Golden Phoenix Minerals Inc. said last week it's invested enough in the Ashdown molybdenum mine in Humboldt County to earn a 60 percent interest in the property.
The publicly held company based in Sparks was required to spend $5 million on the project to earn its ownership stake. Win-Eldrich Mines Ltd., the joint-venture partner with Golden Phoenix at Ashdown, will retain the other 40 percent interest.
Golden Phoenix said it spent the $5 million in the past 28 months on design, permitting and construction of the mine and mill.
When the mine begins production, it will be the first North American source of molybdenum to come on line in more than 20 years, said Golden Phoenix President David A. Caldwell.
The property is near Denio along the Nevada-Oregon border north of Winnemucca.
