Golden Phoenix Signs LOI for Santa Rosa

US mining company Golden Phoenix Minerals has agreed to acquire a 60% interest in the Santa Rosa gold mine from Panamanian corporate Silver Global. Under the non-binding terms of the LOI, Golden Phoenix proposes to acquire a 60% interest in Santa Rosa with an option to buy an additional 20% interest after achieving certain milestones. This is in consideration for $20.5m in cash over time and $4.5m in shares of Golden Phoenix common stock (at a deemed value of $0.18 per share), as well as certain preferential payments from cash flow out of gold production.