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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-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WASHINGTON,
D.C. 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: 12pt; FONT-FAMILY: Times New Roman">FORM
8-K</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="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): December 31, 2009</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"><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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              <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; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Nevada</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">(State
      or other jurisdiction of</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-SIZE: 10pt; FONT-FAMILY: times new roman">(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">File
      Number)</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-SIZE: 10pt; FONT-FAMILY: times new roman">(IRS
      Employer</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">Identification
      Number)</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; TEXT-DECORATION: underline"><font style="DISPLAY: inline">1675 East Prater Way, #102</font></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; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Sparks, Nevada</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">(Address
      of principal executive offices)</font></div>
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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="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline"><font style="DISPLAY: inline">89434</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">Zip
      Code</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"><font style="DISPLAY: inline; TEXT-DECORATION: underline">775-853-4919</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">(Registrant's
telephone number, including area code)</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: 10pt; FONT-FAMILY: Times New Roman">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):</font></div>
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              <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>
            <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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            <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>
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            <td>
              <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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        <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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    <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-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 1 &#8212; Registrant&#8217;s
Business and Operations</font></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-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
1.01<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Entry into a Material
Definitive Agreement.</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; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>On December 31, 2009, Golden Phoenix
Minerals, Inc., a Nevada corporation (the &#8220;Company&#8221;), entered into an
Exploration, Development and Mining Joint Venture Members&#8217; Agreement (the
&#8220;Agreement&#8221;) with Scorpio Gold (US) Corporation, a Nevada corporation (&#8220;Scorpio
US&#8221;), and Scorpio Gold Corporation, a British Columbia corporation and the
parent corporation of Scorpio US (&#8220;Scorpio Gold&#8221;).&#160;&#160;Pursuant to the
terms of the Agreement, the Company contracted to, upon closing, sell an
undivided seventy percent (70%) interest in the Company&#8217;s mineral properties
located in the County of Esmeralda, State of Nevada, known as the Mineral Ridge
property, and various related assets and bonds, to Scorpio US, with the Company
retaining a thirty percent (30%) ownership interest therein, in exchange for a
purchase price of US $3,750,000 in cash (less those sums previously advanced by
Scorpio Gold to the Company), and delivery to the Company of that number of
newly issued common shares of capital stock of Scorpio Gold at a deemed price of
Cdn $0.50 per share, having an aggregate deemed value of US $3,750,000 (the
&#8220;Transaction&#8221;).&#160;&#160;The closing of the Transaction is to occur upon
fulfillment of certain closing conditions and the delivery of all closing
deliverables as set forth in the Agreement (the &#8220;Closing&#8221;).</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; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>In particular, as a condition to the
Closing, Scorpio Gold must:&#160;&#160;(i) obtain the approval of the TSX
Venture Exchange to the Transaction; (ii)<font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font>complete one or more
equity or debt financings to raise minimum gross proceeds of such amounts as are
necessary to pay the cash component of its closing deliverables disclosed above;
and (iii) complete the acquisition of that certain net smelter return royalty
encumbering the Mineral Ridge property and either cancel such royalty or
contribute it to the LLC (as defined below).</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; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Agreement may be terminated by
either party prior to Closing: (x) if within 4 months of the date of the
Agreement, the Closing has not occurred; (y) by mutual agreement of the parties;
(z) if there shall be a final non-appealable order of a federal or state court
or other court of competent jurisdiction that would in effect prevent
consummation of the Transaction or any law enacted or deemed applicable to the
Transaction by any governmental authority that would make consummation of the
Transaction illegal; or (zz) if such party is not in material breach of its
representations, warranties and covenants under the Agreement and there has been
a material breach of the Agreement by the other party such that if not cured on
or prior to the Closing, the closing conditions and pre and post Closing
covenants set forth in the Agreement would not be satisfied, subject to certain
cure periods.&#160;&#160;Further, the Company may terminate the Agreement prior
to Closing in the event it receives a superior unsolicited proposal in
connection with the sale of the Mineral Ridge property (or any interest
therein), provided that it is not in material breach of the Agreement and it
provides Scorpio Gold with notice and an opportunity to match such
proposal.&#160;&#160;In the event the Company terminates the Agreement in favor
of such superior proposal, it must repay to Scorpio Gold all sums previously
advanced by Scorpio Gold or Scorpio US as well as make an additional cash
payment of US $750,000 to Scorpio Gold.</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; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Prior to or upon Closing, the parties
intend to form a Nevada limited liability company to be called Mineral Ridge
Gold, LLC (the &#8220;LLC&#8221;) for the purpose of owning the mineral properties and the
related assets and bonds on and about the Mineral Ridge property (collectively
referred to as the &#8220;Properties&#8221;) and conducting operations
thereon.&#160;&#160;The LLC will be governed by the terms of an operating
agreement to be signed by the Company and Scorpio US (its initial members) upon
the Closing (the &#8220;Operating Agreement&#8221;).&#160;&#160;Each party will, as its
initial contribution to the LLC, contribute its respective ownership interest in
the Properties to the LLC.&#160;&#160;In consideration therefor, at the Closing,
the Company <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">will have
a thirty percent (30%) ownership interest in the LLC and Scorpio US will have a
seventy percent (70%) ownership interest in the LLC.&#160;&#160;Scorpio US will
act as the Manager of the LLC and, as such, will have the powers and
responsibilities of the &#8220;Manager&#8221; as prescribed by the Operating
Agreement.</font></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: 13pt; FONT-FAMILY: Times New Roman, serif">&#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;&#160;&#160;&#160;&#160;</font></div>
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Pursuant to
the terms of the proposed Operating Agreement to be signed upon Closing, Scorpio
US&#8217;s ownership interest in the LLC shall automatically increase by ten percent
(10%) and the Company&#8217;s ownership interest shall automatically decrease by ten
percent (10%) if the following events occur: (i) Scorpio US deposits into the
LLC&#8217;s business account one hundred percent (100%) of the estimated capital
expenditures required to place the Properties into &#8220;commercial production&#8221; (as
such term is defined in the Operating Agreement), plus an amount equal to twenty
percent (20%) of such capital expenditures; and (ii) Scorpio US brings the
Properties into commercial production within thirty (30) months of the
Closing.&#160;&#160;During such time period, it is contemplated that the
Company&#8217;s ownership interest in the LLC shall be carried by Scorpio US, and the
Company will have no obligation to fund programs and budgets and will suffer no
dilution below twenty percent (20%), unless and until commercial production is
reached or Scorpio US&#8217;s option periods described below have
expired.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;The terms of
the proposed Operating Agreement also contemplate that if Scorpio US brings the
Properties into commercial production within thirty (30) months of the Closing,
it shall have the option to purchase the Company&#8217;s remaining ownership interest
in the LLC at a purchase price equal to the net asset value of the Properties
(the &#8220;NAV&#8221;) (as determined by a previously agreed upon independent valuation
expert) multiplied by the Company&#8217;s then existing percentage ownership interest
in the LLC.&#160;&#160;Such option will exist for a period of twenty-four (24)
months after commencement of commercial production.&#160;&#160;Alternatively, if
Scorpio US does not either fund the requisite 120% of estimated capital
expenditures or bring the Properties into Commercial Production within 30 months
from the Closing, as discussed above, the Company&#8217;s ownership interest in the
LLC will increase by five percent (5%) and Scorpio US&#8217;s ownership interest will
decrease by five percent (5%), subject to Scorpio US having the option to
purchase the Company&#8217;s remaining ownership interest in the LLC as discussed
above, for an additional twelve (12) months for a purchase price equal to the
NAV multiplied by the Company&#8217;s existing ownership interest in the
LLC.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;As of the
date of the filing of this Current Report on Form 8-K, Scorpio Gold has paid the
Company an aggregate sum of US $900,000 in non-refundable advances toward the
cash component of the purchase price to be paid at Closing as well as invested
US $63,056 in drilling equipment fees expended on exploration and confirmation
drilling at Mineral Ridge.&#160;&#160;However, there is no assurance that the
Closing of the Transaction will occur and accordingly that the Operating
Agreement governing the proposed joint venture will be entered into or that the
Company will receive the remaining consideration to be paid at
Closing.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 7 &#8212; </font><font style="DISPLAY: inline; TEXT-DECORATION: underline">Regulation
FD</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
7.01<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Regulation FD
Disclosure.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;On January 5,
2010, the Company issued a press release announcing the Company&#8217;s signing of the
Exploration, Development and Mining Joint Venture Members&#8217; Agreement with
Scorpio Gold (US) Corporation and Scorpio Gold Corporation, which transaction is
discussed in greater detail above under Item 1.01.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;A copy of the
press release is attached hereto as Exhibit 99.1.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div style="WIDTH: 100%" align="left">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 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">Section 9 </font><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#8212;</font><font style="DISPLAY: inline; TEXT-DECORATION: underline"> Financial Statements and
Exhibits</font></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-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
9.01.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Financial Statements
and Exhibits</font></div>
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              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            </td>
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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; TEXT-DECORATION: underline"><font style="DISPLAY: inline">Exhibit Description</font></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: 10pt; FONT-FAMILY: times new roman">99.1</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            </td>
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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">Press
      Release, dated January&#160;&#160;5, 2010, entitled, &#8220;Golden Phoenix Signs
      Multi-Million Dollar Joint Venture with Scorpio Gold to Restart Gold
      Production at the Newly Expanded Mineral Ridge
  Mine&#8221;</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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
information contained in Exhibit 99.1 attached hereto shall not be deemed
&#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, and
shall not be deemed incorporated by reference in any filing with the Securities
and Exchange Commission under the Securities Exchange Act of 1934 or the
Securities Act of 1933, whether made before or after the date hereof and
irrespective of any general incorporation by reference language in any
filing.</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="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Portions
of this report may constitute &#8220;forward-looking statements&#8221; defined by federal
law.&#160;&#160;Although the Company believes any such statements are based on
reasonable assumptions, there is no assurance that the actual outcomes will not
be materially different.&#160;&#160;Any such statements are made in reliance on
the &#8220;safe harbor&#8221; protections provided under the Private Securities Litigation
Reform Act of 1995.&#160;&#160;Additional information about issues that could
lead to material changes in the Company&#8217;s performance is contained in the
Company&#8217;s filings with the Securities and Exchange Commission and may be
accessed at www.sec.gov.</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">4</font></div>
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</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">SIGNATURE</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: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Pursuant to the requirements of the
Securities Exchange Act of 1934, as amended, the registrant has duly caused this
Current Report to be signed on its behalf by the undersigned hereunto duly
authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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<tr>
            <td align="left" valign="top" width="35%">
              <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;</font></div>
            </td>
            <td align="left" colspan="2" 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: 10pt; FONT-FAMILY: times new roman">GOLDEN
      PHOENIX MINERALS, INC.</font></div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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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">Dated:&#160;
      January 5, 2010</font></div>
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            </td>
            <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      <font style="TEXT-DECORATION: underline">/s/ Robert P.
    Martin</font></font></td>
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            <td align="left" valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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      P. Martin</font></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">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">&#160;</div>
            </td>
          </tr><tr>
            <td align="left" valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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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): December 31, 2009
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
      Number)
1675 East Prater Way, #102
Sparks, Nevada
(Address
      of principal executive offices)
89434
Zip
      Code
775-853-4919
(Registrant's
telephone number, including area 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 December 31, 2009, Golden Phoenix
Minerals, Inc., a Nevada corporation (the "Company"), entered into an
Exploration, Development and Mining Joint Venture Members' Agreement (the
"Agreement") with Scorpio Gold (US) Corporation, a Nevada corporation ("Scorpio
US"), and Scorpio Gold Corporation, a British Columbia corporation and the
parent corporation of Scorpio US ("Scorpio Gold").  Pursuant to the
terms of the Agreement, the Company contracted to, upon closing, sell an
undivided seventy percent (70%) interest in the Company's mineral properties
located in the County of Esmeralda, State of Nevada, known as the Mineral Ridge
property, and various related assets and bonds, to Scorpio US, with the Company
retaining a thirty percent (30%) ownership interest therein, in exchange for a
purchase price of US $3,750,000 in cash (less those sums previously advanced by
Scorpio Gold to the Company), and delivery to the Company of that number of
newly issued common shares of capital stock of Scorpio Gold at a deemed price of
Cdn $0.50 per share, having an aggregate deemed value of US $3,750,000 (the
"Transaction").  The closing of the Transaction is to occur upon
fulfillment of certain closing conditions and the delivery of all closing
deliverables as set forth in the Agreement (the "Closing").
In particular, as a condition to the
Closing, Scorpio Gold must:  (i) obtain the approval of the TSX
Venture Exchange to the Transaction; (ii)
complete one or more
equity or debt financings to raise minimum gross proceeds of such amounts as are
necessary to pay the cash component of its closing deliverables disclosed above;
and (iii) complete the acquisition of that certain net smelter return royalty
encumbering the Mineral Ridge property and either cancel such royalty or
contribute it to the LLC (as defined below).
The Agreement may be terminated by
either party prior to Closing: (x) if within 4 months of the date of the
Agreement, the Closing has not occurred; (y) by mutual agreement of the parties;
(z) if there shall be a final non-appealable order of a federal or state court
or other court of competent jurisdiction that would in effect prevent
consummation of the Transaction or any law enacted or deemed applicable to the
Transaction by any governmental authority that would make consummation of the
Transaction illegal; or (zz) if such party is not in material breach of its
representations, warranties and covenants under the Agreement and there has been
a material breach of the Agreement by the other party such that if not cured on
or prior to the Closing, the closing conditions and pre and post Closing
covenants set forth in the Agreement would not be satisfied, subject to certain
cure periods.  Further, the Company may terminate the Agreement prior
to Closing in the event it receives a superior unsolicited proposal in
connection with the sale of the Mineral Ridge property (or any interest
therein), provided that it is not in material breach of the Agreement and it
provides Scorpio Gold with notice and an opportunity to match such
proposal.  In the event the Company terminates the Agreement in favor
of such superior proposal, it must repay to Scorpio Gold all sums previously
advanced by Scorpio Gold or Scorpio US as well as make an additional cash
payment of US $750,000 to Scorpio Gold.
Prior to or upon Closing, the parties
intend to form a Nevada limited liability company to be called Mineral Ridge
Gold, LLC (the "LLC") for the purpose of owning the mineral properties and the
related assets and bonds on and about the Mineral Ridge property (collectively
referred to as the "Properties") and conducting operations
thereon.  The LLC will be governed by the terms of an operating
agreement to be signed by the Company and Scorpio US (its initial members) upon
the Closing (the "Operating Agreement").  Each party will, as its
initial contribution to the LLC, contribute its respective ownership interest in
the Properties to the LLC.  In consideration therefor, at the Closing,
the Company
will have
a thirty percent (30%) ownership interest in the LLC and Scorpio US will have a
seventy percent (70%) ownership interest in the LLC.  Scorpio US will
act as the Manager of the LLC and, as such, will have the powers and
responsibilities of the "Manager" as prescribed by the Operating
Agreement.
2
Pursuant to
the terms of the proposed Operating Agreement to be signed upon Closing, Scorpio
US's ownership interest in the LLC shall automatically increase by ten percent
(10%) and the Company's ownership interest shall automatically decrease by ten
percent (10%) if the following events occur: (i) Scorpio US deposits into the
LLC's business account one hundred percent (100%) of the estimated capital
expenditures required to place the Properties into "commercial production" (as
such term is defined in the Operating Agreement), plus an amount equal to twenty
percent (20%) of such capital expenditures; and (ii) Scorpio US brings the
Properties into commercial production within thirty (30) months of the
Closing.  During such time period, it is contemplated that the
Company's ownership interest in the LLC shall be carried by Scorpio US, and the
Company will have no obligation to fund programs and budgets and will suffer no
dilution below twenty percent (20%), unless and until commercial production is
reached or Scorpio US's option periods described below have
expired.
The terms of
the proposed Operating Agreement also contemplate that if Scorpio US brings the
Properties into commercial production within thirty (30) months of the Closing,
it shall have the option to purchase the Company's remaining ownership interest
in the LLC at a purchase price equal to the net asset value of the Properties
(the "NAV") (as determined by a previously agreed upon independent valuation
expert) multiplied by the Company's then existing percentage ownership interest
in the LLC.  Such option will exist for a period of twenty-four (24)
months after commencement of commercial production.  Alternatively, if
Scorpio US does not either fund the requisite 120% of estimated capital
expenditures or bring the Properties into Commercial Production within 30 months
from the Closing, as discussed above, the Company's ownership interest in the
LLC will increase by five percent (5%) and Scorpio US's ownership interest will
decrease by five percent (5%), subject to Scorpio US having the option to
purchase the Company's remaining ownership interest in the LLC as discussed
above, for an additional twelve (12) months for a purchase price equal to the
NAV multiplied by the Company's existing ownership interest in the
LLC.
As of the
date of the filing of this Current Report on Form 8-K, Scorpio Gold has paid the
Company an aggregate sum of US $900,000 in non-refundable advances toward the
cash component of the purchase price to be paid at Closing as well as invested
US $63,056 in drilling equipment fees expended on exploration and confirmation
drilling at Mineral Ridge.  However, there is no assurance that the
Closing of the Transaction will occur and accordingly that the Operating
Agreement governing the proposed joint venture will be entered into or that the
Company will receive the remaining consideration to be paid at
Closing.
Section 7 —
Regulation
FD
Item
7.01
Regulation FD
Disclosure.
On January 5,
2010, the Company issued a press release announcing the Company's signing of the
Exploration, Development and Mining Joint Venture Members' Agreement with
Scorpio Gold (US) Corporation and Scorpio Gold Corporation, which transaction is
discussed in greater detail above under Item 1.01.
A copy of the
press release is attached hereto as Exhibit 99.1.
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Section 9
—
Financial Statements and
Exhibits
Item
9.01.
Financial Statements
and Exhibits
Exhibit No.
Exhibit Description
99.1
Press
      Release, dated January  5, 2010, entitled, "Golden Phoenix Signs
      Multi-Million Dollar Joint Venture with Scorpio Gold to Restart Gold
      Production at the Newly Expanded Mineral Ridge
  Mine"
The
information contained in Exhibit 99.1 attached hereto shall not be deemed
"filed" for purposes of Section 18 of the Securities Exchange Act of 1934, and
shall not be deemed incorporated by reference in any filing with the Securities
and Exchange Commission under the Securities Exchange Act of 1934 or the
Securities Act of 1933, whether made before or after the date hereof and
irrespective of any general incorporation by reference language in any
filing.
Portions
of this report may constitute "forward-looking statements" defined by federal
law.  Although the Company believes any such statements are based on
reasonable assumptions, there is no assurance that the actual outcomes will not
be materially different.  Any such statements are made in reliance on
the "safe harbor" protections provided under the Private Securities Litigation
Reform Act of 1995.  Additional information about issues that could
lead to material changes in the Company's performance is contained in the
Company's filings with the Securities and Exchange Commission and may be
accessed at www.sec.gov.
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SIGNATURE
Pursuant to the requirements of the
Securities Exchange Act of 1934, as amended, the registrant has duly caused this
Current Report to be signed on its behalf by the undersigned hereunto duly
authorized.
GOLDEN
      PHOENIX MINERALS, INC.
Dated: 
      January 5, 2010
By:
/s/ Robert P.
    Martin
Robert
      P. Martin
President
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