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Re: News Release - Tuesday, October 16, 2007
Drilling to Commence on the Lonco Project
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October 16, 2007, - Vancouver - Golden Peaks Resources Ltd. (TSX: GL).
The Company is pleased to report that, after one of the harshest
winters in recent history in Patagonia, Southern Argentina, the work
program at the Company's flagship La Fortuna property has resumed. At
this time new drill rigs and related equipment are being mobilized to
the La Fortuna site and drilling will resume once mobilization is
complete.
While work is ongoing at its flagship La Fortuna Gold Project the
Company is also taking steps to advance its earlier stage projects. In
this regard the Company is pleased to report that it has commenced a
diamond drill program at the Lonco Project, Nequen Province, Argentina.
A diamond drill program has commenced on the Locono Project at the Pino
Andino prospect targeting a series of west-trending structures,
associated with precious metal mineralization, over a horizontal
distance (north to south) of approximately 1,600 meters. The individual
structures appear to be components of a major, regional east-west shear
zone. Reconnaissance sampling in selected areas returned highly
anomalous gold, silver, mercury and antimony values suggestive of
hitherto unrecognized epithermal precious metal mineralization. The
anomalous values are associated with quartz veining and silicification
in a sedimentary sequence intruded by Cretaceous-Tertiary aged diorite
intrusives. The Pino Andino prospect, which hosts a medium sized
porphyry copper-gold system associated with potassicaly altered diorite
porphyry, has never been explored for epithermal gold mineralization.
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Gold Silver Mercury Antimony Width
g/t g/t ppm ppb m
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9.8 >200 <2 1114 Float
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7.8 144.8 <2 479 Float
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1.5 >200 <2 285 Grab
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1.4 12.13 7 80 2.00
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1.4 9.87 <2 69 0.45
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1.2 20.86 8 326 0.20
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0.3 10.79 <2 83 Float
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<0.01 38.04 <2 87 0.20
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(Ref.: Press Release December 6, 2004).
Said Chairman Scott Emerson: "Golden Peaks was an early entrant in
Neuquen province where it controls approximately 138,000 hectares of
highly prospective land in the Lonco and Oro projects. The Company has
received numerous enquiries from third parties interested in
participating in the Company's land holdings. Golden Peaks has
conducted a number of prospecting/evaluation programs in recent years
and is pleased to have now advanced to the stage of drilling several
high potential targets."
The drill contractor is Connors Argentina S.A. Split/sawn core samples
are being assayed by Alex Stewart (Assayers) Argentina S.A., a
certified ISO 9002 laboratory.
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
SE@goldenpeaks.com
Investor Information, contact:
Mike Kordysz, Investor Communications
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
Message sent on Tue Oct 16, 2007 at 9:12:31 AM Pacific Time
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