--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

EXHIBIT 10.7

ASSIGNMENT OF LOAN DOCUMENTS
 
FOR VALUE RECEIVED, Golden Phoenix Minerals, Inc., a Nevada corporation
(“Assignor”), hereby sells, assigns, transfers and conveys to David S. Pearl II,
an individual residing in the State of Florida, or his successor (“Assignee”),
all of Assignor’s right, title and interest in and to that certain Series B-2
Limited Recourse Secured Promissory Note made payable to Assignor, as holder, by
Win-Eldrich Gold, Inc., a Nevada corporation, as maker, in the original
principal amount of FOUR HUNDRED EIGHTY-NINE THOUSAND AND TWO DOLLARS AND
THIRTY-ONE CENTS ($489,002.31) (the “Note”), dated as of even date herewith.
 
Assignee hereby releases Assignor from any liability with respect to, and
indemnifies and agrees to defend and hold Assignor harmless from and against any
and all loss, cost, damage, liability or claim arising out of or relating to,
the Note from and after the date of this Agreement.
 
IN WITNESS WHEREOF, the undersigned have hereunto set their hands and seals this
15th day of April, 2010.
 

       
ASSIGNOR:
         
GOLDEN PHOENIX MINERALS, INC.,
   
a Nevada corporation
               
By:    /s/ Tom Klein                                       
   
       Tom Klein
   
       Its Chief Executive Officer
               
ASSIGNEE:
               
  /s/ David S. Pearl                                            
   
David S. Pearl II
 

Agreed and consented to by:

MAKER:

WIN-ELDRICH GOLD, INC.,
a Nevada corporation

By:      /s/ Perry Muller                  
Perry Muller
Its President
 
 

--------------------------------------------------------------------------------