TORONTO, Nov. 1, 2011 /CNW/ - Win-Eldrich Mines Limited ("Win-Eldrich"
or the "Company") (TSXV:WEX) 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
NEITHER THE TSXV VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Win-Eldrich Mines Limited
For further information:
Perry Muller, President and Director of Win-Eldrich, at (402) 435-7206.