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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: 10pt; FONT-FAMILY: Times New Roman">UNITED
STATES</font></div>
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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-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
D.C.&#160;&#160;20549</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: 10pt; FONT-FAMILY: Times New Roman">FORM
8-K</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: 10pt; FONT-FAMILY: Times New Roman">CURRENT
REPORT</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: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934</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: 10pt; FONT-FAMILY: Times New Roman">Date of
Report (Date of earliest event reported): <font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>January 13,
2010</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: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">GOLDEN PHOENIX MINERALS,
INC.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
name of registrant as specified in its charter)</font></div>
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      East Prater Way, #102</font></div>
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appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):</font></div>
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            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font></div>
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            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&#160;&#160;]</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font></div>
            </td>
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              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font></div>
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</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1</font></div>
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</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECTION
1 &#8211; REGISTRANT&#8217;S BUSINESS AND 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-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Item 1.01.&#160;&#160;Entry
Into a Material Definitive Agreement</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: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>On January 13, 2010, Golden Phoenix
Minerals, Inc. (the &#8220;Company&#8221;) entered into a side letter agreement (the &#8220;Side
Letter&#8221;) with Crestview Capital Master, LLC (the &#8220;Lender&#8221;) for the purpose of
amending that certain Bridge Loan Secured Promissory Note, as amended (the
&#8220;Bridge Note&#8221;) that was issued in connection with and attached as an exhibit to
the Bridge Loan and Debt Restructuring Agreement between the Company and the
Lender, dated January 30, 2009 (the &#8220;Agreement&#8221;).&#160;&#160;The Agreement was
previously reported on the Company&#8217;s Current Report on Form 8-K filed with the
U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) on February&#160;5, 2009 and
attached as an exhibit to the Company&#8217;s Quarterly Report on Form 10-Q filed with
the SEC on May 15, 2009.&#160;&#160;The Bridge Note was previously amended as
evidenced by the Amended and Restated Bridge Loan Secured Promissory Note that
was previously reported on the Company&#8217;s Current Report on Form 8-K filed with
the SEC on November 25, 2009.&#160;&#160;The information set forth in the
Company&#8217;s Current Reports on Form 8-K as filed on February 5, 2009 and November
25, 2009, respectively, in reference to the Agreement is herein incorporated in
its entirety.</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: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Pursuant to the Side Letter, the
parties have agreed to further amend the Bride Note to provide that if the
Company does not complete a joint venture with respect to its Mineral Ridge
property on or before the Maturity Date of the Bridge Note due to circumstances
beyond the Company&#8217;s reasonable control, the Lender will agree to extend the
Maturity Date for successive one (1) week periods for an extension fee of ten
thousand dollars ($10,000) per weekly period, prorated for any portion thereof,
but in no event beyond April 6, 2010.&#160;&#160;Any extension fees incurred
will be added to the principal amount of the Bridge Note.&#160;&#160;The terms
of the Side Letter, as stated herein, are evidenced by that certain Second
Amended and Restated Bridge Loan Secured Promissory Note executed by the Company
on January 13, 2010 and made by the Company as of its original issuance date of
February 6, 2009 (the &#8220;Second Amended Bridge Note&#8221;).&#160;&#160;The parties
further agreed that all other Transaction Documents, as defined in the
Agreement, remain unchanged and in full force and effect and that the Second
Amended Bridge Note remains subject to such Transaction Documents, including the
Side Letter.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div><br>
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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: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
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</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURE</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: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</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: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 216pt"></font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
GOLDEN PHOENIX MINERALS, INC.</font>,</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 216pt"></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
a Nevada corporation</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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dated:&#160;&#160;&#160;January
20,
2010&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;&#160;</font>By:&#160;&#160;<font style="TEXT-DECORATION: underline">/s/ Robert P. Martin</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 297pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Robert P.
Martin</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 297pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">President</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
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form8-k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C.  20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported):
January 13,
2010
GOLDEN PHOENIX MINERALS,
INC.
(Exact
name of registrant as specified in its charter)
Nevada
(State
      or Other Jurisdiction of
Incorporation)
000-22905
(Commission
      File Number)
41-1878178
(IRS
      Employer
Identification
      No.)
1675
      East Prater Way, #102
Sparks, Nevada
(Address
      of Principal Executive Offices)
89434
(Zip
      Code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
[  ]
Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)
[  ]
Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)
[  ]
Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))
[  ]
Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))
1
SECTION
1 – REGISTRANT'S BUSINESS AND OPERATIONS
Item 1.01.  Entry
Into a Material Definitive Agreement
On January 13, 2010, Golden Phoenix
Minerals, Inc. (the "Company") entered into a side letter agreement (the "Side
Letter") with Crestview Capital Master, LLC (the "Lender") for the purpose of
amending that certain Bridge Loan Secured Promissory Note, as amended (the
"Bridge Note") that was issued in connection with and attached as an exhibit to
the Bridge Loan and Debt Restructuring Agreement between the Company and the
Lender, dated January 30, 2009 (the "Agreement").  The Agreement was
previously reported on the Company's Current Report on Form 8-K filed with the
U.S. Securities and Exchange Commission (the "SEC") on February 5, 2009 and
attached as an exhibit to the Company's Quarterly Report on Form 10-Q filed with
the SEC on May 15, 2009.  The Bridge Note was previously amended as
evidenced by the Amended and Restated Bridge Loan Secured Promissory Note that
was previously reported on the Company's Current Report on Form 8-K filed with
the SEC on November 25, 2009.  The information set forth in the
Company's Current Reports on Form 8-K as filed on February 5, 2009 and November
25, 2009, respectively, in reference to the Agreement is herein incorporated in
its entirety.
Pursuant to the Side Letter, the
parties have agreed to further amend the Bride Note to provide that if the
Company does not complete a joint venture with respect to its Mineral Ridge
property on or before the Maturity Date of the Bridge Note due to circumstances
beyond the Company's reasonable control, the Lender will agree to extend the
Maturity Date for successive one (1) week periods for an extension fee of ten
thousand dollars ($10,000) per weekly period, prorated for any portion thereof,
but in no event beyond April 6, 2010.  Any extension fees incurred
will be added to the principal amount of the Bridge Note.  The terms
of the Side Letter, as stated herein, are evidenced by that certain Second
Amended and Restated Bridge Loan Secured Promissory Note executed by the Company
on January 13, 2010 and made by the Company as of its original issuance date of
February 6, 2009 (the "Second Amended Bridge Note").  The parties
further agreed that all other Transaction Documents, as defined in the
Agreement, remain unchanged and in full force and effect and that the Second
Amended Bridge Note remains subject to such Transaction Documents, including the
Side Letter.
2
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
GOLDEN PHOENIX MINERALS, INC.
,
a Nevada corporation
Dated:   January
20,
2010
By:
/s/ Robert P. Martin
Robert P.
Martin
President
3