Toronto, Ontario, November 20, 2007 – Win-Eldrich Mines Limited (WEX, TSX Venture Exchange), minority owner of Ashdown Project LLC, which owns a Nevada-based molybdenum mine, announces significant progress continues at Ashdown. Golden Phoenix Minerals Inc., the mine’s manager and majority owner, has advised that following the return to service of the Ashdown mill in September, by October, Ashdown was generating consistent production of quality concentrates, with recoveries increasing since restart to better than 90 percent. Four shipments of molybdenum have been sold during this period bringing the cumulative total since start-up in December 2006 to 14 shipments containing over 615,000 pounds of concentrate. The mill is presently completing Shipment #15. The market price of molybdenum oxide, which determines the adjusted price received for Ashdown concentrates, has averaged $31.99 per pound since September.

In this same period, the mine continued ore extraction within #2 Raise in the Sylvia Stope and along the Sylvia drift. In accordance with MSHA directives, reinforcement of the main drift was completed involving cribbing, bolting, shotcreting and fireproofing. The development of the secondary escapeway also continued, with approval from the Bureau of Land Management to establish an access road and portal pad for the secondary escapeway decline. The mine also took delivery of a two-yard mucker and 10-ton haul truck to accelerate production.

Golden Phoenix advises that Kent Aveson assumed the role of General Manager on October 15 and immediately initiated a review of all systems and procedures aimed at streamlining operations and enhancing safety, performance and efficiency. Staffing levels at Ashdown have reached 65, with GM Aveson implementing the following organizational changes:

Ron Johnson has joined the Ashdown team as Mill Superintendent. Mr. Johnson holds a degree in Metallurgical Engineering and was previously with Barrick's Turquoise Ridge mine in Golconda, Nevada. With 30 years experience in production, research and development, including 16 years in molybdenum and copper flotation, Mr. Johnson will focus on enhancing production and processing.

With the arrival of a Mill Superintendent, David Tretbar will transfer from Manager Metallurgical Services, responsible for improved product quality and higher recoveries in the mill, to Engineering Manager. In his new role, Mr. Tretbar will direct a wide range of technical support functions including ore control, mine planning and scheduling, reserve development and future expansion.

Darrin Quimby has been promoted from Safety Coordinator to Mine Superintendent. Since joining the Ashdown team, Mr. Quimby has demonstrated his knowledge of mining and his skills at organizing and leading mine crews.

Terry Perkins, the Qualified Person responsible for the metallurgical portion of the reserve study currently in process, was on site to review operations in advance of finalizing his section of the report. The reserve study, which will be both NI 43-101 and Guide 7 compliant, is designed to provide technical information that defines the Ashdown ore body in a standardized manner accepted in both the US and Canada.

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.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information: Perry Muller, President and a Director of Win-Eldrich, at
(402) 753-9134.