Development deal set for mine project

Golden Phoenix Minerals, Inc.

a mineral-property development company based in Reno, said last week it created a joint venture with Gryphon Gold on its Borealis gold project in Mineral County.

Gryphon Gold is a privately held company based in Denver with a field office in Reno.

Under the deal, Gryphon will earn interests in the property through completion of feasibility studies and development of a mine.

Golden Phoenix has estimated the Borealis property contains 108,000 ounces of gold.

Because Gryphon will be working on the Mineral County project, Golden Phoenix will be able to pay more attention to development of its Mineral Ridge gold property in Esmeralda County, said Michael Fitzsimonds, president of Golden Phoenix.

Golden Phoenix is publicly held.