======================================================================
Re: News Release - Wednesday, February 21, 2007
La Fortuna Project - Two New Discoveries
======================================================================

February 21, 2007, - Vancouver, BC - Golden Peaks Resources Ltd. (TSX:
GL) announces it is in receipt of initial assays from the La Fortuna
project, southern Argentina, October - December 2006 drill program. The
drill program has discovered two new zones of gold mineralization , see
Table 1 below for the results from four holes drilled on the two new
zones of gold mineralization.

Table 1
-----------------------------------------------------------
Hole From To Interval Gold Silver Zone
(m) (m) (m) g/t g/t
-----------------------------------------------------------
LF-68 49.00 63.00 14.00 2.71 3.84 G zone-open
incl. 49.00 60.00 11.00 3.33 4.59
incl. 56.00 59.00 3.00 5.30 4.83
and 57.00 59.00 2.00 6.64 5.55

LF-70 66.00 88.00 22.00 3.65 3.80 G zone
incl. 69.00 73.50 4.50 8.58 6.02
and 70.00 73.50 3.50 10.67 7.74
incl. 79.00 84.00 5.00 6.30 7.66

CRW-01* 2.00 82.00 80.00 0.33 G zone
incl. 13.00 29.00 26.00 0.71
and 64.00 67.00 3.00 1.37


LF-71 64.35 65.90 1.55 25.95 37.00 NX

LF-72 78.20 81.00 2.80 5.46 18.69 NX
incl. 78.20 79.70 1.50 10.05 77.06
-----------------------------------------------------------
* Previously released.

Drill hole data for the holes reflect down hole core lengths. True
widths cannot be reliably estimated at this time.

The first new discovery was on the G zone where two holes (LF-68 and
LF-70 - 215.6 meters), drilled 25 meters apart and on section behind
hole CRW-1 (2005 drill program), intersected significant gold
mineralization. The intersection in LF-68 started in mineralization
and additional sampling of the core is being undertaken to close off
the interval. The holes were drilled to follow up anomalous gold
mineralization following a reinterpretation of the geology and drill
hole data. The newly discovered gold mineralization is shallow (<50
meters) and the overall widths and grades of the new intersections are
somewhat similar to holes LF-8 and LF-12 from the T-11 discovery zone
(Reference: February 1, 2006 News Release). The Company plans
immediate follow-up drilling to delineate the new discovery.

The G zone is located approximately 1,100 meters south of the
Amphitheatre zone and 800 meters southwest of the T-11 discovery zone,
and is host to significant surface gold mineralization. IP surveys have
outlined a 2.0 X 2.0 km area of high chargeability, with associated
pyritic alteration, at the intersection of the A and CR Structures.
Both the G and Amphitheatre gold zones are located within this
epithermal system.

The second discovery (NX zone) was made in holes LF-71 and LF-72 (166.7
meters) drilled to test surface gold mineralization on strike of, and
approximately 300 meters NW of, the T-11 zone. Drilling tested the
mineralization to a depth of 70 meters. The zone contains high silver
which may indicate a transition in the type/setting of the
mineralization. The Company is currently drilling to delineate the new
discovery and to test the 300 meter area between the NX and T-11 zones.

Scott Emerson, Chairman, stated: "These four reconnaissance holes were
drilled to test new zones and to guide additional drilling in these
areas. The G zone discovery is particularly exciting because of the
widths and grades, and the fact the zone is open along strike and to
depth. The high gold grades and the presence of silver in the NX zone,
just 300 meters from the T-11 zone, shows the mineralizing system is
strong and aerially extensive".

The Company expects to be in receipt of assays from the remaining 51
drill holes from the 2006 drilling campaign shortly. These results
will be released on an ongoing basis. Since January 2007, the Company
has drilled an additional 20 holes and currently has two drill rigs
operating on the property 24 hours a day.

The drill contractor is Connors Argentina S.A. 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 will be check assayed at a different 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.

======================================================================
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
======================================================================

.