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|  | 1. | Incorporation of      Recitals.  Each of the preliminary statements is deemed      to be true and correct, and the same are hereby incorporated by reference      as if fully stated herein. |
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|  | 2. | Consideration. As      consideration for this Agreement as amended herein and STEVEN D. CRAIG’s      dismissal of the Lawsuit with prejudice, and the relinquishment of the      Claims by both STEVEN D. CRAIG and the authorized representative on behalf      of the ESTATE OF COLLETTE CRATER-CRAIG, the Parties have agreed as      follows: |
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|  | a. | GOLDEN      PHOENIX will retire the balance of the “back salaries,” not including      interest, which the Parties agree total $129,586.55, to the CRAIGS      (one-half (1/2) of the back salaries or $64,793.28 on behalf of STEVEN D.      CRAIG and, one-half (1/2) of the back salaries or $64,793.27 on behalf of      the ESTATE OF COLLETTE CRATER-CRAIG) as against the fifteen (15) cents per      share exercise price of the 984,300 options granted by GOLDEN PHOENIX to      STEVEN D. CRAIG during May of 2000. |
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|  | b. | GOLDEN      PHOENIX represents that it has filed a registration statement with the SEC      to register the 590,580 unregistered and restricted shares subject to the      options described herein, so that these shares may be unrestricted and      free-trading. The registration of these shares are subject to review by      the SEC and GOLDEN PHOENIX makes no representations or guarantees      regarding the timing of said registration. GOLDEN PHOENIX will continue to      act in good faith to register these shares, including through any review      the SEC may require, however, the Agreement as amended herein is not      conditioned upon the registration of these shares. The CRAIGS acknowledge      and understand that the registration with the SEC of the 590,580 shares      described herein is pending and that these shares may be unregistered and      restricted at the time of the execution of this Amendment and the issuance      of Stock Certificates as set forth in paragraph 2.g. The CRAIGS further      acknowledge and understand that in the event the Stock Certificates for      the 590,580 shares are issued with restrictions, it is their sole      responsibility after these shares are registered, to obtain Stock      Certificates without restrictions, if they deem that such action is      necessary. In the event the 590,580 shares are registered prior to the      submission for and issuance of Stock Certificates, as set forth in      paragraph 2.g., GOLDEN PHOENIX will provide instructions to its transfer      agent that the Stock Certificates for these 590,580 shares be issued      without restriction. |
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|  | c. | The      CRAIGS will pay all amounts in excess of the back salaries, necessary to      fully exercise the 984,300 options at fifteen (15) cents per share at a      total exercise cost of $147,645.00, plus the Employee portion of the      applicable Payroll taxes attributable to STEVEN D. CRAIG for his one-half      (1/2) share of the back salaries and his taxable gain for the exercise of      his one-half (1/2) share of the options or 492,150 options. GOLDEN PHOENIX      will pay the Employer portion of the applicable Payroll taxes. For the      purposes of this settlement: the Employee portion of the applicable      Payroll taxes include, Federal Withholding, and the Employee’s one-half      (1/2) share of the Social Security and Medicare taxes; the Employer      portion of the applicable Payroll taxes include, the Employer’s one-half      (1/2) share of the Social Security and Medicare taxes, Federal      Unemployment Insurance, Nevada State Unemployment Insurance, and Nevada      Modified Business Tax. |
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|  | d. | Calculations      of taxes and payments pursuant to this settlement, including example      calculations at 3 different potential closing price values for the taxes      that are due from STEVEN D. CRAIG for the gain realized by the exercise of      the options, are attached as Exhibit “A” to this Amendment. The parties      acknowledge and agree that the portion of the taxes due from STEVEN D.      CRAIG arising from the exercise of the options are dependent upon the      closing market price of the shares on the date the form entitled “Request      to Exercise Options” is executed by the STEVEN D. CRAIG, as set forth in      paragraphs 2.e. |
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|  | e. | STEVEN      D. CRAIG will execute this Amendment simultaneously with the form      entitled, “Request to Exercise Options,” attached hereto as Exhibit “B,”      for the 492,150 options for GOLDEN PHOENIX common stock at 15 cents per      share, which are subject to this Agreement as amended herein. The fair      market value utilized for calculating the Payroll taxes due for the gain      realized by the exercise of the options shall be determined by the closing      price of GOLDEN PHOENIX common stock shares as reported on the “OTC      Bulletin Board” on the date the “Request to Exercise Options” is executed      by STEVEN D. CRAIG.  Taxable gain realized by the exercise of      the options is the difference between the exercise price and the fair      market value of the GOLDEN PHOENIX common stock shares as determined      herein. |
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|  | f. | Sonia      M. Merz, as the Successor Trustee for the ESTATE OF COLLETTE CRATER-CRAIG,      will, on behalf of the ESTATE OF COLLETTE CRATER-CRAIG execute this      Amendment simultaneously with the form entitled, “Request to Exercise      Options,” attached hereto as Exhibit “C,” for the 492,150 options for      GOLDEN PHOENIX common stock at 15 cents per share, which are subject to      this Agreement as amended herein. The fair market value utilized for      calculating the taxes due for the gain realized by the exercise of the      options shall be determined by the closing price of GOLDEN PHOENIX common      stock shares as reported on the “OTC Bulletin Board” on the date the      “Request to Exercise Options” is executed by Sonia M. Merz, as the      Successor Trustee for the ESTATE OF COLLETTE CRATER-CRAIG, will, on behalf      of the ESTATE OF COLLETTE CRATER-CRAIG. GOLDEN PHOENIX will issue IRS      forms 1099 to the ESTATE OF COLLETTE CRATER-CRAIG reporting the payment of      its one-half (1/2) share of back salaries and additionally for the gain      realized by the exercise of the options as herein determined. Taxable gain      realized by the exercise of the options is the difference between the      exercise price and the fair market value of the GOLDEN PHOENIX common      stock shares as determined herein. |
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|  | g. | GOLDEN      PHOENIX will submit instructions to its transfer agent to issue separate      Stock Certificates in directly proportionate amounts of the 984,300      restricted and unrestricted shares, as identified herein, in the name of      (1) STEVEN D. CRAIG and (2) Sonia M. Merz Successor Trustee Collette      Crater-Craig Trust on behalf of the ESTATE OF COLLETTE CRATER-CRAIG, upon      receipt of this Amendment and both of the individual “Requests to Exercise      Options” executed by the CRAIGS, and all bank-cleared payments by the      CRAIGS as set forth in paragraph 2.c., specifically as follows: $18,058.45      for exercise costs in excess of the back salaries, before taxes;      $17,915.34 for the Employee portion of the Payroll taxes and federal      withholding for the back salaries payments made to STEVEN D. CRAIG; and      the Payroll taxes and federal withholding attributable to STEVEN D. CRAIG      for the gain realized by the exercise of the options as herein determined      and described in paragraph 2.e. Formulae for the calculation of this      amount are provided in Exhibit “A” and described in paragraph 2.d. The      parties shall confirm the amount of the Employee portion of the Payroll      taxes and federal withholding for the gain realized by the exercise of the      options, as herein set forth, prior to payment of this amount to GOLDEN      PHOENIX and prior to submission for Stock Certificates as identified      above. |
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|  | h. | GOLDEN      PHOENIX’s transfer agent shall be instructed to mail the Stock      Certificates, issued pursuant to the Agreement as amended herein, in the      names of STEVEN D. CRAIG and Sonia M. Merz Successor Trustee Collette      Crater-Craig Trust on behalf of the ESTATE OF COLLETTE CRATER-CRAIG to the      attention of Tamara L. Boeck and Marc J. Victor of the Offices of      Bullivant Houser Bailey PC located at 1415 L Street, Suite 1000,      Sacramento, California, 95814 for review and confirmation. Stock      Certificates compliant with this Agreement as amended herein will then be      forwarded to the attention of David J. Otto of the Law Offices of David J.      Otto at 1982 N. Rainbow Blvd #117, Las Vegas, NV 89108. The CRAIGS      acknowledge that they have reached a separate agreement with Mr. Otto      wherein they will transfer to him for his services a number of the shares      they are receiving by this settlement, equivalent in value to $30,000 US.      The fair market value of the shares shall be determined consistent with      paragraphs 2.e. and 2.f. as the closing price of shares of GOLDEN PHOENIX      common stock on the date the Requests for Exercise of Options are      executed. After the CRAIGS transfer said shares to Mr. Otto, he will      disburse the remaining shares and Stock Certificates between and among the      CRAIGS. Neither GOLDEN PHOENIX nor its employees, representatives and/or      agents shall be responsible for the computation of the number of shares      required pursuant to the agreement between the CRAIGS and Mr. Otto to      reimburse Mr. Otto for his services or for the disbursement of any of the      proceeds of this Agreement as amended herein after submitting Stock      Certificates consistent with this Agreement as amended herein to Federal      Express (“FedEx”) for delivery to Mr. Otto as referenced      above. |
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|  | i. | GOLDEN      PHOENIX and the CRAIGS agree that all scheduled payments of the “back      salaries” were correctly suspended upon the execution of this Agreement up      to an through the execution of this Amendment at which time they will be      fully and completely terminated. The Parties further confirm that GOLDEN      PHOENIX had no obligation upon execution of the Agreement to make payments      that had been deducted from the scheduled payments on behalf of STEVEN D.      CRAIG for insurance premiums. All responsibility for continuing any such      insurance shall remain STEVEN D. CRAIG’s sole responsibility and he will      not hold GOLDEN PHOENIX responsible for the cancellation of any such      insurance. |
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|   | 3. | Release and Satisfaction of      the Claims. STEVEN D. CRAIG shall file a dismissal with prejudice      of the Complaint and GOLDEN PHOENIX will dismiss its Third-Party      Complaint. In exchange for the payments from escrow and conditions made      under Paragraph 2 above, the Parties, and each of them, for and on behalf      of themselves, their heirs, executors, administrators, successors,      predecessors, assigns, insurers, parents, attorneys, parent corporations,      subsidiaries, related entities, trustees, partners, shareholders,      officers, directors, agents, employees, and third party administrators,      hereby release and discharge each and every party to this Agreement as      amended herein, including their respective heirs, executors,      administrators, successors, predecessors, assigns, insurers, parents      attorneys, parent corporations, subsidiaries, related entities, trustees,      partners, shareholders, officers, directors, agents, employees, and third      party administrators, from any and all claims, demands, causes of action,      obligations, damages, and liabilities of any kind and nature whatsoever,      whether in law or in equity, which either party ever had, now has, or may      in the future have in any way connected with the matters, Lawsuit and      Claims described in the Agreement and this Amendment, including without      limitation, any and all claims for options, back salaries, business      expenses and interest. |
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|  | 4. | Tax      Liabilities.  The CRAIGS agree that they are wholly and      solely responsible for the evaluation of any legal or financial      obligations related to the tax liability or implication of this      compromise, the exchange and relinquishment of the Claims, and the      dismissal of the Lawsuit. |
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|  | 5. | Warranties.  The      Parties warrant that no promises or inducements have been offered except      as set forth herein, that this Amendment is executed without reliance upon      any statements or representations by persons or parties released or their      representatives concerning the nature and extent of the damages and/or      legal liability therefor; that it is binding on the Parties, as well as      their respective companies, organizations, successors, agents, heirs and      assigns.  The Parties further warrant that they are legally      competent and authorized to execute this Amendment, and that they accept      full responsibility therefor. |
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|  | 6. | Compromise.  This      Agreement as amended herein constitutes a full and final compromise and      settlement of any and all disputes between the Parties known or unknown,      including, but not limited to, the Lawsuit and the Claims, which are      disputed and uncertain, and about which the CRAIGS and GOLDEN PHOENIX      make no admissions as to validity or  enforceability. |
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|  | 7. | Reliance on Own Judgment and      Legal Consultation.  Each of the Parties acknowledges      that it relies wholly upon advice of counsel and its own judgment, belief      and knowledge as to the nature, extent and duration of the issues, claims,      defenses, rights and obligations relating to the Lawsuit, Claims, the      Agreement and this Amendment, and each represents that it has not been      influenced to any extent whatsoever in making this Amendment by any      representations or statements concerning the Lawsuit and Claims or      regarding any other matters made by persons, firms, or corporations who      are hereby released, or by any person or persons representing      them.  The Parties acknowledge that they have retained and      consulted their own attorneys in executing this Amendment and the legal      effect thereof. |
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|  | 8. | Representations. The      CRAIGS and GOLDEN PHOENIX further represent and warrant as      follows:   |
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|  | a. | Consents.  The      execution and delivery of this Amendment, and the consummation and      performance of the terms and conditions contemplated by this Agreement as      amended herein, do not require any consent, approval or action of, or any      filing with or notice to any person, public authority or entity except as      otherwise stated in this Amendment and the Parties executing this      Amendment are duly authorized to enter into this Agreement as amended      herein. |
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|  | b. | Enforceability.  Assuming      due execution and delivery of this Amendment by each Party, this Agreement      as amended herein constitutes the valid and legally binding obligations of      the Parties, enforceable against the Parties in accordance with their      terms. |
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|  | c. | No      Conflicts.  Neither the execution, delivery nor      performance of this Agreement as amended herein will conflict in any      respect with, result in a breach of, or constitute a default under, any      court or administrative order or process, judgment, decree, statute, law,      ordinance, rule or regulation or any agreement or commitment to which      parties executing the same are party or are subject or bound, except where      such conflict, breach or default would not have a material adverse effect      on their ability to perform their obligations contemplated      herein. |
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|  | d. | No      Assignment.  No claims, third-party claims, or rights of      the Parties purported to have been released herein have been sold,      transferred or assigned and no attempt to do so shall    occur. |
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|  | e. | Disclosure.  The      statements of the Parties contained herein are true and correct in all      material respects and do not omit any material fact necessary to make the      statements contained herein notmisleading. |
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|  | f. | Entire Agreement; No      Waiver.  The Agreement as amended herein constitutes the      entire agreement between the Parties relating to the subject matter      contained herein.  No waiver of any of the provisions of the      Agreement as amended herein shall be deemed a waiver of, nor shall      constitute a waiver of any other provision, whether or not similar, nor      shall any waiver constitute a continuing waiver. No supplement,      modification or amendment of this Agreement as amended herein shall be      binding unless executed in writing by all the  Parties. |
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|  | g. | Construction.  The      terms and conditions of this Agreement as amended herein shall be      construed as a whole according to its fair meaning and not strictly for or      against any party.  The Parties acknowledge that each of them      has reviewed this Amendment and has had the opportunity to have it      reviewed by their attorneys and that any rule of construction to the      effect that ambiguities are to be resolved against the drafting party      shall not apply in the interpretation of this Agreement, including any      amendments.  The Parties further agree that prior drafts of this      Agreement shall not be relevant or considered in connection with the      construction or interpretation of this Agreement as amended herein, or to      vary, modify or contradict any of the terms or provisions of this      Amendment to the Agreement. |
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|  | h. | Accord and      Satisfaction.  This Agreement as amended herein shall be      considered an accord and satisfaction between the Parties and not a      novation.  Should any Party default under the terms of this      Agreement, the non-defaulting Party shall be entitled only to the rights      and remedies set forth herein, and shall not have any right to reinstate      the lawsuit, the Parties expressly acknowledging the compromise of the      disputes in this Agreement as amendedherein. |
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|  | i. | Notices.  Any      notice or other communication required or permitted to be delivered to any      party under this Agreement as amended herein shall be in writing and shall      be deemed properly delivered, given and received when delivered (by hand,      by registered or certified mail, return receipt requested, by courier or      express delivery service) to the address or facsimile number set forth      beneath the name of such party and its counsel below (or to such other      address as such party shall have specified in a written notice given to      the other parties hereto).  In the event of failure of actual      receipt by reason of refusal of acceptance of delivery or change of      address and failure to give notice of such change, notice shall be deemed      received at the time of refusal of acceptance of first attempted      delivery. |
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| If      sent to STEVEN D. CRAIG AND/OR THE ESTATE OF COLLETTE      CRATER-CRAIG: |   | STEVEN      D. CRAIG AND THE ESTATE OF COLLETTE CRATER-CRAIGC/o      David J. Otto1982      North Rainbow Blvd., #117Las      Vegas, NV 89108Tel:  (702)      577-9300Fax:      (702) 255-2858                               |
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|                                                                             |   |                                                                                                                                                                                                                                   |
| If      sent to GOLDEN PHOENIX:                                                  |   | GOLDEN      PHOENIX MINERALS, INC.C/o      Tamara L. Boeck, Esq.Marc      J. Victor, Esq.Bullivant      Houser Bailey, P.C.1415      L. Street, Ste 1000Sacramento,      CA 95814Tel:      (916) 930-2500Fax:      (916) 930-2501 |

|  | j. | Partial      Invalidity.  If any term of this Agreement as amended      herein or the application of any term of this Amendment should be held by      a court of competent jurisdiction to be invalid, void or unenforceable,      all provisions, covenants and conditions of this Agreement as amended      herein, and all of its applications, not held invalid, void or      unenforceable, shall continue in full force and effect and shall not be      affected, impaired or invalidated in anyway. |
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|  | k. | Attorneys’      Fees.  The parties to this Agreement as amended herein      shall bear their own attorneys’ fees and costs incurred in this      litigation, as well as on the preparation of this Agreement as amended      herein.  In the event that any Party commences an action to      enforce or interpret this Agreement, or for any other remedy based on or      arising from this Agreement as amended herein or the Accompanying      Exhibits, the prevailing Party therein shall be entitled to recover its      reasonable and necessary attorneys’ fees and costs      incurred.  For the purposes of this provision, the “prevailing party” shall      be that Party which has been successful with regard to the main issue,      even if that Party did not prevail on all  issues. |
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|  | l. | Necessary      Action.  Each of the Parties shall do any act or thing      necessary to execute any or all documents or instruments necessary or      proper to effectuate the provisions and intent of this Agreement as      amended herein. |
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|  | m. | Governing Law and      Forum.  The laws of the State of Nevada, without giving      effect to choice of law or conflict of law principles, shall govern the      validity, construction, performance and effect of this Agreement as      amended herein.  Any lawsuit to interpret or enforce the terms      of this Agreement as amended herein shall be brought in a court of      competent jurisdiction in Washoe County,Nevada. |
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|  | n. | Counterparts and      Facsimile/copy.  This Amendment may be executed in      counterparts, in different locations, and copies, scans or facsimiles of      signatures shall be legally binding as  originals. |
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| GOLDEN      PHOENIX MINERALS, INC.                                                          |   | STEVEN      D. CRAIG                                                          |
|---------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------|
|                                                                                        |   |                                                                          |
| Date:      March 21, 2008                                                                   |   | Date:      March 19, 2008                                                     |
|                                                                                        |   |                                                                          |
| By: /s/ David A.      Caldwell                                                         |   |                                                                          |
|                                                                                        |   | /s/ Steven D.      Craig                                                      |
| Its:      CEO                                                                               |   |                                                                          |
|                                                                                        |   |                                                                          |
|                                                                                        |   | ESTATE      OF COLLETTE CRATER-CRAIG                                          |
|                                                                                        |   |                                                                          |
|                                                                                        |   | Date:      March 19, 2008                                                     |
|                                                                                        |   |                                                                          |
|                                                                                        |   | By:      Sonia M. Merz, Successor Trustee Collette Crater-Craig    Trust      |
|                                                                                        |   |                                                                          |
|                                                                                        |   | By: /s/ Sonia M.      Merz                                               |
|                                                                                        |   |                                                                          |
|                                                                                        |   |                                                                          |
| APPROVED      AS TO FORM AND CONTENT                                                        |   | APPROVED      AS TO FORM AND CONTENT                                          |
| BULLIVANT      HOUSER BAILEY, PC                                                            |   |                                                                          |
|                                                                                        |   | Date:                                                                         |
| Date:                                                                                       |   |                                                                          |
|                                                                                        |   |                                                                          |
|                                                                                        |   | By: /s/ David J.      Otto                                               |
| By: /s/ Tamara L.      Boeck                                                           |   | David      J. Otto                                                            |
| Tamara      L. Boeck                                                                        |   | 1982      North Rainbow Blvd., #117                                           |
| Marc      J. Victor                                                                         |   | Las      Vegas, NV 89108                                                 |
| 1415      L. Street, Ste 1000Sacramento,      CA 95814Attorney      for GOLDEN PHOENIX |   | Attorney      for STEVEN D. CRAIG and theESTATE      OF COLLETTE CRATER-CRAIG |

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