TORONTO, Nov. 2 /CNW/ - Win-Eldrich Mines Limited (TSXV - WEX) of Toronto, Ontario is pleased to announce that the Bureau of Land Management (BLM) has approved the Plan of Operations for the Ashdown molybdenum and gold mine located in Humboldt County, Nevada. A Finding of No Significant Impact (FONSI) and Decision Record have been issued and signed by the BLM Winnemucca Field Manager.

The mine is operated by the Ashdown Project LLC, a cooperative venture between Golden Phoenix Minerals Inc. and Win-Eldrich. Ashdown is being readied to produce molybdenite concentrates for sale through a purchase contract with a London-based brokerage.

Approval of the Plan of Operations makes Ashdown the first new U.S. molybdenum mine to come on line during the current commodity bull market. The mine's reclamation plan has also been approved by BLM and a $216,518 bond, posted on October 19, 2006, is awaiting processing for final acceptance. Prior to bond clearance, mining and milling activities are scaling up under a pre-existing bulk sample permit.

Perry Muller, President of Win-Eldrich, commented, "We are pleased with the progress of the mine and mill to date, and are working closely with Golden Phoenix through the LLC Management Committee to bring production to market while moly prices continue to consolidate at current high levels."

Win-Eldrich was incorporated in 1942. It acquired the Ashdown Gold and Molybdenum property from American Copper & Nickel Company, the US subsidiary of INCO, in 1987, and attempted to develop a gold mine on the Ashdown property but was thwarted by declining prices. Both gold and molybdenum prices are at twenty year highs, and in addition to developing the molybdenum resource on the property, the LLC intends to update feasibility studies conducted in 1989, 1990 and 1992 to determine if the gold resource can be developed.

More information is available on the Win-Eldrich website, www.win-eldrich.com. Thank you for your interest in Win-Eldrich Mines Limited.

This news release includes certain forward-looking statements within the meaning of applicable securities laws concerning the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, including the uncertainty of resource and reserve estimates, operational and technical difficulties, fluctuating commodity prices, competitive risks, the availability of financing and compliance with applicable laws, including obtaining requisite permits, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements.

For further information: Perry Muller, President and a Director of Win-Eldrich, at (402) 753-9134