EXHIBIT 4.8
                                 PROMISSORY NOTE

$50,000.00                                                   Palm Beach, Florida
Maturity: ON DEMAND                                           September 30, 2001


     FOR VALUE RECEIVED,  Clements Golden Phoenix  Enterprises,  Inc., a Florida
corporation,  with its principle  offices  located at 3135 S.W. Mapp Road,  Palm
City,  FL 34990  ("Borrower"),  promises to pay to the order of Joseph  Rizzuti,
with his principle address at __________________________________  ("Lender"), ON
DEMAND the sum of Fifty  Thousand  Dollars  ($50,000.00)  with interest from and
after the date hereof, at the rate of ten percent (10%) per annum.

     All principal and interest due hereunder shall be convertible,  in the sole
discretion of Lender,  to shares of the Borrower's  restricted common stock at a
price of $0.20 per share.

     This Note shall be governed by and  construed  and  enforced in  accordance
with the laws of the State of Florida.

     GIVEN under the hand of each party, the day and year first above written.

BORROWER

/s/ Antonio Doria
Antonio Doria, President and Chief Executive Officer
Clements Golden Phoenix Enterprises, Inc.


STATE OF Florida     )
                     ) ss.:
COUNTY OF Martin     )

     The foregoing instrument was acknowledged before me this ___ day of October
2001, by Antonio  Doria,  as President and Chief  Executive  Officer of Clements
Golden  Phoenix  Enterprises,  Inc.,  who  is  **personally  known  to me or has
presented the following identification ____________________.

                                           /s/ Suzanne Schmon
                                           --------------------
My commission expires:                      NOTARY PUBLIC
                      ------------
                                                     Print Name: Suzanne Schmon
                                                     My Commission CC843356
                                                     Expires June 3, 2003