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La Fortuna Gold Project Update
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July 22, 2008, -- Vancouver -- Golden Peaks Resources Ltd. (TSX: GL)
is pleased to provide this update report on the progress being made
during the current exploration and drilling program at the La Fortuna
gold project, in Patagonia, Argentina. The La Fortuna project covers a
large mineral district in which eight zones of structurally controlled
gold mineralization have been identified. The structures, which host
the various gold zones, total in aggregate a lineal distance of
approximately 20 kilometers.
Drill results continue to demonstrate potential for the discovery of
significant gold deposits on the various gold-bearing structures.
Significant lengths of the A, CR, and CB Structures have only been
tested with shallow reconnaissance drilling. Deeper holes have been
drilled on the Hill and HS zone. The ML Structure has not yet been
drilled.
A review of the work completed and the planned activities follows.
Drilling
The location, meters and number of holes drilled between October 2007
and June 2008 are.
- 35 holes (4,962 meters) on the Hill zone & T-11 extensions
- 35 holes (1,259 meters) on the SE & NW extensions of the G zone
The Company is currently expecting assays and these will be released
once received, compiled and evaluated.
Resource Estimate
A National Instrument 43-101 compliant resource estimate is scheduled
for completion by year end.
Environmental
Monthly environmental baseline monitoring is now ongoing in
anticipation of a future development on the project.
CSAMT Survey
A reconnaissance CSAMT survey was completed over the T-11, G, Hill and
HS zones. The survey, which mapped the structures to vertical depths of
approximately 500 meters, indicted the presence of resistive bodies
within the structures, which may be gold mineralized breccias. These
possible Breccias have not yet been drill tested.
Prospecting
Prospecting between Mina Bagual and ML zones identified approximately 5
kilometers of extensions to the CB, Portrero, and ML Structures. Assays
are awaited. Diamond drilling of the ML Structure is planned.
New Exploration Terrain
Recently completed fieldwork indicates the alteration and gold
mineralization persist beneath overlying basaltic rocks in the west and
south of the project with the result that the area prospective for gold
mineralization has now doubled.
PIMA
Recent PIMA and petrographic work indicates that gold mineralization of
the La Fortuna project is epithermal in character. Preliminary work
indicates there is a distinct zonation in the styles of mineralization
southwards from the A Structure to the ML Structure.
The drill contractor is Boart Longyear Latin America. Split/sawn core
samples are assayed by Alex Stewart (Assayers) Argentina S.A., a
certified ISO 9002 laboratory. In accordance with the Company's QC/QA
policy all high grade samples are being check assayed at a different
laboratory. Quantec Geoscience Argentina S.A. completed the CSAMT
survey.
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 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) 2008 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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