Cautionary Statement

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Cautionary Statement

• This presentation contains forward looking
  statements and projections that are provided for
  discussion purposes only. Reserve figures are not
  currently compliant under Guide 7 or 43-101
  Feasibility studies to book these reserves are
  currently underway at both Mineral Ridge and
  Ashdown.. Final numbers may materially change
  when the feasibility work is completed. The
  following information is provided under the
  protection of a mutual non-disclosure agreement
  (NDA) between the parties. This document contains
  corporate strategies and business plans that may
  be material in nature, and can not be disclosed
  to third parties who have not agreed to the terms
  and conditions of the NDA.

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GPXM - Background

• Reno-based company focused on Nevada since 1997
• Management turnaround completed in 2006
• Commenced production at the Ashdown Mine in 2007
• Honored with the Nevada Governor's Industry Award
  for outstanding economic development in northern
  Nevada

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GPXM - Overview

• Experienced Gold Play Nevada Focus
• U.S. based gold/moly exploration, development
  production company
• Exceptional Corporate Development Pipeline
• Highest grade moly mine in North America at
  Ashdown (60 GPXM - Operator)
• Excellent opportunity to expand gold resource at
  Mineral Ridge (100 GPXM)
• MA and Exploration Pipeline Near Term
• Positioning for exposure to large high-quality
  exploration land positions in Nevada
• Target MA with plus million ounce gold projects
  in Nevada and BC
• Organic Growth Strategy
• Reactivation of the Mineral Ridge Mine,
  significant potential to expand existing gold
  resource
• Plus 300,000 ounces of gold that will report to
  the proven and probable reserves _at_ 450 / ounce
• 30 million of production infrastructure placed
  in temporary idle status with active mine permits
  in place
• Apply our exceptional technical depth to create
  opportunity in leveraging to mid-tier production
  status
• Strong Leadership
• Experienced Board of Directors and management
  team with strong expertise in
• Exploration, business development, project
  development and operations
• Strong Balance Sheet
• Sufficient cash with no significant debt on books
• Well sponsored with strong US investor base and
  international mining fund companies

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Corporate Strategy

• Build Nevada based mid-tier mining company with
  operations and an advanced exploration and
  development pipeline
• Execute strategic plan to further develop cash
  flow and reserves at Ashdown Mine
• Bring Mineral Ridge Mine into production based on
  existing gold resources to finance further
  exploration and development activities
• Further define gold resource at Mineral Ridge
• Actively progress Nevada pipeline with focus on
  advanced exploration and development
• MA activity to bring in sizable gold assets in
  Nevada, Colorado and Canada

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Ashdown Mine

• Production Stats for calendar 2007 (projected
  through December)
• Bonanza-grade underground operation utilizing
  in-house mining expertise
• Gross revenues of 10 MM during development
  phase in 2007
• Mine Plan for 2008 forward
• Up to1,000,000 lbs per annum under full
  production rates
• 30 MM in gross revenues per annum at current Mo
  prices
• Pre-tax LLC operating profit 16.5 MM (10 MM to
  GPXM)

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Development - Mineral Ridge Mine
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Development - Mineral Ridge Mine

• Currently executing reactivation of the Mineral
  Ridge mine
• Initial production expected in first half of 2009
  (this could be as early as Q4 2008) with initial
  mine life of 10 years

• 1.6 million tons at 0.03 opt Au on leach pad for
  48,000 oz
• 2.78 million tons at 0.08 opt Au for 209,000 oz
• Underground expected to contribute an additional
  60,000 Au at 0.30 opt
• District exploration potential of 1 to 5 million
  ounces

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Development - Mineral Ridge Mine

• 100 owned by GPXM
• Average annual production ranging from
  30,000-50,000 ounces of gold
• Life-of-mine average cost per ounce of gold sold
  is 350
• Over-all gold recovery of 93
• Converting to 1500 ton/day
• milling operation
• Capital expenditure of 25 MM
• Annual gross revenue of 20 MM
• Net profits of 10MM to GPXM

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Exploration - Mineral Ridge Mine

• Virtually untested at depth for high-grade
• gold mineralization, strong near-term potential
  to
• significantly expand reserves
• Over 50,000 feet of drilling
• targeted for 2008
• Program is designed to
• delineate and expand ore
• reserves to 500,000 ozs by
• the end of 2009

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Public Company Listing

• Listed on NASDAQ BB GPXM
• Current market capitalization 60 million
• Trades 350,000 shares per day (90 day average)
• Currently applied for senior listing on TSX
• AMEX listing in the next 12 months
• Evaluating European listings
• Strategy of obtaining senior listings will
  increase accessibility to a broader market of
  sophisticated investors which will be reflected
  in the GPXMs valuation

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Experienced Board

• Ron Parratt, MSc He has more than 30 years
  experience as a geologist, exploration manager
  and developer of gold deposits. He is currently
  President of AuEx a mineral exploration company.
  Previously he served as Exploration Manager at
  Homestake Mining for 5 years. He also served as
  VP Exploration at Santa Fe Pacific Gold. During
  this tenure, he oversaw the exploration and
  development of 15 million ounces of gold
  reserves. Ron earned his M. S. degree in Economic
  Geology from Purdue University. He is currently
  serving on the Governors Commission on Mineral
  Resources.
• Jeff Tissier, CPA
• Holds B.Sc degrees in Exploration Geology and
  Geological Engineering from the University of
  Nevada, Reno and was employed by the minerals
  industry for 15 years in technical and financial
  positions. Mr. Tissier is a licensed CPA and
  worked for a national public accounting firm
  where he gained experience in acquisitions and
  due diligence. Mr. Tissier specializes in MA,
  budgeting, and financial planning. Mr. Tissier
  currently serves as CFO for a regional water
  authority in Nevada.
• Corby Anderson, PhD
• Principal Process Engineer for the Center for
  Advanced Mineral and Metallurgical Processing at
  Montana Tech. He is registered as a Charted
  Chemical Engineer and as a Qualified
  Professional. In addition to being a full
  professor, Dr. Anderson has 27 years of
  experience in process, chemical and metallurgical
  engineering and industrial plant operations. Dr.
  Anderson has been responsible for engineering
  design, start-up and operations of mineral
  processing and hydrometallurgical plants
  processing a broad range of precious and base
  metals. He holds a B.Sc., Chemical Engineering
  from Montana State University, a M.Sc.,
  Metallurgical Engineering from Montana Tech, and
  a Ph. D., Metallurgical Engineering from the
  University of Idaho.
• Kent Aveson, BSc
• A 32-year mining veteran currently serving as
  Director Continuous Improvement for Barrick
  Goldstrike Mines in Elko, Nevada. Trained as a
  Geological Engineer, Mr. Aveson is a seasoned
  mine manager with diversified experience
  throughout the industry including operations,
  project management, engineering, permitting,
  start-ups and reclamation. He is also a former
  member of the Board of Directors for the New
  Mexico State Mining Association. He has managed
  engineering departments and special projects, and
  is a two-time recipient of MSHAs top Sentinels
  of Safety Award and a four-time winner of the New
  Mexico Operator of the Year Award. Mr. Aveson
  earned his B.Sc., Geological Engineering, from
  the University of Utah.

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Experienced Management

• Dave Caldwell, MSc - CEO Director
• Prior to Golden Phoenix, Mr. Caldwell was Chief
  Geologist for Nevada Pacific Gold in Elko,
  Nevada, which he co-founded in 1997. Also worked
  at Santa Fe Pacific Gold Corporation and Gold
  Fields Mining Company. He holds a B.Sc degrees in
  Geology and Geophysics from University of
  Minnesota, and a MSc degree in Geology and
  Geochemistry from the New Mexico Institute of
  Mining and Technology
• Donald Prahl - Chief Operating Officer
• A veteran industry professional with deep
  experience in gold, moly and copper production at
  several of the largest mining operations in the
  USA.  He was VP and General Manager for the
  Barrick Goldstrike mine in Nevada, the
  Cyprus-Amax Sierrita mine, and the Cleveland
  Cliffs mine.  Mr. Prahl was trained as a Minerals
  Engineer at the University of Wisconsin, and has
  post-graduate training from Harvard University. 
  Mr. Prahl is the past Chairman of the Board for
  the Nevada Mining Association, and is a member of
  the American Institute of Mining Engineers.
• Craig Patrick, MBA - VP Corporate Development
• Craig Patrick is a 38 year mining veteran who
  has worked with Phelps-Dodge, Kennecott, Asarco
  and Cyprus.  He has underground and surface
  experience in both hard and soft rock mining
  throughout the United States, Australia, Latin
  America and Africa. He has served in numerous
  senior level positions with major mining
  companies, successfully streamlining new
  operations, reducing costs, directing employee
  relations and supervising new hires. Mr. Patrick
  received his B.Sc in Bus. Admin and Economics
  from the University of Arizona, and earned a MBA
  from the University of Phoenix. He is a recipient
  of the Chairmans International Safety Award for
  outstanding safety record at the Cerro Verde
  operation in Peru, the Sentinels of Safety Award
  for outstanding safety record at the Sierrita
  Operation, and a two-time winner of the Soaring
  Eagle Award for Outstanding Performance in Safety
  Human Resources at Cyprus Mining Corporation.
• Dennis Gauger, CPA Chief Financial Officer
• Experienced accountant with nine years as an
  audit partner for a Big Four international
  firm. He currently provides CFO services to three
  public companies, and has served as President,
  CFO or compliance consultant. He is skilled in
  SEC accounting and reporting, MA, corporate
  governance and financings. He graduated in
  accounting from Brigham Young University. He is a
  licensed Certified Public Accountant in Nevada
  and Utah, and a member of the American Institute
  of Certified Public Accountants. 

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Experienced Advisors

• Scott Bartel, J.D.
• Partner and Chair of Bullivant Houser Bailey
  (law firm) Corporate Finance Securities
  practice. Former member of the Division of
  Corporate Finance of the SEC in Washington, D.C. 
  Mr. Bartel also served on the staff of the
  Corporate and Securities Division of the Federal
  Home Loan Bank Board. He holds degrees from
  Georgetown University Law Center - LL.M in
  Taxation, 1986, University of the Pacific,
  McGeorge School of Law - J.D., with distinction,
  1982 and University of California, Davis - B.A.,
  with honors, 1979
• Cam Mingay, LL.B
• Partner with Canadian legal firm, Cassels Brock
  Blackwell, LLP. A director of Allied Nevada and
  a former director of Kinross Gold Corporation,
  and has been working with mining companies for
  the past 25 years. He holds a LL.B. law degree
  form Queen's University, B.A. Hons., York
  University at Toronto.
• Mark Monaghan
• President of Quest Securities Corporation
  (www.questcapcorp.com), a merchant banking firm,
  where his primary responsibilities concern equity
  transaction origination and execution. Mr.
  Monaghan has over 13 years of investment banking
  and corporate development experience with
  investment banking firms and public companies
  including Octagon Capital Corporation, CT
  Securities Ltd. and First Associates Investments
  Inc. Mr. Monaghan holds a B.A. in economics from
  Queen's University and a B.Comm. from the
  University of Windsor.
• Sean Cleary, MBA
• Senior Vice President of Quest Securities
  Corporation (a wholly-owned subsidiary of Quest
  Capital Corp.) From 1993 - 2005, Mr. Cleary
  served as the CFO and a founding member of the
  board of directors of Caratax Management. (the
  general partner of Caratax Limited Partnership
  -1997, a resource industry fund) Mr. Cleary also
  held investment banking positions at Deacon
  Capital Corporation (now Dundee Securities
  Corporation) and JP Colin Securities Inc. Mr.
  Cleary holds a B.A. from the University of
  Western Ontario and a MBA. from the Richard Ivey
  School of Business at the University of Western
  Ontario.

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Conclusion

• Ashdown Mine generating significant revenue
  while ramping to full-production cash-flow.
• Mineral Ridge Mine in development with
  exploration upside in the near-term.
• Solid pipeline of corporate development
  projects.
• Highly experienced management and Board of
  Directors with proven ability to attract top
  talent.
• Strong Balance Sheet, production income and
  access to capital to facilitate growth
  objectives.