Golden Phoenix Minerals posts loss |

Golden Phoenix Minerals posts loss

Waiting to get reclamation bonds

approved so it can begin mining in

Esmeralda County, Golden Phoenix

Minerals of Reno lost $559,384 on revenues

of $9,679 in the third quarter.

That compares with a loss of $437,141

on revenues of $87,370 in the same quarter

a year earlier, Golden Phoenix said in a filing

with the Securities and Exchange

Commission last week.

The company is developing the

Mineral Ridge mine in Esmeralda

County, but it’s waiting for federal and

state approval of its reclamation plan so it

can be bonded and begin work.

When the bond is approved, Golden

Phoenix will begin adding cyanide to the

mine’s leaching operation.

In the meantime, the company is selling

small amounts of gold and silver it

recovers from cleaning up the existing

mining facilities.

In the SEC filing, Golden Phoenix

said its previously reported deal with

Fusion Capital Fund II calls for the

Chicago investment firm to buy $15,000

worth of Golden Phoenix shares daily, up

to a total of $12 million over 40 months.

The Reno company also said it’s discussing

joint venture arrangements to

develop the Mineral Ridge property.