Win-Eldrich Concludes Settlement of Debt to Golden Phoenix

    




 TORONTO, Nov. 1, 2011 /CNW/ - Win-Eldrich Mines Limited ("Win-Eldrich"  or the "Company")  announces that further to its press  release of August 19, 2011, the Company, Win-Eldrich Gold Inc. ("WEG",  a wholly owned subsidiary of the Company), and Golden Phoenix Minerals,  Inc. ("Golden Phoenix") settled on October 31, 2011 an outstanding $4.2  million Promissory Note (the "Note") owed by WEG to Golden Phoenix in  exchange for a 2% net smelter return royalty (NSR) on the Ashdown  Project, 3 million shares of Win-Eldrich common stock (subject to  restrictions on resale under Canadian securities laws for four months),  1.25 million shares of American Mining Corporation and the right to  appoint one individual to the board of directors of the Company. The  Note settled is that certain Series A Limited Recourse Secured  Promissory Note, made by WEG in favor of Golden Phoenix, dated April  15, 2010, in the aggregate principal amount of $4,231,925.19, plus  interest, issued to Golden Phoenix in exchange for its interest in the  Ashdown Project. In exchange, Golden Phoenix has forgiven, released and  forever discharged any and all obligations and liabilities of WEG under  the Note. 

  





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Win-Eldrich Mines Limited


CONTACT:  Perry Muller, President and Director of Win-Eldrich, at [phone].Website: www.win-eldrich.com 


    

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