Document:

TERMINATION
      AGREEMENT

    

    TERMINATION
      AGREEMENT
      (the
“Agreement”), dated as of January 19, 2006, by and between GOLDEN
      PHOENIX MINERALS, INC.,
      a
      Minnesota corporation, (the “Company”), and FUSION
      CAPITAL FUND II, LLC, an
      Illinois limited liability company (the “Buyer”).

    

    WHEREAS,
      the
      Buyer and the Company mutually desire to terminate the Common Stock Purchase
      Agreement dated as of July 13, 2005, by and between the Company and the Buyer
      (the “Purchase Agreement”) and the agreements entered into in connection with
      the Purchase Agreement. All capitalized terms used in this Agreement that are
      not defined in this Agreement shall have the meanings set forth in the Purchase
      Agreement.

    

    NOW
      THEREFORE,
      the
      Company and the Buyer hereby agree as follows:

    

    1. TERMINATION
      OF THE PURCHASE AGREEMENT. 

    

    The
      Purchase Agreement, and the other Transaction Documents between the Buyer and
      the Company related to the Purchase Agreement (other than this Agreement) are
      hereby terminated effective as of the date hereof and any and all rights, duties
      and obligations arising thereunder or in connection with the Purchase Agreement,
      and the Transaction Documents are now and hereafter fully and finally
      terminated, provided, however, that (i) the representations and warranties
      of
      the Buyer and Company contained in Sections 2 and 3 of the Purchase Agreement,
      (ii) the indemnification provisions set forth in Section 8 of the Purchase
      Agreement, and (iii) the agreements and covenants set forth in Section 11 of
      the
      Purchase Agreement shall survive such termination and shall continue in full
      force and effect (the “Surviving Obligations”).

    

    2. MISCELLANEOUS.

    

    (a) Governing
      Law; Jurisdiction; Jury Trial.
      All
      questions concerning the construction, validity, enforcement and interpretation
      of this Agreement shall be governed by the internal laws of the State of
      Illinois, without giving effect to any choice of law or conflict of law
      provision or rule (whether of the State of Illinois or any other jurisdictions)
      that would cause the application of the laws of any jurisdictions other than
      the
      State of Illinois. Each party hereby irrevocably submits to the exclusive
      jurisdiction of the state and federal courts sitting in the City of Chicago,
      for
      the adjudication of any dispute hereunder or under the other Transaction
      Documents or in connection herewith or therewith, or with any transaction
      contemplated hereby or discussed herein, and hereby irrevocably waives, and
      agrees not to assert in any suit, action or proceeding, any claim that it is
      not
      personally subject to the jurisdiction of any such court, that such suit, action
      or proceeding is brought in an inconvenient forum or that the venue of such
      suit, action or proceeding is improper. Each party hereby irrevocably waives
      personal service of process and consents to process being served in any such
      suit, action or proceeding by mailing a copy thereof to such party at the
      address for such notices to it under this Agreement and agrees that such service
      shall constitute good and sufficient service of process and notice thereof.
      Nothing contained herein shall be deemed to limit in any way any right to serve
      process in any manner permitted by law. EACH
      PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO
      REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN
      CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION
      CONTEMPLATED HEREBY.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    (b) Counterparts.
      This
      Agreement may be executed in two or more identical counterparts, all of which
      shall be considered one and the same agreement and shall become effective when
      counterparts have been signed by each party and delivered to the other party;
      provided that a facsimile signature shall be considered due execution and shall
      be binding upon the signatory thereto with the same force and effect as if
      the
      signature were an original, not a facsimile signature.

    

    (c) Headings.
      The
      headings of this Agreement are for convenience of reference and shall not form
      part of, or affect the interpretation of, this Agreement.

    

    (d) Severability.
      If any
      provision of this Agreement shall be invalid or unenforceable in any
      jurisdiction, such invalidity or unenforceability shall not affect the validity
      or enforceability of the remainder of this Agreement in that jurisdiction or
      the
      validity or enforceability of any provision of this Agreement in any other
      jurisdiction.

    

    (e) Notices.
      Any
      notices, consents, waivers or other communications required or permitted to
      be
      given under the terms of this Agreement must be in writing and will be deemed
      to
      have been delivered: (i) upon receipt, when delivered personally; (ii) upon
      receipt, when sent by facsimile (provided confirmation of transmission is
      mechanically or electronically generated and kept on file by the sending party);
      or (iii) one Trading Day after deposit with a nationally recognized overnight
      delivery service, in each case properly addressed to the party to receive the
      same. The addresses and facsimile numbers for such communications shall
      be:

    

    If
      to the
      Company:

    Golden
      Phoenix Minerals, Inc.

    1675
      E.
      Prater Way, Suite 102

    Sparks,
      Nevada 89434

    Telephone: 775-853-4919

    Facsimile: 775-853-5010

    Attention:
       

    

    

    If
      to the
      Buyer:

    Fusion
      Capital Fund II, LLC

    222
      Merchandise Mart Plaza, Suite 9-112

    Chicago,
      IL 60654

    Telephone: 312-644-6644

    Facsimile: 312-644-6244

    Attention: Steven
      G.
      Martin

    

    or
      at
      such other address and/or facsimile number and/or to the attention of such
      other
      person as the recipient party has specified by written notice given to each
      other party three (3) Trading Days prior to the effectiveness of such change.
      Written confirmation of receipt (A) given by the recipient of such notice,
      consent, waiver or other communication, (B) mechanically or electronically
      generated by the sender's facsimile machine containing the time, date, and
      recipient facsimile number or (C) provided by a nationally recognized overnight
      delivery service, shall be rebuttable evidence of personal service, receipt
      by
      facsimile or receipt from a nationally recognized overnight delivery service
      in
      accordance with clause (i), (ii) or (iii) above, respectively.

    

    (f) Successors
      and Assigns.
      This
      Agreement shall be binding upon and inure to the benefit of the parties and
      their respective successors and assigns. The Company shall not assign this
      Agreement or any rights or obligations hereunder without the prior written
      consent of the Buyer, including by merger or consolidation. The Buyer may not
      assign its rights or obligations under this Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    (g) No
      Third Party Beneficiaries.
      This
      Agreement is intended for the benefit of the parties hereto and their respective
      permitted successors and assigns, and is not for the benefit of, nor may any
      provision hereof be enforced by, any other person.

    

    (h) Further
      Assurances.
      Each
      party shall do and perform, or cause to be done and performed, all such further
      acts and things, and shall execute and deliver all such other agreements,
      certificates, instruments and documents, as the other party may reasonably
      request in order to carry out the intent and accomplish the purposes of this
      Agreement.

    

    (i) No
      Strict Construction.
      The
      language used in this Agreement is the language chosen by the parties to express
      their mutual intent, and no rules of strict construction will be applied against
      any party.

    

    (j) Changes
      to the Terms of this Agreement.
      This
      Agreement and any provision hereof may only be amended by an instrument in
      writing signed by the Company and the Buyer. The term "Agreement" and all
      reference thereto, as used throughout this instrument, shall mean this
      instrument as originally executed, or if later amended or supplemented, then
      as
      so amended or supplemented.

    

    (k) Failure
      or Indulgence Not Waiver.
      No
      failure or delay in the exercise of any power, right or privilege hereunder
      shall operate as a waiver thereof, nor shall any single or partial exercise
      of
      any such power, right or privilege preclude other or further exercise thereof
      or
      of any other right, power or privilege.

    

    *
      * *

    

    IN
      WITNESS WHEREOF,
      the
      Buyer and the Company have caused this Termination Agreement to be duly executed
      as of the date first written above.

     

    
      	 	 	THE
              COMPANY:
	 	 	 
	 	 	GOLDEN PHOENIX MINERALS,
              INC.
	 	 	 
	 	 	By: /s/ Kenneth S. Ripley
	 	 	Name: Kenneth S. Ripley 
	 	 	Title: Interim Chief
              Executive
              Officer
	 	 	 
	 	 	BUYER:
	 	 	 
	 	 	FUSION CAPITAL FUND II,
              LLC
	 	 	BY: FUSION CAPITAL PARTNERS,
              LLC
	 	 	BY: SGM HOLDINGS
              CORP.
	 	 	 
	 	 	By: /s/ Steven G. Martin
	 	 	Name:  Steven
              G. Martin
	 	 	Title:    President<PAGE>

                                                                   EXHIBIT 10.50

                            ASSET TRANSFER AGREEMENT

                                      among

         Focus Media Digital Information Technology (Shanghai) Co., Ltd.

                                       and

                Shanghai New Focus Media Advertisement Co., Ltd.

                                   Dated as of

                                December 31 2005

<PAGE>

ASSET TRANSFER AGREEMENT

This ASSET TRANSFER AGREEMENT (this "AGREEMENT"), dated as of December 31 2005,
is entered into by and between the following parties:

(1)   FOCUS MEDIA DIGITAL INFORMATION TECHNOLOGY (SHANGHAI) CO., LTD., a company
      of limited liabilities incorporated under the laws of China, with its
      legal address at Room A72, Floor 28, No.369, Jiangsu Road, Changning
      District, Shanghai (hereinafter, the " SELLER");

(2)   SHANGHAI NEW FOCUS MEDIA ADVERTISEMENT CO., LTD., a company of limited
      liabilities incorporated under the laws of China, with its legal address
      at Room A72, Floor 28, No.369, Jiangsu Road, Changning District, Shanghai
      (hereinafter, the " BUYER").

WHEREAS:

The Seller, as a technology company, owns the assets and equipments for the
operation of LCD advertisement. The Seller desires to sell to the Buyer, and the
Buyer desires to purchase from the Seller, the assets in connection with the
business of the seller, upon the terms and subject to the conditions set forth
in this Agreement.

THEREFORE, the parties hereto hereby agree as follows:

1.          DEFINITION

1.1         Unless otherwise stipulated in the provisions or in the context of
            this Agreement, the following terms shall bear the meaning as
            follows:

            "TRANSFER ASSETS" shall mean the Seller's assets and equipments
            listed in Evaluation Report as Appendix II.

            "CLOSING" shall mean the completion of the sell and purchase of the
            Transfer Assets pursuant to the Article 4;

            "CLOSING DATE" shall mean the date of Closing;

            "RESTRICTION OF RIGHTS" shall mean all the pledge, mortgage, lien,
            security rights, preemption, option or any other restriction of
            rights or third party rights or any claim of rights (except for (i)
            lien raised or result from the repair or other similar situation
            during the ordinary course of business, and (ii) general ownership
            appointment and

                                       1
<PAGE>

            ownership reservation clause reached during the ordinary course of
            business for the purchase of goods);

            "PARTIES" shall mean the parties to this Agreement and their
            respective successors or ASSIGNEES;

            "PRC" shall mean the People's Republic of China, for the purpose of
            this Agreement, not including Hong Kong, Macao Special
            Administrative Region and Taiwan;

            "WARRANT" shall mean all the representations, warrants and
            undertakings included or in relation to the Article 6 and Appendix
            I; and,

            "RMB" shall mean the legal currency of PRC.

1.2         The articles and appendix cited in this Agreement shall be the
            articles and appendix of this Agreement (unless otherwise stipulated
            in the context). The context and appendix constitute the whole
            Agreement.

1.3         The titles of the articles contained herein shall be for convenience
            only, and shall not affect the interpretation of the provisions
            hereof.

1.4         If allowed by the context, the wording as of "Seller" and "Buyer"
            shall include the Seller and Buyer's respective successors,
            authorized representatives and the assignees with their consent.

2.          SELL OF THE TRANSFER ASSETS

2.1         Restricted by the provisions of this Agreement, the Seller shall be
            the legal owner to sell and cause the Buyer to obtain all the
            Transfer Assets without any restriction of rights hereupon.

2.2         Except for the assets and obligations clearly specified in the
            Agreement, under this Agreement, the Buyer shall not be deemed to be
            transferred of other assets or obligations from the Seller, nor be
            deemed to undertake any duty or obligations in relation to such
            assets and obligations.

3.          CONSIDERATION

            The Parties understand that the sell and purchase of the Transfer
            Assets under this Agreement shall for the interest of the Parties;
            and the Parties acknowledge that the consideration, which is full,
            non-gratuitous and

                                       2
<PAGE>

            made with good faith, for the execution and the performance of this
            Agreement, has been accepted by the Parties. Based on such
            understanding, the Parties agree that the consideration payable by
            the Buyer under this Agreement shall be the evaluation price in the
            Evaluation Report, i.e. RMB 251,499,950.11 in total; and the Seller
            undertakes that, except for the consideration stipulated above, it
            shall not, by virtue of any other reason, request the Buyer to pay
            other consideration in respect of the execution and the performance
            of this Agreement.

4.          OBLIGATION OF THE SELLER

4.1         In case that no breach to the Warrant, the Seller shall undertake:

            4.1.1 any indebtedness, duty and obligation on the Transfer Assets
                  existing before and on the Closing Date raised by virtue of
                  any restriction of rights, regardless of such obligation
                  raised before or after the Closing Date; and

            4.1.2 any third party's claim or obligation in respect of the
                  Transfer Assets result from any do or no-to-do by the Seller
                  before or on the Closing Date.

5.          WARRANT

5.1         The Seller hereby represents warrants and undertakes to the Buyer in
            respect of the factuality and accuracy of the Warrant.

5.2         The Seller hereby acknowledges that the Buyer executes this
            Agreement due to its believing of the Warrant under this Agreement
            and the Buyer executes this Agreement based on such Warrant.

5.3         The Seller hereby warrants that at any time it shall indemnify the
            Buyer for and against any loss, damage, interest, cost and expense,
            under the circumstances that such indemnification will not restrict
            any rights of the Buyer or infringe any rights of claim of the Buyer
            based on such rights.

5.4         Each Warrant shall be separately made and independent to each other,
            unless clear contrarily stipulated, each Warrant shall not be
            restricted by other Warrant or any provision of this Agreement or be
            deduced from any Warrant or any provision of this Agreement.

5.5         The interest under this Article can be transferred without
            restriction in a

                                       3
<PAGE>

            whole or partially transferred by the one who enjoys the interest at
            the time of such transfer.

5.6         Regardless of the Closing, any Warrant and any provision of this
            Agreement, which are not completely performed, shall be remain
            effective.

6.          BREACH

6.1         The Parties agree and confirm that, if any party (hereinafter the
            "DEFAULTING PARTY") breaches substantially any of the provisions
            herein or omits substantially to perform any of the obligations
            hereunder, or fails substantially to perform any of the obligations
            under this Agreement, such a breach or omission shall constitute a
            default under this Agreement (hereinafter a "DEFAULT"), then any
            party of the Non-Defaulting Party ("NON-DEFAULTING PARTY") shall
            have the right to require the Defaulting Party to rectify such
            Default or take remedial measures within a reasonable period. If the
            Defaulting Party fails to rectify such Default or take remedial
            measures within such reasonable period or within ten (10) days of
            the other Party's notifying the Defaulting Party in writing and
            requiring it to rectify the Default, then Non-Defaulting Party shall
            have the right at its own discretion to (1) terminate this Agreement
            and require the Defaulting Party to indemnify it for all the damage;
            or (2) request mandatory performance of the obligations of the
            Defaulting Party hereunder and require the Defaulting Party to
            indemnify it for all the damage.

6.2         Notwithstanding any other provisions herein, the validity of this
            Article shall stand disregarding the suspension or termination of
            this Agreement.

7.          FORCE MAJEURE

            If the performance or duly performance of one party is directly
            affected by earthquake, typhoon, flood, war, computer virus, flaw in
            tool software, the attack of hacker on the internet, change of
            policy and law and other event which is unforeseeable, unavoidable
            and insurmountable, the party affected by the Force Majeure shall at
            once announce the other party of the Force Majeure by facsimile and,
            within thirty (30) days, provide the other party with the detailed
            information of the Force Majeure and a valid evidencing document
            issued by the relevant notarization organization, stating the
            reasons that the Agreement cannot be performed or would be performed
            with delay. The Parties, by reference to the influence of the Force
            Majeure for the performance of this Agreement, shall thereby make
            consultation on whether or not to partially release the obligations
            of one party from

                                       4
<PAGE>

            performing the Agreement, or to perform the Agreement in delay. The
            Parties shall be released of any liabilities in respect of the
            economic losses result from the Force Majeure.

8.          GENERAL PROVISIONS

8.1         This Agreement shall be prepared in the Chinese language in two (2)
            original copies, with each involved Party holding one (1) copy
            hereof.

8.2         The formation, validity, execution, amendment, interpretation and
            termination of this Agreement shall be subject to PRC Law.

8.3         Any disputes arising hereunder and in connection herewith shall be
            settled through consultations among the Parties, and if the Parties
            cannot reach an agreement regarding such disputes within thirty (30)
            days of their occurrence, such disputes shall be submitted to China
            International Economic and Trade Arbitration Commission Shanghai
            Branch for arbitration in Shanghai in accordance with the
            arbitration rules of such Commission, and the arbitration award
            shall be final and binding on all Parties.

8.4         Any rights, powers and remedies empowered to any Party by any
            provisions herein shall not preclude any other rights, powers and
            remedies enjoyed by such Party in accordance with laws and other
            provisions under this Agreement, and the exercise of its rights,
            powers and remedies by a Party shall not preclude its exercise of
            its other rights, powers and remedies by such Party.

8.5         Any failure or delay by a Party in exercising any of its rights,
            powers and remedies hereunder or in accordance with laws
            (hereinafter the "PARTY'S RIGHTS") shall not lead to a waiver of
            such rights, and the waiver of any single or partial exercise of the
            Party's Rights shall not preclude such Party from exercising such
            rights in any other way and exercising the remaining part of the
            Party's Rights.

8.6         Each Party to this Agreement shall respectively bear the expense
            result from this Agreement or incurred during the transaction under
            this Agreement.

8.7         Regardless of the Closing, all the provisions of this Agreement
            shall remain completely effective, unless the obligation under such
            provisions has been fully performed upon the Closing.

8.8         Each provision contained herein shall be severable and independent
            from each of other provisions, and if at any time any one or more
            articles herein

                                       5
<PAGE>

            become invalid, illegal or unenforceable, the validity, legality or
            enforceability of the remaining provisions herein shall not be
            affected as a result thereof.

8.9         Any amendments or supplements to this Agreement shall be made in
            writing and shall take effect only when properly signed by the
            Parties to this Agreement.

8.10        Without prior written consent by the other Party, any Party shall
            not transfer to any third party any of its right and/or obligation
            under this Agreement.

                   [THE REMAINDER OF THIS PAGE IS LEFT BLANK]

                                       6
<PAGE>

[SIGNING PAGE]

IN WITNESS HEREOF, the following Parties have caused this Assets Transfer
Agreement to be executed as of the date and in the place first here above
mentioned.

FOCUS MEDIA DIGITAL INFORMATION TECHNOLOGY (SHANGHAI) CO., LTD.

(Chop)

By: /s/ Jiang Nanchun
    -------------------------------
Name: Jiang Nanchun
Position: Authorized Representative

SHANGHAI NEW FOCUS MEDIA ADVERTISEMENT CO., LTD.
(Chop)

By: /s/ Jiang Nanchun
    -------------------------------
Name: Jiang Nanchun
Position: Authorized Representative

                                       7
<PAGE>

APPENDIX I

WARRANT

1.          Company Business

1.1         The Seller is a limited company duly incorporated under PRC laws and
            is validly existing, is not subject to any order or claim or
            resolution passed from the liquidator, and its assets has not been
            detained, enforced or in the process of enforcement. No indebtedness
            shall be repaid by the Seller; no one has appointed receiver or
            administrator in respect of all or part of the business and the
            assets of the Seller; nor does any order have been made in relation
            to such appointment.

1.2         The Sell has the power to execute, deliver and perform this
            Agreement and has carried out necessary activities to authorize such
            execute, deliver and perform. This Agreement creates the legal,
            effective and binding obligation to the Seller, and such obligation
            is enforceable pursuant to this Agreement.

2.          Assets

2.1         The Seller has good and tradable ownership to the Transfer Assets,
            except for the use right to the Transfer Assets granted to the third
            party by Technology Permission and Service Agreement dated February
            28 2005, all the Transfer Assets are free from any restriction of
            rights, third party rights, and free from any payment obligation
            under lease agreement and financial lease agreement, sell on credit
            agreement, delay or documentary sale agreement, or free from other
            same rights or rights similar to the rights above.

2.2         The use or transfer of the Transfer Assets will not in conflict with
            any laws, regulations or other legally enforceable requirements.

2.3         In terms of the Transfer Assets, the transferor parties or any other
            third party (the transferor party might be liable on the third
            party's behalf for its activity or breach) do not carry out any
            activity which violates the criminal law or infringe the rights of
            others, nor do those activity violate any other laws, regulations or
            other legally enforceable requirements.

2.4         The transferor party is not subject to any investigation or inquiry
            by the governmental institution and does not aware of any fact which
            will lead to such investigation or inquiry.

                                       8
<PAGE>

2.5         No agreement or arrangement will restrict or negatively affect the
            transaction under this Agreement or affect the ownership or the use
            or the disposal of the Transfer Assets by the transferee.

2.6         After the Closing, the transferee can obtain the property rights of
            the Transfer Assets which is complete and good and free from the
            third party's restriction.

3.          Intellectual Property Right

3.1         The transferor legally holds the title to the intellectual property
            right to the Transfer Assets, and has carries out reasonable and
            feasible measures to preserve such intellectual property right from
            infringing.

3.2         There is no third party right upon the intellectual property right
            to the Transfer Assets; the transfer of such intellectual property
            right pursuant to this Agreement will not infringe any other
            intellectual property right of the third party or other legal
            interest of the third party.

4.          Accuracy of the Information

4.1         All the information contains in the context and appendix of this
            Agreement is true and is not misleading in any respect.

4.2         The written information provided by the Seller or its professional
            consultant in respect of the assets and business is true and
            accurate currently and at the time of such providing.

                                       9
<PAGE>

APPENDIX II

EVALUATION REPORT

                                       10

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