactors">RISK FACTORS</a></font></div>
            </td>
            <td valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <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">4</font></div>
              </div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="95%">
              <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="#useof">USE OF PROCEEDS</a></font></div>
            </td>
            <td valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <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">11</font></div>
              </div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="95%">
              <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="#sellingholders">SELLING SECURITY HOLDERS</a></font></div>
            </td>
            <td valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <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">11</font></div>
              </div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="95%">
              <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="#plandst">PLAN OF DISTRIBUTION</a></font></div>
            </td>
            <td valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <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">12</font></div>
              </div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="95%">
              <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="#descsec">DESCRIPTION OF SECURITIES</a></font></div>
            </td>
            <td valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <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">13</font></div>
              </div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="95%">
              <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="#legal">LEGAL MATTERS</a></font></div>
            </td>
            <td valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <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">14</font></div>
              </div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="95%">
              <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="#experts">EXPERTS</a></font></div>
            </td>
            <td valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <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">14</font></div>
              </div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="95%">
              <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="#transferagent">TRANSFER AGENT AND REGISTRAR</a></font></div>
            </td>
            <td valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <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">14</font></div>
              </div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="95%">
              <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="#disccomm">DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION OF
      SECURITIES ACT LIABILITIES</a></font></div>
            </td>
            <td valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <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">14</font></div>
              </div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="95%">
              <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="#wherefindmore">WHERE YOU CAN FIND MORE
    INFORMATION</a></font></div>
            </td>
            <td valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <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">14</font></div>
              </div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="95%">
              <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="#inforequired">INFORMATION REQUIRED IN THE REGISTRATION
      STATEMENT</a></font></div>
            </td>
            <td valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <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">II-1</font></div>
              </div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="95%">
              <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="#sigs">SIGNATURES</a></font></div>
            </td>
            <td valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <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">S-1</font></div>
              </div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="95%">
              <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="#indexex">INDEX TO EXHIBITS</a></font></div>
            </td>
            <td valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <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">E-1</font></div>
              </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 style="DISPLAY: inline; FONT-WEIGHT: bold">You should rely only on the
information contained in this Prospectus. We have</font>&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">not authorized anyone to provide you
with different information. We are not</font>&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">making an offer of these securities
in any state where the offer is not</font>&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">permitted. You should not assume that
the information provided by this</font>&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Prospectus is accurate as of any date
other than the date on the front cover</font>&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">page of this
Prospectus.</font></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">v</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="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><a name="incorpofdocs">INCORPORATION OF CERTAIN DOCUMENTS BY
REFERENCE</a></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">All
documents filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d)
of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;),
subsequent to the date of the filing of this Registration Statement and prior to
the filing of a post-effective amendment indicating that all securities
registered hereunder have been sold, or that deregisters all securities then
remaining unsold, shall be deemed to be incorporated by reference in this
Prospectus and to be a part hereof from the date of the filing of such
documents. The documents listed in (a) through (p) below are incorporated by
reference in this Prospectus.&#160;&#160;Information that we file later with the
Commission will automatically update and supersede the information contained in
these 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">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 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">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Registrant&#8217;s
Annual Report on Form 10-KSB for the fiscal year ended December31, 2007, filed
with the Commission on March 31, 2008;</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">
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(2)&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Registrant&#8217;s
Quarterly Reports on Form 10-Q for the quarter ended June 30, 2008,filed with
the Commission on August 14, 2008, and for the quarter ended March31, 2008,
filed with the Commission on May 15, 2008;</font></div>
    </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">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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;</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">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
description of the Company&#8217;s Common Stock which is contained in theCompany&#8217;s
Prospectus, filed with the Commission on June 2, 2008(Registration No.
333-149420); and</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></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">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;All
other reports filed by the Registrant with the Commission pursuant to
Section13(a) or 15(d) of the Exchange Act since December 31, 2007.</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"><a name="availableinfo">AVAILABLE INFORMATION</a></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>On October 8, 2008, the Company filed
with the Securities and Exchange Commission (&#8220;Commission&#8221;) a registration
statement on Form S-8 under the Securities Act with respect to the Common Stock
issuable pursuant to the Golden Phoenix Minerals, Inc. 2008 Executive Stock
Compensation Plan (&#8220;Registration Statement&#8221;).&#160;&#160;This Prospectus is part
of that Registration Statement, but does not contain all of the information set
forth in that Registration Statement, certain parts of which have been omitted
in accordance with the rules and regulations of the Commission. This
Registration Statement, including the attached exhibits and schedules, contains
additional relevant information about the Company.</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>Statements in this Prospectus as to the
contents of any contract or document are not necessarily complete and in each
instance reference is made to the copy of that contract or document filed as an
exhibit to the Registration Statement or as an exhibit to another filing, each
such statement being qualified in all respects by such reference and the
exhibits and schedules thereto.</font></div>
    <div><br></div>
    <div>
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          <div id="GLFTR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#toc">Return to Table of Contents</a></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">1</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="center">
          </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>Upon written or oral request, the
Company will, at no cost, provide copies of any or all of the information that
has been incorporated by reference in the Prospectus or the Registration
Statement. The Company will also deliver, upon oral or written request, any
revisions or updates to this Prospectus, a copy of the Company&#8217;s latest Annual
Report to Stockholders and all other reports, proxy statements and other
communications distributed to the Company&#8217;s stockholders
generally.&#160;&#160;Requests for information should be sent to Golden Phoenix
Minerals, Inc. at its principal executive offices:</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.</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&#160;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">(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: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">The
Company also files with the Commission annual, quarterly and special reports,
proxy statements and other information with the Commission that may be read and
copied at the Commission&#8217;s Public Reference Room at 100 F Street, N.E.,
Washington, D.C.&#160;20549-9303.&#160;&#160;Information on the operation of the
Public Reference Room may be obtained by calling the Commission at
1-800-SEC-0330. The Commission also maintains an Internet website that contains
reports, proxy statements and other information about issuers, like the Company,
who file electronically with the Commission. The address of that website is
http://www.sec.gov.</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"><a name="reoffer">RE-OFFER PROSPECTUS SUMMARY</a></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">This
summary of selected information from this Prospectus highlights information
included elsewhere in or incorporated by reference in this Prospectus and thus
does not contain all information that may be important to you. This Prospectus
includes specific terms of this offering, information about our business and
certain financial data. We encourage you to read this Prospectus in its
entirety, including the risk factors on page 4, before making an investment
decision.</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">The
Offering</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></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="1%" style="BORDER-TOP: black 0.5pt solid; BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="49%" style="BORDER-RIGHT: black 1px solid; BORDER-TOP: black 0.5pt 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">Trading
      Symbol</font></div>
            </td>
            <td align="left" valign="top" width="1%" style="BORDER-TOP: black 0.5pt solid; BORDER-LEFT: black 1px; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="48%" style="BORDER-TOP: black 0.5pt 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">GPXM</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            </td>
            <td align="left" valign="top" width="1%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="1%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="49%" style="BORDER-RIGHT: 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">Common
      Stock Outstanding</font></div>
            </td>
            <td align="left" valign="top" width="1%" style="BORDER-LEFT: black 1px; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="48%" style="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">198,413,123
      shares of Common Stock, assuming that all shares registered hereunder are
      issued to the Selling Stockholders pursuant to the terms of the Golden
      Phoenix Minerals, Inc. 2008 Executive Stock Compensation Plan (the
      &#8220;Plan&#8221;).</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            </td>
            <td align="left" valign="top" width="1%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="1%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="49%" style="BORDER-RIGHT: 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">Common
      Stock Offered by Selling Stockholders</font></div>
            </td>
            <td align="left" valign="top" width="1%" style="BORDER-LEFT: black 1px; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="48%" style="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">3,890,000
      shares of Common Stock. This represents approximately 1.9% of the total
      outstanding shares of Company Common Stock, assuming that all shares
      registered hereunder are issued to the Selling Stockholders pursuant to
      the terms of the Plan.</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            </td>
            <td align="left" valign="top" width="1%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 1px solid"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="1%" style="BORDER-LEFT: black 0.5pt solid; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="49%" style="BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 2px 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">Use
      of Proceeds</font></div>
            </td>
            <td align="left" valign="top" width="1%" style="BORDER-LEFT: black 1px; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="48%" style="BORDER-BOTTOM: black 2px 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">We
      will not receive any of the proceeds from sales of shares of Common Stock
      registered hereunder by the Selling Stockholders. We will pay
      substantially all the expenses incident to the registration of such
      shares, except for sales commissions and other expenses of Selling
      Stockholders.</font></div>
            </td>
            <td align="left" valign="top" width="1%" style="BORDER-RIGHT: black 0.5pt solid; BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div><br></div>
    <div>
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        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#toc">Return to Table of Contents</a></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">
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          </div>
        </div>
      </div>
    </div>
    <div>&#160;</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">Our
Business</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>We are a mineral exploration,
development and production company, initially formed in Minnesota on June 2,
1997.&#160; We reincorporated into the State of Nevada on May 30, 2008. Our
business includes acquiring and consolidating mineral properties that we believe
have a high potential for new mineral discoveries and profitability. Our focus
is on properties containing gold, silver and molybdenum. Molybdenum is a base
metal used in steel production and in the manufacture of a wide variety of
products including, catalytic converters and specialty lubricants.</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>Our two primary mining property assets
are the Ashdown molybdenum project operated by the Ashdown Project LLC (the
&#8220;Ashdown LLC&#8221;), in which we currently own a 60% member interest (and have claim,
though contested, to an additional 9.5% interest, which brings our total
interest to 69.5%), and the Mineral Ridge mine. Management&#8217;s near-term goals are
to extract molybdenum deposits at Ashdown and to develop a plan for profitable
production of gold and silver at Mineral Ridge.</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>We maintain a web site at
http://www.golden-phoenix.com. The reference to our web address does not
constitute incorporation by reference into this Prospectus of information
contained at that site.</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"><a name="disclosurefrwd">DISCLOSURE REGARDING FORWARD-LOOKING
STATEMENTS</a></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">This
Prospectus contains statements that constitute forward-looking statements. The
words &#8220;expect,&#8221; &#8220;estimate,&#8221; &#8220;anticipate,&#8221; &#8220;predict,&#8221; &#8220;believe,&#8221; and similar
expressions and variations thereof are intended to identify forward-looking
statements. Such forward-looking statements include statements regarding, among
other things, (a) our estimates of mineral reserves and mineralized material,
(b) our projected sales and profitability, (c) our growth strategies, (d)
anticipated trends in our industry, (e) our future financing plans, (f) our
anticipated needs for working capital and (g) the benefits related to ownership
of our common stock. This information may involve known and unknown risks,
uncertainties, and other factors that may cause our actual results, performance,
or achievements to be materially different from the future results, performance,
or achievements expressed or implied by any forward-looking statements for the
reasons, among others, described within the various sections of this Prospectus,
specifically the section entitled &#8220;Risk Factors&#8221; beginning on page 4. In light
of these risks and uncertainties, there can be no assurance that the
forward-looking statements contained in this Prospectus will in fact occur as
projected. We undertake no obligation to release publicly any updated
information about forward-looking statements to reflect events or circumstances
occurring after the date of this Prospectus or to reflect the occurrence of
unanticipated events.</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">The risks
described below are the ones we believe are most important for you to consider.
These risks are not the only ones that we face. If events anticipated by any of
the following risks actually occur, our business, operating results or financial
condition could suffer and the price of our common stock could
decline.</font></div>
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    <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"><a name="riskfactors">RISK FACTORS</a></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">We Have A Limited Operating History
With Significant Losses And Expect Losses</font> T<font style="DISPLAY: inline; FONT-WEIGHT: bold">o Continue For The Foreseeable
Future.</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-SIZE: 12pt; FONT-FAMILY: Times New Roman">We have
yet to establish any history of profitable operations. We have incurred net
losses of $2,350,435 for the year ended December 31, 2007 and $2,473,131 for the
six months ended June 30, 2008. As a result, at June 30, 2008 we had an
accumulated deficit of $40,038,851 and a total stockholders&#8217; deficit of
$833,214.&#160;&#160;Our revenues have not been sufficient to sustain our
operations. We expect that our revenues will not be sufficient to sustain our
operations for the foreseeable future. Our profitability will require the
successful commercialization of our mines. We may not be able to successfully
commercialize our mines or ever become profitable.</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 style="DISPLAY: inline; FONT-WEIGHT: bold">There Is Doubt About Our Ability To
Continue As A Going Concern Due To</font>&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Recurring Losses From Operations,
Accumulated Deficit And Working Capital</font>&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Deficit All Of Which Means That We
May Not Be Able To Continue Operations.</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-SIZE: 12pt; FONT-FAMILY: Times New Roman">Our
independent auditors have added an explanatory paragraph to their audit opinion
issued in connection with the financial statements for the years ended December
31, 2007 and 2006 with respect to their doubt about our ability to continue as a
going concern. As discussed in Note 2 to our consolidated financial statements
for the year ended December 31, 2007, we have generated significant losses from
operations, and had an accumulated deficit of $37,565,720 and a working capital
deficit of $739,673 at December 31, 2007, which together raises doubt about our
ability to continue as a going concern. Management&#8217;s plans in regard to these
matters are also described in Note 2 to our consolidated financial statements
for the year ended December 31, 2007.</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">The
Validity Of Our Unpatented Mining Claims Could Be Challenged, Which Could Force
Us To Curtail Or Cease Our Business Operations.</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">A
majority of our properties consist of unpatented mining claims, which we own or
lease. These claims are located on federal land or involve mineral rights that
are subject to the claims procedures established by the General Mining Law. We
must make certain filings with the county in which the land or mineral is
situated and with the Bureau of Land Management and pay annual holding fees of
$133.50 per claim. If we fail to make the annual holding payment or make the
required filings, our mining claim could be void or voidable. Because mining
claims are self-initiated and self-maintained rights, they are subject to unique
vulnerabilities not associated with other types of property interests. It is
difficult to ascertain the validity of unpatented mining claims from public
property records and, therefore, it is difficult to confirm that a claimant has
followed all of the requisite steps for the initiation and maintenance of a
claim. The General Mining Law requires the discovery of a valuable mineral on
each mining claim in order for such claim to be valid, and rival mining
claimants and the United States may challenge mining claims. Under judicial
interpretations of the rule of discovery, the mining claimant has the burden of
proving that the mineral found is of such quality and quantity as to justify
further development, and that the deposit is of such value that it can be mined,
removed and disposed of at a profit. The burden of showing that there is a
present profitable market applies not only to the time when the claim was
located, but also to the time when such claim&#8217;s validity is challenged. However,
only the federal government can make such challenges; they cannot be made by
other individuals with no better title rights than us. It is therefore
conceivable that, during times of falling metal prices, claims that were valid
when they were located could become invalid if challenged. Title to unpatented
claims and other mining properties in the western United States typically
involves certain other risks due to the frequently ambiguous conveyance history
of those properties, as well as the frequently ambiguous or imprecise language
of mining leases, agreements and royalty obligations. No title insurance is
available for mining. In the event we do not have good title to our properties,
we would be forced to curtail or cease our business operations.</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Environmental
Controls Could Curtail Or Delay Exploration And Development Of Our Mines And
Impose Significant Costs On Us.</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">We are
required to comply with numerous environmental laws and regulations imposed by
federal and state authorities. At the federal level, legislation such as the
Clean Water Act, the Clean Air Act, the Resource Conservation and Recovery Act,
the Comprehensive Environmental Response Compensation Liability Act and the
National Environmental Policy Act impose effluent and waste standards,
performance standards, air quality and emissions standards and other design or
operational requirements for various components of mining and mineral
processing, including molybdenum, gold and silver mining and processing. In
addition, insurance companies are now requiring additional cash collateral from
mining companies in order for the insurance companies to issue a surety bond.
This addition of cash collateral for a bond could have a significant impact on
our ability to bring properties into production.</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">Many
states, including the State of Nevada (where our Mineral Ridge and Ashdown
properties are located), have also adopted regulations that establish design,
operation, monitoring, and closing requirements for mining operations. Under
these regulations, mining companies are required to provide a reclamation plan
and financial assurance to ensure that the reclamation plan is implemented upon
completion of mining operations. Additionally, Nevada and other states require
mining operations to obtain and comply with environmental permits, including
permits regarding air emissions and the protection of surface water and
groundwater. Although we believe that we are currently in compliance with
applicable federal and state environmental laws, changes in those laws and
regulations may necessitate significant capital outlays or delays, may
materially and adversely affect the economics of a given property, or may cause
material changes or delays in our intended exploration, development and
production activities. Any of these results could force us to curtail or cease
our business operations.</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Proposed
Legislation Affecting The Mining Industry Could Have An Adverse Effect On
Us.</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">During
the past several years, the United States Congress considered a number of
proposed amendments to the General Mining Law of 1872, which governs mining
claims and related activities on federal lands. For example, a broad based bill
to reform the General Mining Law of 1872, the Hardrock Mining and Reclamation
Act of 2007 (H.R. 2262) was introduced in the U.S. House of Representatives on
May 10, 2007 and was passed by the U.S. House of Representatives on November 1,
2007, and has been submitted to the U.S. Senate where no action has been taken
to date.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#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">In 1992,
a federal holding fee of $100 per claim was imposed upon unpatented mining
claims located on federal lands. This fee was increased to $125 per claim in
2005 ($133.50 total with the accompanying County fees included). Beginning in
October 1994, a moratorium on processing of new patent applications was
approved. In addition, a variety of legislation over the years has been proposed
by the United States Congress to further amend the General Mining Law. If any of
this legislation is enacted, the proposed legislation would, among other things,
change the current patenting procedures, limit the rights obtained in a patent,
impose royalties on unpatented claims, and enact new reclamation, environmental
controls and restoration requirements.</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">For
example, The Hardrock Mining and Reclamation Act of 2007 (H.R. 2262), if
enacted, would have several negative impacts on the Company including but not
limited to: requiring royalty payments of 8% of gross income from mining a claim
on Federal land, or 4% of claims on Federal land that existed prior to the
passage of this act; and prohibition of certain areas from being open to the
location of mining claims, including wilderness study areas, areas of critical
environmental concern, areas included in the National Wild and Scenic Rivers
System, and any area included in maps made for the Forest Service Roadless Area
Conservation Final Environmental Impact Statement.</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">The
extent of any such changes to the General Mining Law of 1872 that may be enacted
is not presently known, and the potential impact on us as a result of future
congressional action is difficult to predict. If enacted, the proposed
legislation could adversely affect the economics of developing and operating our
mines because many of our properties consist of unpatented mining claims on
federal lands. Our financial performance could therefore be materially and
adversely affected by passage of all or pertinent parts of the proposed
legislation, which could force us to curtail or cease our business
operations.</font></div>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">The
Development And Operation Of Our Mining Projects Involve Numerous
Uncertainties.</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">Mine
development projects, including our planned projects, typically require a number
of years and significant expenditures during the development phase before
production is possible.</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">Development
projects are subject to the completion of successful feasibility studies,
issuance of necessary governmental permits and receipt of adequate financing.
The economic feasibility of development projects is based on many factors such
as:</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 style="DISPLAY: inline; FONT-WEIGHT: bold">&#8226;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;estimation
of reserves;</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"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8226;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;anticipated
metallurgical recoveries;</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"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8226;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;future
molybdenum, gold and silver prices; and</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"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8226;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;anticipated
capital and operating costs of such projects.</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">Our mine
development projects may have limited relevant operating history upon which to
base estimates of future operating costs and capital requirements. Estimates of
proven and probable reserves and operating costs determined in feasibility
studies are based on geologic and engineering analyses.</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">Any of
the following events, among others, could affect the profitability or economic
feasibility of a project:</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 style="DISPLAY: inline; FONT-WEIGHT: bold">&#8226;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;unanticipated
changes in grade and tonnage of material to be mined and processed;</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"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8226;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;unanticipated
adverse geotechnical conditions;</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"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8226;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;incorrect
data on which engineering assumptions are made;</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"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8226;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;costs
of constructing and operating a mine in a specific environment;</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"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8226;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;availability
and cost of processing and refining facilities;</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"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8226;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;availability
of economic sources of power;</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"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8226;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;adequacy
of water supply;</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"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8226;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;adequate
access to the site;</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"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8226;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;unanticipated
transportation costs;</font></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 54pt">
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            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">government
      regulations (including regulations relating to prices, royalties, duties,
      taxes, restrictions on production, quotas on exportation of minerals, as
      well as the costs of protection of the environment and agricultural
      lands);</font></div>
            </td>
          </tr>
      </table>
    </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">&#8226;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;fluctuations
in metal prices; and</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"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8226;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;accidents,
labor actions and force majeure events.</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">Any of
the above referenced events may necessitate significant capital outlays or
delays, may materially and adversely affect the economics of a given property,
or may cause material changes or delays in our intended exploration, development
and production activities. Any of these results could force us to curtail or
cease our business operations.</font></div>
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    <div><br></div>
    <div>
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        <div id="FTR">
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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">7</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
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          </div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Mineral
Exploration Is Highly Speculative, Involves Substantial Expenditures, And Is
Frequently Non-Productive.</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">Mineral
exploration involves a high degree of risk and exploration projects are
frequently unsuccessful. Few prospects that are explored end up being ultimately
developed into producing mines. To the extent that we continue to be involved in
mineral exploration, the long-term success of our operations will be related to
the cost and success of our exploration programs. We cannot assure you that our
mineral exploration efforts will be successful. The risks associated with
mineral exploration include:</font></div>
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    <div>
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          <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: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8226;</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">The
      identification of potential economic mineralization based on superficial
      analysis;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
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          <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: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8226;</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">the
      quality of our management and our geological and technical expertise;
      and</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><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8226;</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">the
      capital available for exploration and
  development.</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">Substantial
expenditures are required to determine if a project has economically mineable
mineralization. It may take several years to establish proven and probable
reserves and to develop and construct mining and processing facilities. Because
of these uncertainties, our current and future exploration programs may not
result in the discovery of reserves, the expansion of our existing reserves or
the further development of our mines.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">The
Price Of Molybdenum, Gold And Silver Are Highly Volatile And A Decrease In The
Price Of Molybdenum, Gold Or Silver Would Have A Material Adverse Effect On Our
Business.</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">The
profitability of mining operations is directly related to the market prices of
metals. The market prices of metals fluctuate significantly and are affected by
a number of factors beyond our control, including, but not limited to, the rate
of inflation, the exchange rate of the dollar to other currencies, interest
rates, and global economic and political conditions. Price fluctuations of
metals from the time development of a mine is undertaken to the time production
can commence can significantly affect the profitability of a mine. Accordingly,
we may begin to develop one or more of our mines at a time when the price of
metals makes such exploration economically feasible and, subsequently, incur
losses because the price of metals decreases. Adverse fluctuations of the market
prices of metals may force us to curtail or cease our business
operations.</font></div>
    <div><br></div>
    <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">8</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="center">
          </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-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Our
Mineral Reserve Estimates Are Potentially Inaccurate.</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">We
estimate our mineral reserves on our properties as either &#8220;proven reserves&#8221; or
&#8220;probable reserves.&#8221; Our mineral reserve figures and costs are primarily
estimates and are not guarantees that we will recover the indicated quantities
of these metals. We estimate proven reserve quantities based on sampling and
testing of sites conducted by us and by independent companies hired by us.
Probable reserves are based on information similar to that used for proven
reserves, but the sites for sampling are less extensive, and the degree of
certainty is less. Reserve estimation is an interpretive process based upon
available geological data and statistical inferences and is inherently imprecise
and may prove to be unreliable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#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">Our
mineral reserves are reduced as existing reserves are depleted through
production. Reserves may be reduced due to lower than anticipated volume and
grade of reserves mined and processed and recovery rates.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#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">Reserve
estimates are calculated using assumptions regarding metals prices. These prices
have fluctuated widely in the past. Declines in the market price of metals, as
well as increased production costs, capital costs and reduced recovery rates,
may render reserves uneconomic to exploit. Any material reduction in our
reserves may lead to increased net losses, reduced cash flow, asset write-downs
and other adverse effects on our results of operations and financial condition.
Reserves should not be interpreted as assurances of mine life or of the
profitability of current or future operations. No assurance can be given that
the amount of metal estimated will be produced or the indicated level of
recovery of these metals will be realized.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">We
May Not Be Able To Control The Decisions, Strategy And Results Of The Ashdown
Project LLC To Which We Are A Majority Member.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#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">The two
Ashdown Project LLC (&#8220;Ashdown LLC&#8221;) members are Golden Phoenix Minerals, Inc.
and Win-Eldrich Gold Inc. (&#8220;WEG&#8221;). Because we share ownership in the Ashdown LLC
with another company, we are subject to the risks normally associated with the
conduct of limited liability companies with more than one member (owner). The
existence or occurrence of one or more of the following circumstances and events
could have a material adverse impact on our profitability or the viability of
our interests held through the joint venture, which could have a material
adverse impact on our business, financial condition and results of
operations:</font></div>
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    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8226;</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">inability
      to exert influence over certain strategic decisions made in respect of
      joint venture operations;</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><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8226;</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">inability
      of the members to meet their obligations to the Ashdown LLC or third
      parties; and</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><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8226;</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">disagreements
      or litigation between members regarding LLC
  matters.</font></div>
            </td>
          </tr>
      </table>
    </div>
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    <div><br></div>
    <div>
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        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#toc">Return to Table of Contents</a></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">9</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
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          </div>
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      </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">Further,
there currently is a dispute between Ashdown LLC members Golden Phoenix and WEG.
Golden Phoenix is disputing that WEG did not timely fund its required share of
the budget of the Ashdown LLC, failed to pay Golden Phoenix its share of
revenues and remains in default on these matters. WEG disputes the amount and
timing of certain expenditures made by Golden Phoenix on the Ashdown property.
Prior to the dispute Golden Phoenix held a 60% membership interest in the
Ashdown LLC and WEG held a 40% membership interest. However, Golden Phoenix now
believes that it has a 69.5% membership interest due to WEG&#8217;s default and the
result of such default under the terms of the Ashdown LLC Operating Agreement;
that is WEG&#8217;s membership interest has been diluted due to its default. WEG is
contesting the dilution of its membership interest in the Ashdown LLC. This
dispute was mediated on April 4, 2007, which did not resolve the dispute. There
was a further mediation on July 31, 2008 which also did not resolve the
conflict.&#160;&#160;Golden Phoenix has demanded arbitration pursuant to the
terms of the Ashdown LLC Operating Agreement and anticipates that this dispute
will proceed to arbitration in February 2009. In addition, WEG has notified
Golden Phoenix of certain provisions in the Operating Agreement that it contends
Golden Phoenix has breached. The Ashdown LLC is an important component of Golden
Phoenix&#8217;s business and currently represents all of its operating revenue.
Although the operations of the Ashdown LLC have not been adversely affected by
the dispute to date, any disruption in the operations of the Ashdown LLC would
have a material adverse affect on Golden Phoenix&#8217;s business, financial
condition, and results of operations.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Mining
Risks And Insurance Could Have An Adverse Effect On Our
Profitability.</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">Our
operations are subject to all of the operating hazards and risks normally
incident to exploring for and developing mineral properties, such as unusual or
unexpected geological formations, environmental pollution, personal injuries,
flooding, cave-ins, changes in technology or mining techniques, periodic
interruptions because of inclement weather and industrial accidents. Although we
currently maintain insurance to ameliorate some of these risks, more fully
described in the description of our business in this filing, such insurance may
not continue to be available at economically feasible rates or in the future be
adequate to cover the risks and potential liabilities associated with exploring,
owning and operating our properties. Either of these events could cause us to
curtail or cease our business operations.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">The
Market Price Of Our Common Stock Is Highly Volatile, Which Could Hinder Our
Ability To Raise Additional Capital.</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">The
market price of our common stock has been and is expected to continue to be
highly volatile. Factors, including regulatory matters, concerns about our
financial condition, operating results, litigation, government regulation,
developments or disputes relating to agreements, title to our properties or
proprietary rights, may have a significant impact on the market price of our
stock. The range of the high and low bid prices of our common stock over the
last three (3) years has been between $0.53 and $0.061. In addition, potential
dilutive effects of future sales of shares of common stock by shareholders and
by us, and subsequent sale of common stock by the holders of warrants and
options could have an adverse effect on the price of our securities, which could
hinder our ability to raise additional capital to fully implement our business,
operating and development plans.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div><br></div>
    <div>
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        <div id="FTR">
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        </div>
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          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="center">
          </div>
        </div>
      </div>
    </div>
    <div><br></div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">The
Number Of Shares Being Registered For Sale In This Prospectus, And In
Prospectuses Dated June 3 2008 And January 22, 2008, Are Significant In Relation
To Our Trading Volume And May Depress Our Share Price.</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">The
shares being registered in this Prospectus, 3,890,000, if sold in the market all
at once or at about the same time, could depress the market price during the
period the registration statement remains effective and also could affect our
ability to raise equity capital.&#160;&#160;Further, the market price may be
additionally depressed by the sale of shares offered in prospectuses dated June
3, 2008 and January 22, 2008, (the later filed with the Commission on January
23, 2008), wherein the Company registered 46,190,580 and 15,484,600 additional
shares of common stock, respectively.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Penny
Stock Regulations Affect Our Stock Price, Which May Make It More Difficult For
Investors To Sell Their Stock.</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">Broker-dealer
practices in connection with transactions in &#8220;penny stocks&#8221; are regulated by
certain penny stock rules adopted by the SEC. Penny stocks generally are equity
securities with a price per share of less than $5.00 (other than securities
registered on certain national securities exchanges or quoted on the NASDAQ
Stock Market, provided that current price and volume information with respect to
transactions in such securities is provided by the exchange or system). The
penny stock rules require a broker-dealer, prior to a transaction in a penny
stock not otherwise exempt from the rules, to deliver a standardized risk
disclosure document that provides information about penny stocks and the risks
in the penny stock market. The broker-dealer must also provide the customer with
current bid and offer quotations for the penny stock, the compensation of the
broker-dealer and its salesperson in the transaction, and monthly account
statements showing the market value of each penny stock held in the customer&#8217;s
account. In addition, the penny stock rules generally require that prior to a
transaction in a penny stock the broker-dealer make a special written
determination that the penny stock is a suitable investment for the purchaser
and receive the purchaser&#8217;s written agreement to the transaction. These
disclosure requirements may have the effect of reducing the level of trading
activity in the secondary market for a stock that becomes subject to the penny
stock rules. Our securities are subject to the penny stock rules, and investors
may find it more difficult to sell their 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="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><a name="useof">USE OF PROCEEDS</a></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">We will
not receive any proceeds from the sale of the shares of our common stock by the
Selling Security Holders.</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"><a name="sellingholders">SELLING SECURITY HOLDERS</a></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">This
Prospectus covers offers and sales from time to time by Selling Stockholders of
up to 3,890,000 shares of the Company&#8217;s Common Stock, to be issued to the
Selling Stockholders pursuant to the terms of the respective Plans. Under Rule
416 of the Securities Act, the Selling Stockholders may also offer and sell
Common Stock issued to the Selling Stockholders are a result of, among other
things, stock splits, stock dividends and other similar events that affect the
number of Common Shares held by the Selling Stockholders. However, registrations
of the Selling Stockholders&#8217; Common Stock does not necessarily mean that the
Selling Stockholders will offer or sell any of their shares. The Selling
Stockholders are affiliates of the Company pursuant to Rule 144 of 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="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#toc">Return to Table of Contents</a></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">11</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="center">
          </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">The
following table sets forth, as of October 8, 2008, the names of certain eligible
Selling Stockholders pursuant to C. 3. (a) of the General Instructions to Form
S-8, the nature of his, her or its position, office, or other material
relationship to the Company or its subsidiaries within the most recent past
three years, and the number of shares of Common Stock which each such Selling
Stockholder owned of record as of the date of this Prospectus. The table also
sets forth the number of shares of Common Stock owned by each Selling
Stockholder that are offered for sale by this Prospectus and the number and
percentage of shares of Common Stock to be held by each such Selling Stockholder
assuming the sale of all the shares offered hereby. The Company may supplement
this Prospectus from time to time to disclose the names, relationships to the
Company and holding of Securities of additional Selling Stockholders. No
statement contained herein nor the delivery of this Prospectus in connection
with a sale by any Selling Stockholder shall be deemed an admission by the
Company or such Selling Stockholder that such Selling Stockholder is in a
control relationship with the Company within the meaning of the Securities
Act.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="left" valign="bottom" width="23%">
              <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">Name
      of Selling</font></div>
            </td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td colspan="6" valign="bottom" width="21%" style="BORDER-BOTTOM: black 2px 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">Shares
      Beneficially Owned</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">Prior
      to Offering</font></div>
            </td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td colspan="2" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px 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">Shares
      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">Offered</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td colspan="6" valign="bottom" width="19%" style="BORDER-BOTTOM: black 2px 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">Shares
      Beneficially</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">Owned
      After Offering</font></div>
            </td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="23%">
              <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">Stockholder</font></div>
            </td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td colspan="2" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px 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">Number</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td colspan="2" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px 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">Percentage</font></div>
            </td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td colspan="2" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px 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">Number</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td colspan="2" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px 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">Number</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td colspan="2" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px 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">Percentage</font></div>
            </td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td valign="bottom" width="23%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <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">David
      A. Caldwell <font style="FONT-SIZE: 70%; VERTICAL-ALIGN: super">(1)</font></font></div>
              </div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <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">4,444,036<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: super">(2)</font></font></div>
              </div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="8%">
              <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">2.24%</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <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">1,945,000</font></div>
              </div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <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">2,499,036<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: super">(2)</font></font></div>
              </div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 1pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">1.27%</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td valign="bottom" width="23%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <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">Robert
      P. Martin <font style="FONT-SIZE: 70%; VERTICAL-ALIGN: super">(3)</font></font></div>
              </div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <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">4,588,262<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: super">(4)</font></font></div>
              </div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="8%">
              <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">2.31%</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <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">1,945,000</font></div>
              </div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <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">2,643,262<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: super">(4)</font></font></div>
              </div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 1pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">1.34%</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td valign="bottom" width="23%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <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">Total</font></div>
              </div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <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">9,032,298</font></div>
              </div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="8%">
              <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">4.55%</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <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">3,890,000</font></div>
              </div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <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">5,142,298</font></div>
              </div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 1pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">2.61%</font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
      </table>
    </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></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#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">(1) Mr.
Caldwell is the CEO and a director of the Company.</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">(2) This
includes 1,945,000 shares Mr. Caldwell is eligible to receive under the Plan,
and options for 200,000 common shares exercisable at $0.37 per share, 200,000
common shares exercisable at $0.15 per share, 600,000 common shares exercisable
at $0.24, and 450,000 common shares exercisable at $0.19 per share (of which
283,333 are vested).</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">(3) Mr.
Martin is the President of the Company.</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">(4) This
includes 1,945,000 shares Mr. Martin is eligible to receive under the Plan, and
options for 50,000 common shares exercisable at $0.15 per share, 40,000 common
shares exercisable at $0.19 per share, 200,000 common shares exercisable at
$0.24 per share, 250,000 common shares exercisable at $0.19 (of which 83,333 are
vested), and 150,000 warrants related to the Production Purchase Payment
Agreement exercisable at $0.20 per share.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</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"><a name="plandst">PLAN OF DISTRIBUTION</a></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">The
number of shares registered for resale by the Selling Stockholders and covered
by this Prospectus is 3,890,000 and represents 1.9% of the total outstanding
shares of Common Stock, assuming all shares registered hereunder are issued
pursuant to the terms of the Plan. However, registration of the Selling
Stockholders&#8217; Common Stock does not necessarily mean that the Selling
Stockholders will offer or sell the shares. The Securities may be sold from time
to time by the Selling Stockholders or by pledgees, donees, transferees or other
successors in interest. Such sales may be made in the over-the-counter market at
prices and on terms then prevailing or in negotiated transactions.</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="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#toc">Return to Table of Contents</a></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">12</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="center">
          </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">All
costs, expenses and fees in connection with the registration of the Securities
will be borne by us. Commissions, discounts and transfer taxes, if any,
attributable to the sales of the Securities will be borne by the Selling
Stockholders. Brokers may receive compensation in the form of customary
brokerage commissions, discounts or concessions from Selling Stockholders in
amounts to be negotiated in connection with sales pursuant hereto. Such brokers
or dealers and any other participating brokers or dealers may be deemed to be
&#8220;underwriters&#8221; within the meaning of the Securities Act, in connection with such
sales and any such commission, discount or concession may be deemed to be
underwriting discounts or commissions under the Securities Act.</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">Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may
be permitted to directors, officers and controlling persons of the Company, the
Company has been advised that in the opinion of the Securities and Exchange
Commission, such indemnification is against public policy as expressed in the
Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the Company
of expenses incurred or paid by a director, officer or controlling person of the
Company 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 Company 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></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">The
Selling Stockholders should be aware that the anti-manipulation provisions of
Regulation M under the Securities Exchange Act of 1934 will apply to purchases
and sales of shares of Common Stock by the Selling Stockholders, and that there
are restrictions on market-making activities by persons engaged in the
distribution of the shares. Under Regulation M, the Selling Stockholders or
their agents may not bid for, purchase, or attempt to induce any person to bid
for or purchase, shares of our Common Stock while such Selling Stockholders are
distributing shares covered by this Prospectus. Accordingly, the Selling
Stockholders are not permitted to cover short sales by purchasing shares while
the distribution is taking place. The Selling Stockholders are advised that if a
particular offer of Common Stock is to be made on terms constituting a material
change from the information set forth above with respect to the Plan of
Distribution, then to the extent required, a post-effective amendment to the
accompanying registration statement must be filed with the Securities and
Exchange Commission.</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"><a name="descsec">DESCRIPTION OF SECURITIES</a></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">We are
authorized by our Articles of Incorporation to issue 400,000,000 shares of
common stock, $0.001 par value per share and 50,000,000 shares of preferred
stock, $0.001 par value. As of October 8, 2008, there were 194,523,123 shares of
common stock issued and outstanding, plus an additional 19,673,398 shares of
common stock issuable upon the exercise of outstanding options and warrants,
plus an additional 5,484,600 shares of common stock issuable upon conversion of
a certain Production Payment Agreement And Assignment agreement. Holders of
shares of common stock have full voting rights, one vote for each share held of
record. Stockholders are entitled to receive dividends as may be declared by the
Board out of funds legally available therefore and share pro rata in any
distributions to stockholders upon liquidation. Stockholders have no conversion,
preemptive or subscription rights. All outstanding shares of common stock are
fully paid and nonassessable, and all the shares of common stock issued by us
upon the exercise of outstanding warrants will, when issued, be fully paid and
nonassessable.</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">We have
no outstanding shares of preferred stock.</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="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#toc">Return to Table of Contents</a></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">13</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="center">
          </div>
        </div>
      </div>
    </div>
    <div>&#160;</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"><a name="legal">LEGAL MATTERS</a></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">The
validity of the shares of common stock offered was passed upon by the law firm
of Bullivant Houser Bailey PC, 1415 L Street, Suite 1000, Sacramento, California
95814.</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"><a name="experts">EXPERTS</a></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">The
financial statements of Golden Phoenix Minerals, Inc., a Nevada corporation have
been included in the Prospectus and elsewhere in the registration statement in
reliance on the report of HJ &amp; Associates, LLC, an independent registered
public accounting firm, given on the authority of that firm as experts in
auditing and accounting.</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"><a name="transferagent">TRANSFER AGENT AND REGISTRAR</a></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">The
transfer agent and registrar for our common stock is The Nevada Agency and Trust
Company, located at 50 West Liberty Street, Suite 880, Reno, Nevada 89501, with
the same mailing address and telephone number (775) 322-0626.</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"><a name="disccomm">DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION OF SECURITIES
ACT LIABILITIES</a></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">Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may
be permitted for directors, officers or persons controlling the Company pursuant
to applicable state law, the Company has been informed that, in the opinion of
the Commission, such indemnification is against public policy as expressed in
the Securities Act and is therefore unenforceable.</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"><a name="wherefindmore">WHERE YOU CAN FIND MORE INFORMATION</a></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">We have
filed a registration statement on Form S-8, together with all amendments and
exhibits, with the SEC. This Prospectus, which forms a part of that registration
statement, does not contain all information included in the registration
statement. Certain information is omitted and you should refer to the
registration statement and its exhibits. With respect to references made in this
Prospectus to any of our contracts or other documents, the references are not
necessarily complete and you should refer to the exhibits attached to the
registration statement for copies of the actual contracts or documents. You may
read and copy any document that we file at the Commission&#8217;s Public Reference
Room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at
1-800-SEC-0330 for further information on the operation of the public reference
rooms. Our filings and the registration statement can also be reviewed by
accessing the SEC&#8217;s website at http://www.sec.gov.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div><br></div>
    <div>
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        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#toc">Return to Table of Contents</a></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">14</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="center">
          </div>
        </div>
      </div>
    </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
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"><a name="inforequired">INFORMATION REQUIRED IN THE REGISTRATION
STATEMENT</a></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 cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(1)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><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 cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(2)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Registrant&#8217;s
      Quarterly Reports on Form 10-Q for the quarter ended June 30, 2008, filed
      with the Commission on August 14, 2008, and 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 cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(3)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><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;</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 cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(4)&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><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
      theCompany&#8217;s Prospectus, filed with the Commission on June 2, 2008
      (RegistrationNo. 333-149420); and</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(5)&#160;&#160;
      </font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">All
      other reports filed by the Registrant with the Commission pursuant to
      Section13(a) or 15(d) of the Exchange Act since December 31,
      2007.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 54pt"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">In
addition, all documents subsequently filed by Registrant pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act (excluding any portion thereof
furnished under Item 2.02 or 7.01 of Form 8-K), prior to the filing of a
post-effective amendment which indicates that all securities offered have been
sold or which deregisters all securities then remaining unsold, shall be deemed
to be incorporated by reference in this registration statement and to be a part
hereof from the date of 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>The Registrant shall furnish without
charge to each person to whom the prospectus is delivered, on written or oral
request of such person, a copy of any or all of the documents incorporated by
reference, other than exhibits to such documents (unless such exhibits are
specifically incorporated by reference to the information that is
incorporated).&#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="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><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><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;&#160;</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">&#160;&#160;Not
applicable.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div><br></div>
    <div>
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          <div id="GLFTR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#toc">Return to Table of Contents</a></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">II-1</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
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      </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-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 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 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">&#160;
Not applicable.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div><br></div>
    <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">II-2</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
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    </div>
    <div><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 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>&#160; The Exhibits listed in the
accompanying Exhibit Index are filed or incorporated by reference as part of
this 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
9.&#160;&#160;Undertakings.</font></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">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
undersigned Registrant hereby undertakes:</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: 36pt"></font>&#160; (a) To file, during any period
in which offers or sales are being made, a post-effective amendment 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: 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>(ii) To reflect in the prospectus any
facts or events arising after the effective dateof the Registration Statement
(or the most recent post-effective amendment thereof) 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>
    <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"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>&#160;(iii) To include any material
information with respect to the plan of distribution not previously disclosed in
the Registration Statement or any material change to such 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: 0pt; 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 not apply 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: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;
(b) That, for the purpose of determining any liability under the Securities Act,
each such post effective amendment 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>
    <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">&#160;
(c) To remove from registration by means of a post-effective amendment any of
the securities 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>
    <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">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
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>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
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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">II-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="center">
          </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">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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.</font></div>
    <div><br></div>
    <div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
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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">II-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="center">
          </div>
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      </div>
    </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"><a name="sigs">SIGNATURES</a></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">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 8th day of October, 2008.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" colspan="2" valign="top" width="60%">
              <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">GOLDEN
      PHOENIX MINERALS, INC.,</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" colspan="2" valign="top" width="60%">
              <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
      Nevada corporation</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="50%">
              <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">By:
      /s/ David A. Caldwell</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="50%">
              <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">David
      A. Caldwell</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="50%">
              <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">Chief
      Executive Officer</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="50%">
              <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">(Principal
      Executive Officer and Director)</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">POWER
OF ATTORNEY</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>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>
    <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">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.</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="35%" style="BORDER-TOP: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt 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;
      Signature</font></div>
            </td>
            <td align="left" valign="top" width="45%" style="BORDER-TOP: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt 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;
      Title</font></div>
            </td>
            <td align="left" valign="top" width="20%" style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-TOP: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 1px solid">
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      Date</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="35%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 1px solid">
              <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;
      <font style="TEXT-DECORATION: underline">/s/ David A.
      Caldwell</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;
      David A. Caldwell</font></div>
            </td>
            <td align="left" valign="top" width="45%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 1px solid">
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">Chief
      Executive Officer</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;
      (Principal Executive Officer and Director)</font></div>
            </td>
            <td align="left" valign="top" width="20%" style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 1px solid">
              <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;October
      8, 2008</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="35%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 1px solid">
              <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;
      <font style="TEXT-DECORATION: underline">/s/ Dennis P. Gauger
      </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;
      Dennis P. Gauger</font></div>
            </td>
            <td align="left" valign="top" width="45%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 1px solid">
              <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;
      Principal Accounting Officer</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;
      (Principal Accounting Officer)</font></div>
            </td>
            <td align="left" valign="top" width="20%" style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 1px solid">
              <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;October
      8, 2008</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="35%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 1px solid">
              <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;
      <font style="TEXT-DECORATION: underline">/s/ 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;
      J. Roland Vetter</font></div>
            </td>
            <td align="left" valign="top" width="45%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 1px solid">
              <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;
      Director</font></div>
            </td>
            <td align="left" valign="top" width="20%" style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 1px solid">
              <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;
      October 8, 2008</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="35%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 1px solid">
              <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;
      <font style="TEXT-DECORATION: underline">/s/ 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;
      Ronald L. Parratt</font></div>
            </td>
            <td align="left" valign="top" width="45%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 1px solid">
              <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;
      Director</font></div>
            </td>
            <td align="left" valign="top" width="20%" style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 1px solid">
              <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;
      October 8, 2008</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="35%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 1px solid">
              <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;
      <font style="TEXT-DECORATION: underline">/s/ Corby G.
      Anderson</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;
      Corby G. Anderson</font></div>
            </td>
            <td align="left" valign="top" width="45%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 1px solid">
              <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;
      Director</font></div>
            </td>
            <td align="left" valign="top" width="20%" style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 1px solid">
              <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;
      October 8, 2008</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="35%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 1px solid">
              <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;
      <font style="TEXT-DECORATION: underline">/s/ Kent D. Aveson
      </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;
      Kent D. Aveson</font></div>
            </td>
            <td align="left" valign="top" width="45%" style="BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 1px solid">
              <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;
      Director</font></div>
            </td>
            <td align="left" valign="top" width="20%" style="BORDER-RIGHT: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; BORDER-BOTTOM: black 1px solid">
              <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;
      October 8, 2008</font></div>
            </td>
          </tr>
      </table>
    </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="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#toc">Return to Table of Contents</a></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">S-1</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="center">
          </div>
        </div>
      </div>
    </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"><a name="indexex">INDEX TO EXHIBITS</a></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="bottom" width="9%">
              <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"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit
      No.</font></font></div>
            </td>
            <td valign="middle" width="40%">
              <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"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Description</font></font></div>
            </td>
            <td valign="middle" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="middle" width="50%">
              <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"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Location</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">3.1</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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">Articles
      of Incorporation of Golden Phoenix Minerals, Inc.</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">Incorporated
      by reference to Exhibit 2.1 to the Company&#8217;s Registration Statement on
      Form 10SB12G as filed with the SEC on July 30, 1997</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">3.2</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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">Amended
      and Restated Articles of Incorporation of Golden Phoenix, Minerals,
      Inc.</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">Incorporated
      by reference to Exhibit 3.2 to the Company&#8217;s Registration Statement on
      Form SB-2/A1 as filed with the SEC on December 21, 2007</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">3.3</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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">Bylaws
      of Golden Phoenix Minerals, Inc.</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">Incorporated
      by reference to Exhibit 2.1 to the Company&#8217;s Registration Statement on
      Form 10SB12G as filed with the SEC on July 30, 1997</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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="goldens8100808ex5-1.htm">5.1</a></font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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="goldens8100808ex5-1.htm">Opinion of Bullivant Houser Bailey
      PC</a></font></div>
            </td>
            <td align="left" valign="top" width="1%">&#160;</td>
            <td align="left" valign="top" width="50%">
              <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="goldens8100808ex5-1.htm">Filed herewith</a></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">10.1</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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">Long
      Term Agreement, dated August 18, 2004, by and between Golden Phoenix
      Minerals, Inc. and Derek Raphael &amp; Company Limited</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">Incorporated
      by reference to Exhibit 10.17 to the Company&#8217;s Annual Report on Form
      10-KSB for the year ended December 31, 2005, as filed with the SEC on
      April 17, 2006</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">10.2</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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">Payment
      Production Purchase Agreement, September 26, 2005, by and between Golden
      Phoenix Minerals, Inc. and Ashdown Milling Company, LLC</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">Incorporated
      by reference to Exhibit 10.19 to the Company&#8217;s Annual Report on Form
      10-KSB for the year ended December 31, 2005, as filed with the SEC on
      April 17, 2006</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">10.3</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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">Second
      Addendum to Long Term Agreement, October 25, 2005, by and between Golden
      Phoenix Minerals, Inc. and Derek Raphael &amp; Company
    Limited</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">Incorporated
      by reference to Exhibit 10.20 to the Company&#8217;s Annual Report on Form
      10-KSB for the year ended December 31, 2005, as filed with the SEC on
      April 17, 2006</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">10.4</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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">Employment
      Agreement, dated February 22, 2006, by and between Golden Phoenix
      Minerals, Inc. and David A. Caldwell</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">Incorporated
      by reference to Exhibit 10.21 to the Company&#8217;s Annual Report on Form
      10-KSB for the year ended December 31, 2005, as filed with the SEC on
      April 17, 2006</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">10.5</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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">Employment
      Agreement, dated March 8, 2006, by and between Golden Phoenix Minerals,
      Inc. and Robert P. Martin</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">Incorporated
      by reference to Exhibit 10.22 to the Company&#8217;s Annual Report on Form
      10-KSB for the year ended December 31, 2005, as filed with the SEC on
      April 17, 2006</font></div>
            </td>
          </tr>
      </table>
    </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="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#toc">Return to Table of Contents</a></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">E-1</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="center">
          </div>
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">10.6</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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">Purchase
      Agreement, dated April 18, 2006, by and between the Company, Robert R.
      Robitaille, Douglas Lalonde, Sheldon Davis and Ronald E.
      Dockweiler</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">Incorporated
      by reference to Exhibit 10.27 to the Company&#8217;s Quarterly Report on Form
      10-QSB for the quarter ended March 31, 2006, as filed with the SEC on May
      19, 2006</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">10.7</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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">Termination
      Agreement, dated June 27, 2006, by and between the Company and
      International Enexco Ltd.</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">Incorporated
      by reference to Exhibit 10.1 to the Company&#8217;s Current Report on Form 8-K
      for June 27, 2006, as filed with the SEC on July 7,
2006</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">10.8</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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">Quitclaim
      Deed, dated June 27, 2006, granted by the Company in favor of
      International Enexco Ltd.</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">Incorporated
      by reference to Exhibit 10.2 to the Company&#8217;s Current Report on Form 8-K
      for June 27, 2006, as filed with the SEC on July 7,
2006</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">10.9</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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">Employment
      Agreement, dated August 14, 2006, by and between the Company and Donald R.
      Prahl</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">Incorporated
      by reference to Exhibit 10.1 to the Company&#8217;s Current Report on Form 8-K
      for August 14, 2006, as filed with the SEC on August 17,
    2006</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">10.10</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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">Letter
      Agreement, dated August 29, 2006, by and between the Company and
      Win-Eldrich Gold, Inc.</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">Incorporated
      by reference to Exhibit 10.1 to the Company&#8217;s Current Report on Form 8-K
      for August 29, 2006, as filed with the SEC on August 30,
    2006</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">10.11</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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">Ashdown
      Project LLC Operating Agreement, dated September 28, 2006, by and between
      the Company and Win-Eldrich Gold, Inc.</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">Incorporated
      by reference to Exhibit 10.1 to the Company&#8217;s Current Report on Form 8-K
      for September 28, 2006, as filed with the SEC on October 3,
      2006</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">10.12</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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">Second
      Amendment to Golden Phoenix/Schnack Agreement, dated November 2,
      2006</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">Incorporated
      by reference to Exhibit 10.1 to the Company&#8217;s Current Report on Form 8-K/A
      for November 2, 2006, as filed with the SEC on November 8,
      2006</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">10.13</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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">Independent
      Contractor Agreement dated December 18, 2006 by and between the Company
      and Dennis P. Gauger</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">Incorporated
      by reference to Exhibit 10.1 to the Company&#8217;s Current Report on Form 8-K
      for December 18, 2006, as filed with the SEC on December 21,
      2006</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">10.14</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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">Share
      and Warrant Purchase Agreement dated April 23, 2007 by and between the
      Company and certain Investors</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">Incorporated
      by reference to Exhibit 10.1 to the Company&#8217;s Current Report on Form 8-K
      for April 23, 2007, as filed with the SEC on April 25,
  2007</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</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="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#toc">Return to Table of Contents</a></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">E-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="center">
          </div>
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">10.15</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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">Registration
      Rights Agreement dated April 23, 2007 by and between the Company and
      certain Investors</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">Incorporated
      by reference to Exhibit 10.2 to the Company&#8217;s Current Report on Form 8-K
      for April 23, 2007, as filed with the SEC on April 25,
  2007</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">10.16</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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">Advance
      Sale Restructuring Agreement dated April 23, 2007 by and between the
      Company and William Schnack or Candida Schnack</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">Incorporated
      by reference to Exhibit 10.1 to the Company&#8217;s Current Report on Form 8-K
      for April 23, 2007, as filed with the SEC on April 27,
  2007</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">10.17</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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">Mutual
      Termination Agreement dated April 23, 2007 by and between the Company and
      Fusion Capital Fund II, LLC</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">Incorporated
      by reference to Exhibit 10.2 to the Company&#8217;s Current Report on Form 8-K
      for April 23, 2007, as filed with the SEC on April 27,
  2007</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">10.18</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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">2006
      Non-Employee Director Stock Option Plan</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">Incorporated
      by reference to Exhibit 10.26 to the Company&#8217;s Registration Statement on
      Form SB-2, as filed with the SEC on May 25, 2007</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">10.19</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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">2007
      Equity Incentive Plan</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">Incorporated
      by reference to Exhibit 10.27 to the Company&#8217;s Registration Statement on
      Form SB-2, as filed with the SEC on May 25, 2007</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">10.20</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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">Production
      Payment Purchase Agreement and Assignment, dated June 12, 2007 by and
      between the Company and Crestview Capital Master, LLC</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">Incorporated
      by reference to Exhibit 10.1 to the Company&#8217;s Current Report on Form 8-K
      for June 13, 2007, as filed with the SEC on June 19,
  2007</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">10.21</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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">Registration
      Rights Agreement, dated June 12, 2007 by and between the Company and
      Crestview Capital Master, LLC</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">Incorporated
      by reference to Exhibit 10.2 to the Company&#8217;s Current Report on Form 8-K
      for June 13, 2007, as filed with the SEC on June 19,
  2007</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">10.22</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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">Security
      Agreement, dated June 12, 2007 by and between the Company and Crestview
      Capital Master, LLC</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">Incorporated
      by reference to Exhibit 10.30 to the Company&#8217;s Registration Statement on
      Form SB-2/A1, as filed with the SEC on June 29, 2007</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">10.23</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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">Notice
      of Assignment, dated June 13, 2007 by and between the Company and
      Crestview Capital Master, LLC</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">Incorporated
      by reference to Exhibit 10.31 to the Company&#8217;s Registration Statement on
      Form SB-2/A1, as filed with the SEC on June 29,
  2007</font></div>
            </td>
          </tr>
      </table>
    </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="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><a href="#toc">Return to Table of Contents</a></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">E-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="center">
          </div>
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">10.24</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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">Settlement
      Agreement and Release by and among Steven D. Craig, Estate of Collette
      Crater-Craig and the Company, dated September 14, 2007</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">Incorporated
      by reference to Exhibit 10.45 to the Company&#8217;s Annual Report on Form
      10-KSB for the year ended December 31, 2007, as filed with the SEC on
      March 31, 2008</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">10.25</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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">Addendum
      to Production Payment Purchase Agreement between the Company and Ashdown
      Milling Company LLC, dated February 6, 2008</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">Incorporated
      by reference to Exhibit 10.46 to the Company&#8217;s Annual Report on Form
      10-KSB for the year ended December 31, 2007, as filed with the SEC on
      March 31, 2008</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">10.26</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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">Amended
      Settlement Agreement and Release by and among Steven D. Craig, Estate of
      Collette Crater-Craig and the Company, dated March 21,
2008</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">Incorporated
      by reference to Exhibit 10.47 to the Company&#8217;s Annual Report on Form
      10-KSB for the year ended December 31, 2007, as filed with the SEC on
      March 31, 2008</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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="goldens8100808ex10-27.htm">10.27</a></font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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="goldens8100808ex10-27.htm">Golden Phoenix Minerals, Inc. 2008
      Executive Stock Compensation Plan</a></font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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="goldens8100808ex10-27.htm">Filed herewith</a></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">21</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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">Subsidiaries
      of Golden Phoenix Minerals, Inc.</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">None</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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="goldens8100808ex23-1.htm">23.1</a></font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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="goldens8100808ex23-1.htm">Consent of HJ &amp; Associates,
      LLC</a></font></div>
            </td>
            <td align="left" valign="top" width="1%">&#160;</td>
            <td align="left" valign="top" width="50%">
              <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="goldens8100808ex23-1.htm">Filed herewith</a></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">23.2</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">See
      5.1</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="40%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="9%">
              <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">24.1</font></div>
            </td>
            <td align="left" valign="top" width="40%">
              <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">Power
      of Attorney (included on signature page of this Registration
      Statement)</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="top" width="50%">
              <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">Incorporated
      by reference to Exhibit 24.1 to the Company&#8217;s Registration Statement on
      Form S-1, as filed with the SEC on February 28,
  2008</font></div>
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goldens8100808.htm
As
Filed with the Securities and Exchange Commission on October 8,
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. 2008 Executive Stock Compensation 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,
$0.001
      par value
3,890,000
$0.067
$260,630
$10.25
(1)
Calculated
      pursuant to General Instruction E to Form S-8. Pursuant to Rule 416, this
      registration statement also covers any additional securities that may be
      offered or issued in connection with any stock split, stock dividend,
      recapitalization or any other similar transaction effected without receipt
      of consideration, which 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
      approximate closing price per share of the common stock of the Registrant
      on October 7, 2008, as quoted on the
OTCBB.
This
Registration Statement shall become effective upon filing in accordance with
Rule 462 under the Securities Act.
EXPLANATORY
NOTE
Golden Phoenix Minerals, Inc., a
Nevada corporation (the "Registrant"), has prepared this Registration Statement
in accordance with the requirements of Form S-8 under the Securities Act of
1933, as amended (the "Securities Act"). This Registration Statement registers
3,890,000 shares of the Company's Common Stock which may be issued from time to
time to participants under the Golden Phoenix Minerals, Inc. 2008 Executive
Stock Compensation Plan (the "Plan") and for re-offer and/or re-sale by the
individuals listed under the Selling Stockholder section of the prospectus
(collectively, the "Selling Stockholders") under the Plan.
This Registration Statement consists
primarily of two parts. The first part contains a prospectus prepared in
accordance with Part I of Form S-3 (in accordance with Instructions B(3) and C
of the General Instructions to Form S-8). The second part contains information
required in the Registration Statement pursuant to Part II of Form
S-8.
ii
PART
I
INFORMATION
REQUIRED IN THE SECTION 10(a) PROSPECTUS
The document(s) containing the
information required by Part I to Form S-8 will be sent or given to the
participants in the Plan as specified by Rule 428. Such documents are not being
filed with the Securities and Exchange Commission ("Commission") either as part
of this Registration Statement or as prospectuses or prospectus supplements
pursuant to Rule 424. Such documents and the documents incorporated by reference
in this Registration Statement pursuant to Item 3 of Part II to Form S-8, taken
together, constitute a prospectus that meets the requirements of Section 10(a)
of the Securities Act.
iii
REOFFER
PROSPECTUS
3,890,000
Shares of Common Stock
for
Resale by Certain Stockholders
GOLDEN
PHOENIX MINERALS, INC.
This
Prospectus relates to the sale of 3,890,000 shares of our common stock, par
value $0.001 per share by the Selling Security Holders.  The Selling
Security Holders are listed under "Selling Security Holders" on page
11.  We will not receive any proceeds from the resale of any common
stock by the Selling Security Holders sold pursuant to this
Prospectus.
Our
common stock is quoted on the OTC Bulletin Board under the symbol "GPXM.OB". On
October 7, 2008, the last reported sale price for our common stock as reported
on the OTC Bulletin Board was $0.067 per share.
The
Selling Security Holders may, from time to time, sell, transfer or otherwise
dispose of any or all of our shares of common stock on any stock exchange,
market or trading facility on which the shares are traded or in private
transactions. These dispositions may be at fixed prices, at prevailing market
prices at the time of sale, at prices related to the prevailing market price, at
varying prices determined at the time of sale or at negotiated prices. The
Selling Security Holders may use any one or more of the following methods when
selling shares: (i) ordinary brokerage transactions and transactions in which
the broker-dealer solicits investors; (ii) block trades in which the
broker-dealer will attempt to sell the shares as agent but may position and
resell a portion of the block as principal to facilitate the transaction; (iii)
purchases by a broker-dealer as principal and resale by the broker-dealer for
its account; (iv) an exchange distribution in accordance with the rules of the
applicable exchange; (v) privately negotiated transactions; (vi) to cover short
sales after the date the registration statement of which this Prospectus is a
part is declared effective by the Securities and Exchange Commission; (vii)
broker-dealers may agree with the Selling Security Holders to sell a specified
number of such shares at a stipulated price per share; (viii) a combination of
any such methods of sale; and (ix) any other method permitted pursuant to
applicable law.
INVESTING IN OUR COMMON STOCK
INVOLVES A HIGH DEGREE OF RISK. SEE "RISK
FACTORS" BEGINNING ON PAGE 4 OF THIS
PROSPECTUS.
NEITHER
THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS
APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS IS
TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
Our
mailing address and telephone number is as follows:
Golden
Phoenix Minerals, Inc.
1675 E.
Prater Way, Suite 102
Sparks,
Nevada 89434
(775)
853-4919
The
date of this Prospectus is October 8, 2008
iv
TABLE OF CONTENTS
Page
INCORPORATION OF CERTAIN DOCUMENTS BY
      REFERENCE
1
AVAILABLE INFORMATION
1
RE-OFFER PROSPECTUS SUMMARY
2
DISCLOSURE REGARDING FORWARD-LOOKING
      STATEMENTS
3
RISK FACTORS
4
USE OF PROCEEDS
11
SELLING SECURITY HOLDERS
11
PLAN OF DISTRIBUTION
12
DESCRIPTION OF SECURITIES
13
LEGAL MATTERS
14
EXPERTS
14
TRANSFER AGENT AND REGISTRAR
14
DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION OF
      SECURITIES ACT LIABILITIES
14
WHERE YOU CAN FIND MORE
    INFORMATION
14
INFORMATION REQUIRED IN THE REGISTRATION
      STATEMENT
II-1
SIGNATURES
S-1
INDEX TO EXHIBITS
E-1
You should rely only on the
information contained in this Prospectus. We have
not authorized anyone to provide you
with different information. We are not
making an offer of these securities
in any state where the offer is not
permitted. You should not assume that
the information provided by this
Prospectus is accurate as of any date
other than the date on the front cover
page of this
Prospectus.
v
INCORPORATION OF CERTAIN DOCUMENTS BY
REFERENCE
All
documents filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d)
of the Securities Exchange Act of 1934, as amended (the "Exchange Act"),
subsequent to the date of the filing of this Registration Statement and prior to
the filing of a post-effective amendment indicating that all securities
registered hereunder have been sold, or that deregisters all securities then
remaining unsold, shall be deemed to be incorporated by reference in this
Prospectus and to be a part hereof from the date of the filing of such
documents. The documents listed in (a) through (p) below are incorporated by
reference in this Prospectus.  Information that we file later with the
Commission will automatically update and supersede the information contained in
these documents:
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 December31, 2007, filed
with the Commission on March 31, 2008;
(2)
Registrant's
Quarterly Reports on Form 10-Q for the quarter ended June 30, 2008,filed with
the Commission on August 14, 2008, and for the quarter ended March31, 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;
(4)        The
description of the Company's Common Stock which is contained in theCompany's
Prospectus, filed with the Commission on June 2, 2008(Registration No.
333-149420); and
(5)        All
other reports filed by the Registrant with the Commission pursuant to
Section13(a) or 15(d) of the Exchange Act since December 31, 2007.
AVAILABLE INFORMATION
On October 8, 2008, the Company filed
with the Securities and Exchange Commission ("Commission") a registration
statement on Form S-8 under the Securities Act with respect to the Common Stock
issuable pursuant to the Golden Phoenix Minerals, Inc. 2008 Executive Stock
Compensation Plan ("Registration Statement").  This Prospectus is part
of that Registration Statement, but does not contain all of the information set
forth in that Registration Statement, certain parts of which have been omitted
in accordance with the rules and regulations of the Commission. This
Registration Statement, including the attached exhibits and schedules, contains
additional relevant information about the Company.
Statements in this Prospectus as to the
contents of any contract or document are not necessarily complete and in each
instance reference is made to the copy of that contract or document filed as an
exhibit to the Registration Statement or as an exhibit to another filing, each
such statement being qualified in all respects by such reference and the
exhibits and schedules thereto.
Return to Table of Contents
1
Upon written or oral request, the
Company will, at no cost, provide copies of any or all of the information that
has been incorporated by reference in the Prospectus or the Registration
Statement. The Company will also deliver, upon oral or written request, any
revisions or updates to this Prospectus, a copy of the Company's latest Annual
Report to Stockholders and all other reports, proxy statements and other
communications distributed to the Company's stockholders
generally.  Requests for information should be sent to Golden Phoenix
Minerals, Inc. at its principal executive offices:
Golden
Phoenix Minerals, Inc.
1675 E.
Prater Way, Suite 102
Sparks,
Nevada 89434
(775)
853-4919
The
Company also files with the Commission annual, quarterly and special reports,
proxy statements and other information with the Commission that may be read and
copied at the Commission's Public Reference Room at 100 F Street, N.E.,
Washington, D.C. 20549-9303.  Information on the operation of the
Public Reference Room may be obtained by calling the Commission at
1-800-SEC-0330. The Commission also maintains an Internet website that contains
reports, proxy statements and other information about issuers, like the Company,
who file electronically with the Commission. The address of that website is
http://www.sec.gov.
RE-OFFER PROSPECTUS SUMMARY
This
summary of selected information from this Prospectus highlights information
included elsewhere in or incorporated by reference in this Prospectus and thus
does not contain all information that may be important to you. This Prospectus
includes specific terms of this offering, information about our business and
certain financial data. We encourage you to read this Prospectus in its
entirety, including the risk factors on page 4, before making an investment
decision.
The
Offering
Trading
      Symbol
GPXM
Common
      Stock Outstanding
198,413,123
      shares of Common Stock, assuming that all shares registered hereunder are
      issued to the Selling Stockholders pursuant to the terms of the Golden
      Phoenix Minerals, Inc. 2008 Executive Stock Compensation Plan (the
      "Plan").
Common
      Stock Offered by Selling Stockholders
3,890,000
      shares of Common Stock. This represents approximately 1.9% of the total
      outstanding shares of Company Common Stock, assuming that all shares
      registered hereunder are issued to the Selling Stockholders pursuant to
      the terms of the Plan.
Use
      of Proceeds
We
      will not receive any of the proceeds from sales of shares of Common Stock
      registered hereunder by the Selling Stockholders. We will pay
      substantially all the expenses incident to the registration of such
      shares, except for sales commissions and other expenses of Selling
      Stockholders.
Return to Table of Contents
2
Our
Business
We are a mineral exploration,
development and production company, initially formed in Minnesota on June 2,
1997.  We reincorporated into the State of Nevada on May 30, 2008. Our
business includes acquiring and consolidating mineral properties that we believe
have a high potential for new mineral discoveries and profitability. Our focus
is on properties containing gold, silver and molybdenum. Molybdenum is a base
metal used in steel production and in the manufacture of a wide variety of
products including, catalytic converters and specialty lubricants.
Our two primary mining property assets
are the Ashdown molybdenum project operated by the Ashdown Project LLC (the
"Ashdown LLC"), in which we currently own a 60% member interest (and have claim,
though contested, to an additional 9.5% interest, which brings our total
interest to 69.5%), and the Mineral Ridge mine. Management's near-term goals are
to extract molybdenum deposits at Ashdown and to develop a plan for profitable
production of gold and silver at Mineral Ridge.
We maintain a web site at
http://www.golden-phoenix.com. The reference to our web address does not
constitute incorporation by reference into this Prospectus of information
contained at that site.
DISCLOSURE REGARDING FORWARD-LOOKING
STATEMENTS
This
Prospectus contains statements that constitute forward-looking statements. The
words "expect," "estimate," "anticipate," "predict," "believe," and similar
expressions and variations thereof are intended to identify forward-looking
statements. Such forward-looking statements include statements regarding, among
other things, (a) our estimates of mineral reserves and mineralized material,
(b) our projected sales and profitability, (c) our growth strategies, (d)
anticipated trends in our industry, (e) our future financing plans, (f) our
anticipated needs for working capital and (g) the benefits related to ownership
of our common stock. This information may involve known and unknown risks,
uncertainties, and other factors that may cause our actual results, performance,
or achievements to be materially different from the future results, performance,
or achievements expressed or implied by any forward-looking statements for the
reasons, among others, described within the various sections of this Prospectus,
specifically the section entitled "Risk Factors" beginning on page 4. In light
of these risks and uncertainties, there can be no assurance that the
forward-looking statements contained in this Prospectus will in fact occur as
projected. We undertake no obligation to release publicly any updated
information about forward-looking statements to reflect events or circumstances
occurring after the date of this Prospectus or to reflect the occurrence of
unanticipated events.
The risks
described below are the ones we believe are most important for you to consider.
These risks are not the only ones that we face. If events anticipated by any of
the following risks actually occur, our business, operating results or financial
condition could suffer and the price of our common stock could
decline.
Return to Table of Contents
3
RISK FACTORS
We Have A Limited Operating History
With Significant Losses And Expect Losses
T
o Continue For The Foreseeable
Future.
We have
yet to establish any history of profitable operations. We have incurred net
losses of $2,350,435 for the year ended December 31, 2007 and $2,473,131 for the
six months ended June 30, 2008. As a result, at June 30, 2008 we had an
accumulated deficit of $40,038,851 and a total stockholders' deficit of
$833,214.  Our revenues have not been sufficient to sustain our
operations. We expect that our revenues will not be sufficient to sustain our
operations for the foreseeable future. Our profitability will require the
successful commercialization of our mines. We may not be able to successfully
commercialize our mines or ever become profitable.
There Is Doubt About Our Ability To
Continue As A Going Concern Due To
Recurring Losses From Operations,
Accumulated Deficit And Working Capital
Deficit All Of Which Means That We
May Not Be Able To Continue Operations.
Our
independent auditors have added an explanatory paragraph to their audit opinion
issued in connection with the financial statements for the years ended December
31, 2007 and 2006 with respect to their doubt about our ability to continue as a
going concern. As discussed in Note 2 to our consolidated financial statements
for the year ended December 31, 2007, we have generated significant losses from
operations, and had an accumulated deficit of $37,565,720 and a working capital
deficit of $739,673 at December 31, 2007, which together raises doubt about our
ability to continue as a going concern. Management's plans in regard to these
matters are also described in Note 2 to our consolidated financial statements
for the year ended December 31, 2007.
The
Validity Of Our Unpatented Mining Claims Could Be Challenged, Which Could Force
Us To Curtail Or Cease Our Business Operations.
A
majority of our properties consist of unpatented mining claims, which we own or
lease. These claims are located on federal land or involve mineral rights that
are subject to the claims procedures established by the General Mining Law. We
must make certain filings with the county in which the land or mineral is
situated and with the Bureau of Land Management and pay annual holding fees of
$133.50 per claim. If we fail to make the annual holding payment or make the
required filings, our mining claim could be void or voidable. Because mining
claims are self-initiated and self-maintained rights, they are subject to unique
vulnerabilities not associated with other types of property interests. It is
difficult to ascertain the validity of unpatented mining claims from public
property records and, therefore, it is difficult to confirm that a claimant has
followed all of the requisite steps for the initiation and maintenance of a
claim. The General Mining Law requires the discovery of a valuable mineral on
each mining claim in order for such claim to be valid, and rival mining
claimants and the United States may challenge mining claims. Under judicial
interpretations of the rule of discovery, the mining claimant has the burden of
proving that the mineral found is of such quality and quantity as to justify
further development, and that the deposit is of such value that it can be mined,
removed and disposed of at a profit. The burden of showing that there is a
present profitable market applies not only to the time when the claim was
located, but also to the time when such claim's validity is challenged. However,
only the federal government can make such challenges; they cannot be made by
other individuals with no better title rights than us. It is therefore
conceivable that, during times of falling metal prices, claims that were valid
when they were located could become invalid if challenged. Title to unpatented
claims and other mining properties in the western United States typically
involves certain other risks due to the frequently ambiguous conveyance history
of those properties, as well as the frequently ambiguous or imprecise language
of mining leases, agreements and royalty obligations. No title insurance is
available for mining. In the event we do not have good title to our properties,
we would be forced to curtail or cease our business operations.
Return to Table of Contents
4
Environmental
Controls Could Curtail Or Delay Exploration And Development Of Our Mines And
Impose Significant Costs On Us.
We are
required to comply with numerous environmental laws and regulations imposed by
federal and state authorities. At the federal level, legislation such as the
Clean Water Act, the Clean Air Act, the Resource Conservation and Recovery Act,
the Comprehensive Environmental Response Compensation Liability Act and the
National Environmental Policy Act impose effluent and waste standards,
performance standards, air quality and emissions standards and other design or
operational requirements for various components of mining and mineral
processing, including molybdenum, gold and silver mining and processing. In
addition, insurance companies are now requiring additional cash collateral from
mining companies in order for the insurance companies to issue a surety bond.
This addition of cash collateral for a bond could have a significant impact on
our ability to bring properties into production.
Many
states, including the State of Nevada (where our Mineral Ridge and Ashdown
properties are located), have also adopted regulations that establish design,
operation, monitoring, and closing requirements for mining operations. Under
these regulations, mining companies are required to provide a reclamation plan
and financial assurance to ensure that the reclamation plan is implemented upon
completion of mining operations. Additionally, Nevada and other states require
mining operations to obtain and comply with environmental permits, including
permits regarding air emissions and the protection of surface water and
groundwater. Although we believe that we are currently in compliance with
applicable federal and state environmental laws, changes in those laws and
regulations may necessitate significant capital outlays or delays, may
materially and adversely affect the economics of a given property, or may cause
material changes or delays in our intended exploration, development and
production activities. Any of these results could force us to curtail or cease
our business operations.
Proposed
Legislation Affecting The Mining Industry Could Have An Adverse Effect On
Us.
During
the past several years, the United States Congress considered a number of
proposed amendments to the General Mining Law of 1872, which governs mining
claims and related activities on federal lands. For example, a broad based bill
to reform the General Mining Law of 1872, the Hardrock Mining and Reclamation
Act of 2007 (H.R. 2262) was introduced in the U.S. House of Representatives on
May 10, 2007 and was passed by the U.S. House of Representatives on November 1,
2007, and has been submitted to the U.S. Senate where no action has been taken
to date.
Return to Table of Contents
5
In 1992,
a federal holding fee of $100 per claim was imposed upon unpatented mining
claims located on federal lands. This fee was increased to $125 per claim in
2005 ($133.50 total with the accompanying County fees included). Beginning in
October 1994, a moratorium on processing of new patent applications was
approved. In addition, a variety of legislation over the years has been proposed
by the United States Congress to further amend the General Mining Law. If any of
this legislation is enacted, the proposed legislation would, among other things,
change the current patenting procedures, limit the rights obtained in a patent,
impose royalties on unpatented claims, and enact new reclamation, environmental
controls and restoration requirements.
For
example, The Hardrock Mining and Reclamation Act of 2007 (H.R. 2262), if
enacted, would have several negative impacts on the Company including but not
limited to: requiring royalty payments of 8% of gross income from mining a claim
on Federal land, or 4% of claims on Federal land that existed prior to the
passage of this act; and prohibition of certain areas from being open to the
location of mining claims, including wilderness study areas, areas of critical
environmental concern, areas included in the National Wild and Scenic Rivers
System, and any area included in maps made for the Forest Service Roadless Area
Conservation Final Environmental Impact Statement.
The
extent of any such changes to the General Mining Law of 1872 that may be enacted
is not presently known, and the potential impact on us as a result of future
congressional action is difficult to predict. If enacted, the proposed
legislation could adversely affect the economics of developing and operating our
mines because many of our properties consist of unpatented mining claims on
federal lands. Our financial performance could therefore be materially and
adversely affected by passage of all or pertinent parts of the proposed
legislation, which could force us to curtail or cease our business
operations.
Return to Table of Contents
6
The
Development And Operation Of Our Mining Projects Involve Numerous
Uncertainties.
Mine
development projects, including our planned projects, typically require a number
of years and significant expenditures during the development phase before
production is possible.
Development
projects are subject to the completion of successful feasibility studies,
issuance of necessary governmental permits and receipt of adequate financing.
The economic feasibility of development projects is based on many factors such
as:
•
estimation
of reserves;
•
anticipated
metallurgical recoveries;
•
future
molybdenum, gold and silver prices; and
•
anticipated
capital and operating costs of such projects.
Our mine
development projects may have limited relevant operating history upon which to
base estimates of future operating costs and capital requirements. Estimates of
proven and probable reserves and operating costs determined in feasibility
studies are based on geologic and engineering analyses.
Any of
the following events, among others, could affect the profitability or economic
feasibility of a project:
•
unanticipated
changes in grade and tonnage of material to be mined and processed;
•
unanticipated
adverse geotechnical conditions;
•
incorrect
data on which engineering assumptions are made;
•
costs
of constructing and operating a mine in a specific environment;
•
availability
and cost of processing and refining facilities;
•
availability
of economic sources of power;
•
adequacy
of water supply;
•
adequate
access to the site;
•
unanticipated
transportation costs;
•
government
      regulations (including regulations relating to prices, royalties, duties,
      taxes, restrictions on production, quotas on exportation of minerals, as
      well as the costs of protection of the environment and agricultural
      lands);
•
fluctuations
in metal prices; and
•
accidents,
labor actions and force majeure events.
Any of
the above referenced events may necessitate significant capital outlays or
delays, may materially and adversely affect the economics of a given property,
or may cause material changes or delays in our intended exploration, development
and production activities. Any of these results could force us to curtail or
cease our business operations.
Return to Table of Contents
7
Mineral
Exploration Is Highly Speculative, Involves Substantial Expenditures, And Is
Frequently Non-Productive.
Mineral
exploration involves a high degree of risk and exploration projects are
frequently unsuccessful. Few prospects that are explored end up being ultimately
developed into producing mines. To the extent that we continue to be involved in
mineral exploration, the long-term success of our operations will be related to
the cost and success of our exploration programs. We cannot assure you that our
mineral exploration efforts will be successful. The risks associated with
mineral exploration include:
•
The
      identification of potential economic mineralization based on superficial
      analysis;
•
the
      quality of our management and our geological and technical expertise;
      and
•
the
      capital available for exploration and
  development.
Substantial
expenditures are required to determine if a project has economically mineable
mineralization. It may take several years to establish proven and probable
reserves and to develop and construct mining and processing facilities. Because
of these uncertainties, our current and future exploration programs may not
result in the discovery of reserves, the expansion of our existing reserves or
the further development of our mines.
The
Price Of Molybdenum, Gold And Silver Are Highly Volatile And A Decrease In The
Price Of Molybdenum, Gold Or Silver Would Have A Material Adverse Effect On Our
Business.
The
profitability of mining operations is directly related to the market prices of
metals. The market prices of metals fluctuate significantly and are affected by
a number of factors beyond our control, including, but not limited to, the rate
of inflation, the exchange rate of the dollar to other currencies, interest
rates, and global economic and political conditions. Price fluctuations of
metals from the time development of a mine is undertaken to the time production
can commence can significantly affect the profitability of a mine. Accordingly,
we may begin to develop one or more of our mines at a time when the price of
metals makes such exploration economically feasible and, subsequently, incur
losses because the price of metals decreases. Adverse fluctuations of the market
prices of metals may force us to curtail or cease our business
operations.
Return to Table of Contents
8
Our
Mineral Reserve Estimates Are Potentially Inaccurate.
We
estimate our mineral reserves on our properties as either "proven reserves" or
"probable reserves." Our mineral reserve figures and costs are primarily
estimates and are not guarantees that we will recover the indicated quantities
of these metals. We estimate proven reserve quantities based on sampling and
testing of sites conducted by us and by independent companies hired by us.
Probable reserves are based on information similar to that used for proven
reserves, but the sites for sampling are less extensive, and the degree of
certainty is less. Reserve estimation is an interpretive process based upon
available geological data and statistical inferences and is inherently imprecise
and may prove to be unreliable.
Our
mineral reserves are reduced as existing reserves are depleted through
production. Reserves may be reduced due to lower than anticipated volume and
grade of reserves mined and processed and recovery rates.
Reserve
estimates are calculated using assumptions regarding metals prices. These prices
have fluctuated widely in the past. Declines in the market price of metals, as
well as increased production costs, capital costs and reduced recovery rates,
may render reserves uneconomic to exploit. Any material reduction in our
reserves may lead to increased net losses, reduced cash flow, asset write-downs
and other adverse effects on our results of operations and financial condition.
Reserves should not be interpreted as assurances of mine life or of the
profitability of current or future operations. No assurance can be given that
the amount of metal estimated will be produced or the indicated level of
recovery of these metals will be realized.
We
May Not Be Able To Control The Decisions, Strategy And Results Of The Ashdown
Project LLC To Which We Are A Majority Member.
The two
Ashdown Project LLC ("Ashdown LLC") members are Golden Phoenix Minerals, Inc.
and Win-Eldrich Gold Inc. ("WEG"). Because we share ownership in the Ashdown LLC
with another company, we are subject to the risks normally associated with the
conduct of limited liability companies with more than one member (owner). The
existence or occurrence of one or more of the following circumstances and events
could have a material adverse impact on our profitability or the viability of
our interests held through the joint venture, which could have a material
adverse impact on our business, financial condition and results of
operations:
•
inability
      to exert influence over certain strategic decisions made in respect of
      joint venture operations;
•
inability
      of the members to meet their obligations to the Ashdown LLC or third
      parties; and
•
disagreements
      or litigation between members regarding LLC
  matters.
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9
Further,
there currently is a dispute between Ashdown LLC members Golden Phoenix and WEG.
Golden Phoenix is disputing that WEG did not timely fund its required share of
the budget of the Ashdown LLC, failed to pay Golden Phoenix its share of
revenues and remains in default on these matters. WEG disputes the amount and
timing of certain expenditures made by Golden Phoenix on the Ashdown property.
Prior to the dispute Golden Phoenix held a 60% membership interest in the
Ashdown LLC and WEG held a 40% membership interest. However, Golden Phoenix now
believes that it has a 69.5% membership interest due to WEG's default and the
result of such default under the terms of the Ashdown LLC Operating Agreement;
that is WEG's membership interest has been diluted due to its default. WEG is
contesting the dilution of its membership interest in the Ashdown LLC. This
dispute was mediated on April 4, 2007, which did not resolve the dispute. There
was a further mediation on July 31, 2008 which also did not resolve the
conflict.  Golden Phoenix has demanded arbitration pursuant to the
terms of the Ashdown LLC Operating Agreement and anticipates that this dispute
will proceed to arbitration in February 2009. In addition, WEG has notified
Golden Phoenix of certain provisions in the Operating Agreement that it contends
Golden Phoenix has breached. The Ashdown LLC is an important component of Golden
Phoenix's business and currently represents all of its operating revenue.
Although the operations of the Ashdown LLC have not been adversely affected by
the dispute to date, any disruption in the operations of the Ashdown LLC would
have a material adverse affect on Golden Phoenix's business, financial
condition, and results of operations.
Mining
Risks And Insurance Could Have An Adverse Effect On Our
Profitability.
Our
operations are subject to all of the operating hazards and risks normally
incident to exploring for and developing mineral properties, such as unusual or
unexpected geological formations, environmental pollution, personal injuries,
flooding, cave-ins, changes in technology or mining techniques, periodic
interruptions because of inclement weather and industrial accidents. Although we
currently maintain insurance to ameliorate some of these risks, more fully
described in the description of our business in this filing, such insurance may
not continue to be available at economically feasible rates or in the future be
adequate to cover the risks and potential liabilities associated with exploring,
owning and operating our properties. Either of these events could cause us to
curtail or cease our business operations.
The
Market Price Of Our Common Stock Is Highly Volatile, Which Could Hinder Our
Ability To Raise Additional Capital.
The
market price of our common stock has been and is expected to continue to be
highly volatile. Factors, including regulatory matters, concerns about our
financial condition, operating results, litigation, government regulation,
developments or disputes relating to agreements, title to our properties or
proprietary rights, may have a significant impact on the market price of our
stock. The range of the high and low bid prices of our common stock over the
last three (3) years has been between $0.53 and $0.061. In addition, potential
dilutive effects of future sales of shares of common stock by shareholders and
by us, and subsequent sale of common stock by the holders of warrants and
options could have an adverse effect on the price of our securities, which could
hinder our ability to raise additional capital to fully implement our business,
operating and development plans.
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10
The
Number Of Shares Being Registered For Sale In This Prospectus, And In
Prospectuses Dated June 3 2008 And January 22, 2008, Are Significant In Relation
To Our Trading Volume And May Depress Our Share Price.
The
shares being registered in this Prospectus, 3,890,000, if sold in the market all
at once or at about the same time, could depress the market price during the
period the registration statement remains effective and also could affect our
ability to raise equity capital.  Further, the market price may be
additionally depressed by the sale of shares offered in prospectuses dated June
3, 2008 and January 22, 2008, (the later filed with the Commission on January
23, 2008), wherein the Company registered 46,190,580 and 15,484,600 additional
shares of common stock, respectively.
Penny
Stock Regulations Affect Our Stock Price, Which May Make It More Difficult For
Investors To Sell Their Stock.
Broker-dealer
practices in connection with transactions in "penny stocks" are regulated by
certain penny stock rules adopted by the SEC. Penny stocks generally are equity
securities with a price per share of less than $5.00 (other than securities
registered on certain national securities exchanges or quoted on the NASDAQ
Stock Market, provided that current price and volume information with respect to
transactions in such securities is provided by the exchange or system). The
penny stock rules require a broker-dealer, prior to a transaction in a penny
stock not otherwise exempt from the rules, to deliver a standardized risk
disclosure document that provides information about penny stocks and the risks
in the penny stock market. The broker-dealer must also provide the customer with
current bid and offer quotations for the penny stock, the compensation of the
broker-dealer and its salesperson in the transaction, and monthly account
statements showing the market value of each penny stock held in the customer's
account. In addition, the penny stock rules generally require that prior to a
transaction in a penny stock the broker-dealer make a special written
determination that the penny stock is a suitable investment for the purchaser
and receive the purchaser's written agreement to the transaction. These
disclosure requirements may have the effect of reducing the level of trading
activity in the secondary market for a stock that becomes subject to the penny
stock rules. Our securities are subject to the penny stock rules, and investors
may find it more difficult to sell their securities.
USE OF PROCEEDS
We will
not receive any proceeds from the sale of the shares of our common stock by the
Selling Security Holders.
SELLING SECURITY HOLDERS
This
Prospectus covers offers and sales from time to time by Selling Stockholders of
up to 3,890,000 shares of the Company's Common Stock, to be issued to the
Selling Stockholders pursuant to the terms of the respective Plans. Under Rule
416 of the Securities Act, the Selling Stockholders may also offer and sell
Common Stock issued to the Selling Stockholders are a result of, among other
things, stock splits, stock dividends and other similar events that affect the
number of Common Shares held by the Selling Stockholders. However, registrations
of the Selling Stockholders' Common Stock does not necessarily mean that the
Selling Stockholders will offer or sell any of their shares. The Selling
Stockholders are affiliates of the Company pursuant to Rule 144 of the
Securities Act.
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11
The
following table sets forth, as of October 8, 2008, the names of certain eligible
Selling Stockholders pursuant to C. 3. (a) of the General Instructions to Form
S-8, the nature of his, her or its position, office, or other material
relationship to the Company or its subsidiaries within the most recent past
three years, and the number of shares of Common Stock which each such Selling
Stockholder owned of record as of the date of this Prospectus. The table also
sets forth the number of shares of Common Stock owned by each Selling
Stockholder that are offered for sale by this Prospectus and the number and
percentage of shares of Common Stock to be held by each such Selling Stockholder
assuming the sale of all the shares offered hereby. The Company may supplement
this Prospectus from time to time to disclose the names, relationships to the
Company and holding of Securities of additional Selling Stockholders. No
statement contained herein nor the delivery of this Prospectus in connection
with a sale by any Selling Stockholder shall be deemed an admission by the
Company or such Selling Stockholder that such Selling Stockholder is in a
control relationship with the Company within the meaning of the Securities
Act.
Name
      of Selling
Shares
      Beneficially Owned
Prior
      to Offering
Shares
      to be
Offered
Shares
      Beneficially
Owned
      After Offering
Stockholder
Number
Percentage
Number
Number
Percentage
David
      A. Caldwell
(1)
4,444,036
(2)
2.24%
1,945,000
2,499,036
(2)
1.27%
Robert
      P. Martin
(3)
4,588,262
(4)
2.31%
1,945,000
2,643,262
(4)
1.34%
Total
9,032,298
4.55%
3,890,000
5,142,298
2.61%
____________
(1) Mr.
Caldwell is the CEO and a director of the Company.
(2) This
includes 1,945,000 shares Mr. Caldwell is eligible to receive under the Plan,
and options for 200,000 common shares exercisable at $0.37 per share, 200,000
common shares exercisable at $0.15 per share, 600,000 common shares exercisable
at $0.24, and 450,000 common shares exercisable at $0.19 per share (of which
283,333 are vested).
(3) Mr.
Martin is the President of the Company.
(4) This
includes 1,945,000 shares Mr. Martin is eligible to receive under the Plan, and
options for 50,000 common shares exercisable at $0.15 per share, 40,000 common
shares exercisable at $0.19 per share, 200,000 common shares exercisable at
$0.24 per share, 250,000 common shares exercisable at $0.19 (of which 83,333 are
vested), and 150,000 warrants related to the Production Purchase Payment
Agreement exercisable at $0.20 per share.
PLAN OF DISTRIBUTION
The
number of shares registered for resale by the Selling Stockholders and covered
by this Prospectus is 3,890,000 and represents 1.9% of the total outstanding
shares of Common Stock, assuming all shares registered hereunder are issued
pursuant to the terms of the Plan. However, registration of the Selling
Stockholders' Common Stock does not necessarily mean that the Selling
Stockholders will offer or sell the shares. The Securities may be sold from time
to time by the Selling Stockholders or by pledgees, donees, transferees or other
successors in interest. Such sales may be made in the over-the-counter market at
prices and on terms then prevailing or in negotiated transactions.
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12
All
costs, expenses and fees in connection with the registration of the Securities
will be borne by us. Commissions, discounts and transfer taxes, if any,
attributable to the sales of the Securities will be borne by the Selling
Stockholders. Brokers may receive compensation in the form of customary
brokerage commissions, discounts or concessions from Selling Stockholders in
amounts to be negotiated in connection with sales pursuant hereto. Such brokers
or dealers and any other participating brokers or dealers may be deemed to be
"underwriters" within the meaning of the Securities Act, in connection with such
sales and any such commission, discount or concession may be deemed to be
underwriting discounts or commissions under the Securities Act.
Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may
be permitted to directors, officers and controlling persons of the Company, the
Company has been advised that in the opinion of the Securities and Exchange
Commission, such indemnification is against public policy as expressed in the
Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the Company
of expenses incurred or paid by a director, officer or controlling person of the
Company 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 Company 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.
The
Selling Stockholders should be aware that the anti-manipulation provisions of
Regulation M under the Securities Exchange Act of 1934 will apply to purchases
and sales of shares of Common Stock by the Selling Stockholders, and that there
are restrictions on market-making activities by persons engaged in the
distribution of the shares. Under Regulation M, the Selling Stockholders or
their agents may not bid for, purchase, or attempt to induce any person to bid
for or purchase, shares of our Common Stock while such Selling Stockholders are
distributing shares covered by this Prospectus. Accordingly, the Selling
Stockholders are not permitted to cover short sales by purchasing shares while
the distribution is taking place. The Selling Stockholders are advised that if a
particular offer of Common Stock is to be made on terms constituting a material
change from the information set forth above with respect to the Plan of
Distribution, then to the extent required, a post-effective amendment to the
accompanying registration statement must be filed with the Securities and
Exchange Commission.
DESCRIPTION OF SECURITIES
We are
authorized by our Articles of Incorporation to issue 400,000,000 shares of
common stock, $0.001 par value per share and 50,000,000 shares of preferred
stock, $0.001 par value. As of October 8, 2008, there were 194,523,123 shares of
common stock issued and outstanding, plus an additional 19,673,398 shares of
common stock issuable upon the exercise of outstanding options and warrants,
plus an additional 5,484,600 shares of common stock issuable upon conversion of
a certain Production Payment Agreement And Assignment agreement. Holders of
shares of common stock have full voting rights, one vote for each share held of
record. Stockholders are entitled to receive dividends as may be declared by the
Board out of funds legally available therefore and share pro rata in any
distributions to stockholders upon liquidation. Stockholders have no conversion,
preemptive or subscription rights. All outstanding shares of common stock are
fully paid and nonassessable, and all the shares of common stock issued by us
upon the exercise of outstanding warrants will, when issued, be fully paid and
nonassessable.
We have
no outstanding shares of preferred stock.
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13
LEGAL MATTERS
The
validity of the shares of common stock offered was passed upon by the law firm
of Bullivant Houser Bailey PC, 1415 L Street, Suite 1000, Sacramento, California
95814.
EXPERTS
The
financial statements of Golden Phoenix Minerals, Inc., a Nevada corporation have
been included in the Prospectus and elsewhere in the registration statement in
reliance on the report of HJ & Associates, LLC, an independent registered
public accounting firm, given on the authority of that firm as experts in
auditing and accounting.
TRANSFER AGENT AND REGISTRAR
The
transfer agent and registrar for our common stock is The Nevada Agency and Trust
Company, located at 50 West Liberty Street, Suite 880, Reno, Nevada 89501, with
the same mailing address and telephone number (775) 322-0626.
DISCLOSURE OF COMMISSION POSITION ON INDEMNIFICATION OF SECURITIES
ACT LIABILITIES
Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may
be permitted for directors, officers or persons controlling the Company pursuant
to applicable state law, the Company has been informed that, in the opinion of
the Commission, such indemnification is against public policy as expressed in
the Securities Act and is therefore unenforceable.
WHERE YOU CAN FIND MORE INFORMATION
We have
filed a registration statement on Form S-8, together with all amendments and
exhibits, with the SEC. This Prospectus, which forms a part of that registration
statement, does not contain all information included in the registration
statement. Certain information is omitted and you should refer to the
registration statement and its exhibits. With respect to references made in this
Prospectus to any of our contracts or other documents, the references are not
necessarily complete and you should refer to the exhibits attached to the
registration statement for copies of the actual contracts or documents. You may
read and copy any document that we file at the Commission's Public Reference
Room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at
1-800-SEC-0330 for further information on the operation of the public reference
rooms. Our filings and the registration statement can also be reviewed by
accessing the SEC's website at http://www.sec.gov.
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14
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 Reports on Form 10-Q for the quarter ended June 30, 2008, filed
      with the Commission on August 14, 2008, and 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;
(4)
The
      description of the Company's Common Stock which is contained in
      theCompany's Prospectus, filed with the Commission on June 2, 2008
      (RegistrationNo. 333-149420); and
(5)
All
      other reports filed by the Registrant with the Commission pursuant to
      Section13(a) or 15(d) of the Exchange Act since December 31,
      2007.
In
addition, all documents subsequently filed by Registrant pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act (excluding any portion thereof
furnished under Item 2.02 or 7.01 of Form 8-K), prior to the filing of a
post-effective amendment which indicates that all securities offered have been
sold or which deregisters all securities then remaining unsold, shall be deemed
to be incorporated by reference in this registration statement and to be a part
hereof from the date of filing of such documents.
The Registrant shall furnish without
charge to each person to whom the prospectus is delivered, on written or oral
request of such person, a copy of any or all of the documents incorporated by
reference, other than exhibits to such documents (unless such exhibits are
specifically incorporated by reference to the information that is
incorporated).  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.
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II-1
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 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.
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.
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II-2
Item
8.  Exhibits
The Exhibits listed in the
accompanying Exhibit Index are filed or incorporated by reference as part of
this Registration Statement.
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-effective amendment 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 amendment thereof) 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
(iii) To include any material
information with respect to the plan of distribution not previously disclosed in
the Registration Statement or any material change to such information in the
Registration Statement;
Provided, however
, that
paragraphs (1)(a)(i) and (1)(a)(ii) of this Item 9 do not apply 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,
each such post effective amendment 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.
(c) To remove from registration by means of a post-effective amendment any of
the securities 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.
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II-3
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.
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II-4
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 8th day of October, 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)
October
      8, 2008
/s/ Dennis P. Gauger
_____
Dennis P. Gauger
Principal Accounting Officer
(Principal Accounting Officer)
October
      8, 2008
/s/ J. Roland Vetter
______
J. Roland Vetter
Director
October 8, 2008
/s/ Ronald L. Parratt
_____
Ronald L. Parratt
Director
October 8, 2008
/s/ Corby G.
      Anderson
____
Corby G. Anderson
Director
October 8, 2008
/s/ Kent D. Aveson
______
Kent D. Aveson
Director
October 8, 2008
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S-1
INDEX TO EXHIBITS
Exhibit
      No.
Description
Location
3.1
Articles
      of Incorporation of Golden Phoenix Minerals, Inc.
Incorporated
      by reference to Exhibit 2.1 to the Company's Registration Statement on
      Form 10SB12G as filed with the SEC on July 30, 1997
3.2
Amended
      and Restated Articles of Incorporation of Golden Phoenix, Minerals,
      Inc.
Incorporated
      by reference to Exhibit 3.2 to the Company's Registration Statement on
      Form SB-2/A1 as filed with the SEC on December 21, 2007
3.3
Bylaws
      of Golden Phoenix Minerals, Inc.
Incorporated
      by reference to Exhibit 2.1 to the Company's Registration Statement on
      Form 10SB12G as filed with the SEC on July 30, 1997
5.1
Opinion of Bullivant Houser Bailey
      PC
Filed herewith
10.1
Long
      Term Agreement, dated August 18, 2004, by and between Golden Phoenix
      Minerals, Inc. and Derek Raphael & Company Limited
Incorporated
      by reference to Exhibit 10.17 to the Company's Annual Report on Form
      10-KSB for the year ended December 31, 2005, as filed with the SEC on
      April 17, 2006
10.2
Payment
      Production Purchase Agreement, September 26, 2005, by and between Golden
      Phoenix Minerals, Inc. and Ashdown Milling Company, LLC
Incorporated
      by reference to Exhibit 10.19 to the Company's Annual Report on Form
      10-KSB for the year ended December 31, 2005, as filed with the SEC on
      April 17, 2006
10.3
Second
      Addendum to Long Term Agreement, October 25, 2005, by and between Golden
      Phoenix Minerals, Inc. and Derek Raphael & Company
    Limited
Incorporated
      by reference to Exhibit 10.20 to the Company's Annual Report on Form
      10-KSB for the year ended December 31, 2005, as filed with the SEC on
      April 17, 2006
10.4
Employment
      Agreement, dated February 22, 2006, by and between Golden Phoenix
      Minerals, Inc. and David A. Caldwell
Incorporated
      by reference to Exhibit 10.21 to the Company's Annual Report on Form
      10-KSB for the year ended December 31, 2005, as filed with the SEC on
      April 17, 2006
10.5
Employment
      Agreement, dated March 8, 2006, by and between Golden Phoenix Minerals,
      Inc. and Robert P. Martin
Incorporated
      by reference to Exhibit 10.22 to the Company's Annual Report on Form
      10-KSB for the year ended December 31, 2005, as filed with the SEC on
      April 17, 2006
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E-1
10.6
Purchase
      Agreement, dated April 18, 2006, by and between the Company, Robert R.
      Robitaille, Douglas Lalonde, Sheldon Davis and Ronald E.
      Dockweiler
Incorporated
      by reference to Exhibit 10.27 to the Company's Quarterly Report on Form
      10-QSB for the quarter ended March 31, 2006, as filed with the SEC on May
      19, 2006
10.7
Termination
      Agreement, dated June 27, 2006, by and between the Company and
      International Enexco Ltd.
Incorporated
      by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K
      for June 27, 2006, as filed with the SEC on July 7,
2006
10.8
Quitclaim
      Deed, dated June 27, 2006, granted by the Company in favor of
      International Enexco Ltd.
Incorporated
      by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K
      for June 27, 2006, as filed with the SEC on July 7,
2006
10.9
Employment
      Agreement, dated August 14, 2006, by and between the Company and Donald R.
      Prahl
Incorporated
      by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K
      for August 14, 2006, as filed with the SEC on August 17,
    2006
10.10
Letter
      Agreement, dated August 29, 2006, by and between the Company and
      Win-Eldrich Gold, Inc.
Incorporated
      by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K
      for August 29, 2006, as filed with the SEC on August 30,
    2006
10.11
Ashdown
      Project LLC Operating Agreement, dated September 28, 2006, by and between
      the Company and Win-Eldrich Gold, Inc.
Incorporated
      by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K
      for September 28, 2006, as filed with the SEC on October 3,
      2006
10.12
Second
      Amendment to Golden Phoenix/Schnack Agreement, dated November 2,
      2006
Incorporated
      by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K/A
      for November 2, 2006, as filed with the SEC on November 8,
      2006
10.13
Independent
      Contractor Agreement dated December 18, 2006 by and between the Company
      and Dennis P. Gauger
Incorporated
      by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K
      for December 18, 2006, as filed with the SEC on December 21,
      2006
10.14
Share
      and Warrant Purchase Agreement dated April 23, 2007 by and between the
      Company and certain Investors
Incorporated
      by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K
      for April 23, 2007, as filed with the SEC on April 25,
  2007
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E-2
10.15
Registration
      Rights Agreement dated April 23, 2007 by and between the Company and
      certain Investors
Incorporated
      by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K
      for April 23, 2007, as filed with the SEC on April 25,
  2007
10.16
Advance
      Sale Restructuring Agreement dated April 23, 2007 by and between the
      Company and William Schnack or Candida Schnack
Incorporated
      by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K
      for April 23, 2007, as filed with the SEC on April 27,
  2007
10.17
Mutual
      Termination Agreement dated April 23, 2007 by and between the Company and
      Fusion Capital Fund II, LLC
Incorporated
      by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K
      for April 23, 2007, as filed with the SEC on April 27,
  2007
10.18
2006
      Non-Employee Director Stock Option Plan
Incorporated
      by reference to Exhibit 10.26 to the Company's Registration Statement on
      Form SB-2, as filed with the SEC on May 25, 2007
10.19
2007
      Equity Incentive Plan
Incorporated
      by reference to Exhibit 10.27 to the Company's Registration Statement on
      Form SB-2, as filed with the SEC on May 25, 2007
10.20
Production
      Payment Purchase Agreement and Assignment, dated June 12, 2007 by and
      between the Company and Crestview Capital Master, LLC
Incorporated
      by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K
      for June 13, 2007, as filed with the SEC on June 19,
  2007
10.21
Registration
      Rights Agreement, dated June 12, 2007 by and between the Company and
      Crestview Capital Master, LLC
Incorporated
      by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K
      for June 13, 2007, as filed with the SEC on June 19,
  2007
10.22
Security
      Agreement, dated June 12, 2007 by and between the Company and Crestview
      Capital Master, LLC
Incorporated
      by reference to Exhibit 10.30 to the Company's Registration Statement on
      Form SB-2/A1, as filed with the SEC on June 29, 2007
10.23
Notice
      of Assignment, dated June 13, 2007 by and between the Company and
      Crestview Capital Master, LLC
Incorporated
      by reference to Exhibit 10.31 to the Company's Registration Statement on
      Form SB-2/A1, as filed with the SEC on June 29,
  2007
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E-3
10.24
Settlement
      Agreement and Release by and among Steven D. Craig, Estate of Collette
      Crater-Craig and the Company, dated September 14, 2007
Incorporated
      by reference to Exhibit 10.45 to the Company's Annual Report on Form
      10-KSB for the year ended December 31, 2007, as filed with the SEC on
      March 31, 2008
10.25
Addendum
      to Production Payment Purchase Agreement between the Company and Ashdown
      Milling Company LLC, dated February 6, 2008
Incorporated
      by reference to Exhibit 10.46 to the Company's Annual Report on Form
      10-KSB for the year ended December 31, 2007, as filed with the SEC on
      March 31, 2008
10.26
Amended
      Settlement Agreement and Release by and among Steven D. Craig, Estate of
      Collette Crater-Craig and the Company, dated March 21,
2008
Incorporated
      by reference to Exhibit 10.47 to the Company's Annual Report on Form
      10-KSB for the year ended December 31, 2007, as filed with the SEC on
      March 31, 2008
10.27
Golden Phoenix Minerals, Inc. 2008
      Executive Stock Compensation Plan
Filed herewith
21
Subsidiaries
      of Golden Phoenix Minerals, Inc.
None
23.1
Consent of HJ & Associates,
      LLC
Filed herewith
23.2
Consent
      of Bullivant Houser Bailey PC
See
      5.1
24.1
Power
      of Attorney (included on signature page of this Registration
      Statement)
Incorporated
      by reference to Exhibit 24.1 to the Company's Registration Statement on
      Form S-1, as filed with the SEC on February 28,
  2008
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E-4