SCHEDULE 14A

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THE GOLDFIELD CORPORATION
(Name of Registrant as Specified In Its Charter)

eRaider.com Inc.
(Name of Person(s) Filing Proxy Statement, if
other
than the Registrant)

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Institutional Shareholder Services Supports
eRaider's Campaign at Goldfield Corp. (Amex:
GV)
For the first time, leading proxy advisor backs
Internet-organized dissidents over management
New York, June 12   Institutional Shareholder Services, the leading
provider of proxy voting and corporate governance services, has supported
dissident shareholder eRaider in its proxy fight at Goldfield Corporation
(Amex: GV). It is the first time that ISS has backed Internet-organized
activists over management. ISS endorsed eRaider's recommendation to
preserve cumulative voting, opposed management's resolution for a
meeting adjournment if cumulative voting is not overturned, and declared
itself neutral on the election of directors.
"ISS agrees with our diagnosis and our prescription. They are
recommending that we give the company two-thirds of the dosage to
begin," eRaider CEO and Shareholder Value Slate candidate Aaron Brown
says. Brown notes ISS called eRaider's board of directors watchdog role
unnecessary "at this time," suggesting it might be needed later. "We think
the ISS recommendations make it more likely we can save cumulative
voting, hold a simple and fair election for the board, and get an
independent outside expert director."
eRaider's Shareholder Value Slate hopes to become the first web-based
group to elect directors when Goldfield counts the votes on Tuesday, June
19 in Melbourne, Florida. eRaider organizes shareholders of Goldfield and
its other target companies at its www.eRaider.com website to improve
equity value through shareholder activism.
ISS supported cumulative voting "as an important tool in the protection of
shareholders' rights" and recommends voting AGAINST management's
proposal to eliminate it. ISS also opposed management's proposal to
adjourn the meeting if it does not have enough votes to overturn
cumulative voting. "Once the votes have been cast, there is no justification
for spending more money to continue pressing shareholders for more
votes," ISS stated. On election of directors, ISS took a neutral stance,
recommending an independent outside director with mining or electrical
construction experience, the same position eRaider took in discussions
with management that proved fruitless and led to the proxy contest.
ISS provides voting recommendations to 700 institutional investors. "If
Goldfield hopes to attract institutional investment, it needs to respect the
ISS recommendations. ISS is the only neutral arbiter in these proxy
contests and an expert on corporate governance issues such as cumulative
voting," Brown notes.
"Institutional investors in general, and ISS in particular, have been
extremely supportive of eRaider's efforts to get ordinary shareholders to
exercise their rights in corporate elections. However, they have been
understandably slow to back Internet-organized coalitions over existing
management, without evidence of deep problems," Brown observes. "I
believe this is the first dissident proxy organized entirely on the Internet to
gain ISS support."
The proxy fight and increased scrutiny from shareholders and ISS has
already brought benefits, Brown contends, noting Goldfield shares closed
at a seven month high Tuesday. "Goldfield adopted many of our proposed
changes in order to gain support from stock owners and win a neutral
verdict from ISS on one item. Goldfield chairman and CEO John Sottile
indicated he would resign from the nominating committee of the board,
thus opening up the board to independent nominees. Further he said he
would have no objection to the board redeeming his preferred stock, which
gives him controlling voting rights in some circumstances, despite
representing only about 1.5 percent of the company's capital. He finally
answered questions about a missing $583,000 that shareholders have been
asking for ten months. Outside members of the board increased their
holdings of Goldfield stock from a low of $375 among all members to
$65,000 and officers of the Company bought another $425,000. Sottile
outlined a long-term strategy that impressed ISS, a strategy that had never
before been communicated to shareholders. Even if we lose on every
agenda item, we have won much of what we set out to accomplish."
The ISS report contained glowing reports of Goldfield's prospects and
presented convincing evidence that it is undervalued. Brown says "When I
put on my finance professor hat, the main significance is that institutional
investors will support dissidents even when a company is well-run and has
a promising future. Most successful dissident campaigns involve
management that is incompetent or dishonest, or deep business problems.
In these cases the only course is to sell or break up the company, and even
that will only offset a small portion of shareholder losses. eRaider targets
successful but undervalued companies in which improved shareholder
oversight will generate large profits, not reduced losses. This may be the
first time dissidents can win institutional support for changes at a company
that is a sound investment. And Goldfield will remain a good investment
no matter who wins the proxy contest."
History of the eRaid
eRaider's companion fund began buying shares of Goldfield on March 10,
2000. On November 17, Goldfield was named as target company on the
eRaider.com website. eRaider CEO Aaron Brown then went to
Melbourne, Florida, to meet Goldfield chairman and CEO John Sottile.
Two days of talks and tours were friendly but did not reassure Brown
about the adequacy of Goldfields board of directors' oversight.
Subsequent contacts personally and through intermediaries failed to reach
an agreement on substantives issues, most notably adding at least one
significant independent shareholder to the board of directors.
Proxies
eRaider is soliciting proxies for Goldfield's annual meeting on June 19,
2001. eRaider strongly advises all shareholders to read the proxy
statement at
http://www.eraider.com/article.cfm?topicID=50&catID=158&articleID=6
47 or by emailing info@eRaider.com, or a free copy is available from:
Privateer Asset Management
PO Box 20170
Park West Station
New York, NY 10025
About eRaider.com Inc.
eRaider was founded in March 1999 by business school professors Aaron
Brown and Martin Stoller. It united a public mutual fund, Allied Owners
Action Fund (now operating only as a private fund), with a set of Internet
message boards devoted to organizing shareholders of the companies the
Fund bought. The Fund buys 5 percent stakes in undervalued public
companies, then announces those target companies at the eRaider.com
site. Discussions among eRaider's expert moderators (business school
professors and experienced takeover professionals) and target company
shareholders lead to actions to improve shareholder value.
Goldfield is eRaider's fifth announced target company and the first to
result in a full-fledged proxy fight. In four previous eRaids, eRaider won a
place at the restructuring table (Employee Solutions, NASDAQ: ESOL),
engaged in a constructive dialogue with management (Comshare,
NASDAQ: CSRE), has failed so far (Jameson Inns, NASDAQ: JAMS)
and detoxified a company's capital structure on the most favorable terms
ever (Transmedia Asia Pacific, NASDAQ: MBTA). One eRaider target
put itself up for sale immediately after eRaider announced an interest,
another was taken over before eRaider had a chance to announce.
Comshare may be the object of a takeover attempt in that another
company has bought 5 percent of its stock and filed a 13-D, but that is not
conclusive evidence.
About Goldfield Corp.
Goldfield Corporation was founded in 1906 by George Wingfield and US
Senator George Nixon as Goldfield Consolidated Mines, a Wyoming gold
mining company. Both men became multimillionaires as a result of this
mine. Bernard Baruch and Herbert Hoover were later involved in it.
Wingfield was known as the "owner and operator of Nevada" because he
owned every bank in the state and was boss of both the Republican and
Democratic state parties. In 1921 Goldfield became one of the founding
members of the American Stock Exchange. Today it has two main
businesses: St. Cloud Mining is the largest producer of natural zeolites in
North American (zeolites are minerals useful for filtration, toxic chemical
clean-up, soil reclamation, fertilizer and animal feed additives among
other things); and Southeast Power, specializing in electric transmission
and fiber optic cable line construction.
Availabilities
Shareholder Value Slate candidates Aaron Brown and Deborah Pastor are
available for interviews print and electronic print media by phone, email,
and on location in their New York offices or conveniently located studios.
They will also be available in Melbourne, Florida, before and after the
Goldfield meeting on Tuesday, June 19. Details to be arranged.
Contact
Deborah Pastor, Portfolio Manager, Allied Owners Action Fund, (646)
505-0215, Deborah.Pastor@PrivateerAM.com

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXX
Institutional Shareholder Services Supports
eRaider's Campaign at Goldfield Corp. (Amex: GV)
New York, June 11   Institutional Shareholder Services, the leading
provider of proxy voting and corporate governance services, supported
eRaider's(eRaider.com Inc.) dissident recommendations over
management's on two out of the three agenda items. On the third item ISS
took a neutral stance, recommending an independent outside director with
mining or electrical construction experience (eRaider's original proposal)
over eRaider's and management's nominees. However, ISS remarked that
eRaider's watchdog role was unnecessary "at this time" leaving open the
possibility that it might be needed later. eRaider organizes shareholders of
its target companies at its www.eRaider.com website.
Aaron Brown, CEO of eRaider, said "ISS is the only neutral arbiter in
these proxy contests, so its views carry great weight. 700 institutional
investors follow the recommendations and many individual investors do as
well. We think this result will make it more likely we can save cumulative
voting, hold a simple and fair election for the board and get an
independent outside expert director." He went on to note that Goldfield
needs to attract institutional investment, which will only come if the
Company respects ISS conclusions.
"Goldfield adopted many of our proposed changes in order to win the
neutral verdict on one item," Brown stated. "John Sottile indicated he
would resign from the nominating committee of the board, thus opening
up the board to independent nominees. Further he said he would have no
objection to the board redeeming his preferred stock, which gives him
controlling voting rights in some circumstances, despite representing only
about 1.5 percent of the shares outstanding. He finally answered questions
about a missing $583,000 that shareholders have been asking for ten
months. Outside members of the board increased their holdings of
Goldfield stock from a low of $375 among all members to $65,000 and
officers of the Company bought another $425,000. Sottile outlined a long-
term strategy that impressed ISS, but had never before been
communicated to shareholders. Even if we lose on every agenda item, we
have won most of what we set out to accomplish."
Brown continued, "Institutional investors in general, and ISS in particular,
have been extremely supportive of eRaider's efforts to get ordinary
shareholders to exercise their rights in corporate elections. However, they
have been understandably slow to back Internet-organized coalitions over
existing management, especially without evidence of deep problems. I
believe this is the first dissident proxy organized entirely on the Internet to
gain ISS support."
The ISS report contained glowing reports of Goldfield's prospects and
presented convincing evidence that it is undervalued. Brown said "when I
put on my finance professor hat, the main significance is that institutional
investors will support dissidents even when a company is well-run with a
promising future. Most successful dissident campaigns involve
management that is incompetent or dishonest, or deep business problems.
In these cases the only course is to sell or break up the company, and even
that will only offset a small portion of shareholder losses. eRaider targets
successful but undervalued companies in which improved shareholder
oversight will generate large profits, not reduced losses. This may be the
first time dissidents can win large scale support in a stock that is a good
investment whoever wins."
History of the eRaid
eRaider's companion fund began buying shares of Goldfield on March 10,
2000. On November 17, Goldfield was named as target company on the
eRaider.com website. eRaider CEO Aaron Brown then went to
Melbourne, Florida, to meet Goldfield chairman and CEO John Sottile.
Two days of talks and tours were friendly but did not reassure Brown
about the adequacy of Goldfields board of directors' oversight.
Subsequent contacts personally and through intermediaries failed to reach
an agreement on substantives issues, most notably adding at least one
significant independent shareholder to the board of directors.
Proxies
eRaider is soliciting proxies for Goldfield's annual meeting on June 19,
2001. eRaider strongly advises all shareholders to read the proxy
statement at
http://www.eraider.com/article.cfm?topicID=50&catID=158&articleID=6
47 or by emailing info@eRaider.com, or a free copy is available from:
Privateer Asset Management
PO Box 20170
Park West Station
New York, NY 10025
About eRaider.com Inc.
eRaider was founded in March 1999 by business school professors Aaron
Brown and Martin Stoller. It united a public mutual fund, Allied Owners
Action Fund (now operating only as a private fund), with a set of Internet
message boards devoted to organizing shareholders of the companies the
Fund bought. The Fund buys 5 percent stakes in undervalued public
companies, then announces those target companies at the eRaider.com
site. Discussions among eRaider's expert moderators (business school
professors and experienced takeover professionals) and target company
shareholders lead to actions to improve shareholder value.
Goldfield is eRaider's fifth announced target company and the first to
result in a full-fledged proxy fight. In four previous eRaids, eRaider won a
place at the restructuring table (Employee Solutions, NASDAQ: ESOL),
engaged in a constructive dialogue with management (Comshare,
NASDAQ: CSRE), has failed so far (Jameson Inns, NASDAQ: JAMS)
and detoxified a company's capital structure on the most favorable terms
ever (Transmedia Asia Pacific, NASDAQ: MBTA). One eRaider target
put itself up for sale immediately after eRaider announced an interest,
another was taken over before eRaider had a chance to announce.
Comshare may be the object of a takeover attempt in that another
company has bought 5 percent of its stock and filed a 13-D, but that is not
conclusive evidence.
About Goldfield Corp.
Goldfield Corporation was founded in 1906 by George Wingfield and US
Senator George Nixon as Goldfield Consolidated Mines, a Wyoming gold
mining company. Both men became multimillionaires as a result of this
mine. Bernard Baruch and Herbert Hoover were later involved in it.
Wingfield was known as the "owner and operator of Nevada" because he
owned every bank in the state and was boss of both the Republican and
Democratic state parties. In 1921 Goldfield became one of the founding
members of the American Stock Exchange. Today it has two main
businesses: St. Cloud Mining is the largest producer of natural zeolites in
North American (zeolites are minerals useful for filtration, toxic chemical
clean-up, soil reclamation, fertilizer and animal feed additives among
other things); and Southeast Power, specializing in electric transmission
and fiber optic cable line construction.
Availabilities
Shareholder Value Slate candidates Aaron Brown and Deborah Pastor are
available for interviews print and electronic print media by phone, email,
and on location in their New York offices or conveniently located studios.
They will also be available in Melbourne, Florida, before and after the
Goldfield meeting on Tuesday, June 19. Details to be arranged.
Contact
Deborah Pastor, Portfolio Manager, Allied Owners Action Fund, (646)
505-0215, Deborah.Pastor@PrivateerAM.com