LETTER OF EXTENSION

Extension Agreement

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This Extension Agreement involves

GOLDEN PHOENIX MINERALS INC

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Title: LETTER OF EXTENSION
Date: 11/15/2005
Industry: Metal Mining

EXHIBIT 10.1

LETTER OF EXTENSION

This letter will serve to extend the payment schedule as outlined in the agreement between Golden Phoenix and William and Candida Schnack dated May 6 ^th , 2005.

Paragraph 7 of the Golden Phoenix/Schnack agreement reads as follows:

The advance amount ($1,000,000) and premium payment ($2,000,000) will be paid in monthly installments as follows:

15% of gross molybdenum concentrates sales produced from the Ashdown Mine on the first of every month starting when production begins.

Beginning October 1, 2005, a minimum payment of $500,000 or 15% of the gross, whichever is greater is due and payable on the first of every month thereafter until both the advance and

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