0001001277-06-000422 Sample Contracts

ASHDOWN PROJECT LLC OPERATING AGREEMENT by and between WIN-ELDRICH GOLD, INC. and GOLDEN PHOENIX MINERALS, INC. SEPTEMBER 28, 2006

Operating Agreement • October 3rd, 2006 • Golden Phoenix Minerals Inc /Mn/ • Metal mining • Nevada

• Contract Type
  Operating Agreement
• Filed
  October 3rd, 2006
• Company
  Golden Phoenix Minerals Inc /Mn/
• Industry
  Metal mining
• Jurisdiction
  Nevada

This Ashdown Project LLC Operating Agreement is made by and between Win-Eldrich Gold, Inc., a Nevada corporation (“WEG”), and Golden Phoenix Minerals, Inc., a Minnesota corporation (“GPM”), effective as of the 28th day of September, 2006 (the “Effective Date”).