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Cerro Delta Progress
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December 10, 2007, - Vancouver - Golden Peaks Resources Ltd. (TSX:
GL) (the "Company") is pleased to announce that it has filed an
environmental impact report with respect to its proposed 2008
exploration program on the Cerro Delta project which is located in the
Maricunga Belt, in the northwest corner of La Rioja Province,
Argentina, and adjacent to the Chilean border. The Company is also
pleased to report that it plans ground geophysical surveys on the
project, in January 2008, preparatory to diamond drilling of known
porphyry gold-copper targets.
The history of the project goes back to 1991 when regional geological
information generated by the Argentine federal government (Direccion
General de Fabricaciones) together with the stimulus of the La Rioja
provincial government (Direccion de Mineria) led to a re-evaluation of
the area by the principals of Cia Minera Alto Rio Salado S.A. a private
Argentine company. Cerro Delta was discovered and acquired in 1991. In
1997, exploration by Eldorado Gold Corporation identified a 1 km�
IP/magnetic anomaly coincident with a strong gold-in-soil/gold-in-rock
anomalies. The project has never been drilled.
The option agreement between Golden Peaks and Minera Alto Rio Salado
S.A. covers 16,800 hectares and contains the drill ready target defined
by Eldorado Gold Corporation. Golden Peaks has also acquired cateos in
its own name covering 13,900 hectares immediately adjacent to the
optioned ground with the result that that Golden Peaks now controls a
commanding land position in this area.
The Cerro Delta project lies on the same major east-west trending
structural zone that hosts the Cerro Casale project (Barrick Gold Corp.
51%; Kinross Gold Corp. 49%) and the Quebrada project (Kinross Gold
Corp.100%). There is potential on the Cerro Delta project to discover
large mineral deposits comparable to Cerro Casale (22.9 million ounces
of gold and 5.8 billion pounds of copper - Barrick Gold Corp. news
release dated October 29, 2007) and Quebrada Seca (an inferred resource
of 1 million ounces of gold - Bema Gold Corp. Annual Information Form
dated March 30, 2006).
This press release has been reviewed and approved by Dr. Kieran Downes,
P.Geo., President of Golden Peaks Resources Ltd. and a Qualified Person
as defined by National Instrument 43-101, under whose direction the
exploration programs are being carried out.
Media Information, contact:
Scott Emerson, Chairman and Director
Communications
SE@goldenpeaks.com
Investor Information, contact:
Mike Kordysz, Investor
MK@goldenpeaks.com
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
The statements herein that are not historical facts are forward-looking
statements. These statements address future events and conditions and
so involve inherent risks and uncertainties, as disclosed under the
heading "Risk Factors" in the company's periodic filings with Canadian
securities regulators. Actual results could differ from those currently
projected. The Company does not assume the obligation to update any
forward-looking statement.
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Copyright (c) 2007 GOLDEN PEAKS RESOURCES LTD. (TSX-V:GL) All rights
reserved. For more information visit our website at
http://www.goldenpeaks.com/ or send mailto:info@goldenpeaks.com
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