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Mina Bagual - Drill Results
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March 20, 2007, - Vancouver - Golden Peaks Resources Ltd. (TSX: GL).
The Company is pleased to report drill results from the Mina Bagual
prospect, La Fortuna gold project, southern Argentina.

Mina Bagual is one of eight zones of structurally controlled gold
mineralization which have been identified to-date. It is an area of old
mine workings (approximately 150 meters long and 50 meters deep), on
the CB Structure. Twelve holes (2,029.3 meters) were drilled around the
old mine workings to test for lateral extents to the mineralized zones
and host structure(s), and to determine the controls on mineralization.
Several high grade zones were intersected in holes MB-2, 3, 5, 8 and 9
within broad zones of modest grade gold mineralization (Table 1).

The drilling shows the mineralization plunges southerly and is
coincident with a strong IP anomaly that extends for + 500 meters to
the south. The IP anomaly also extends + 250 meters NW and + 150 meters
NE of the area of drilling (Figure 1). These anomalies have never been
drilled.

Scott Emerson, Chairman, stated " Now that we have completed our
reconnaissance drilling in this area and confirmed the presence of gold
mineralization beyond the old mine workings we will follow up by
drilling the strong IP anomaly identified to the north and south."

To-date, Mina Bagual is the most southerly gold prospect drilled on the
La Fortuna project. The ML zone lies a further 2,500 meters to the
south (Reference: September 16, 2004 News Release). The intervening
area has seen limited surfaced exploration and no drilling has been
conducted.

The La Fortuna project covers a large mineral district with multiple
zones of structurally controlled gold mineralization. The structures
which host the various gold zones, total in aggregate, a lineal
distance of approximately 15 kilometers. All but the ML zone have been
reconnaissance drilled and gold mineralization has been intersected in
all zones.

The company expects to be in receipt of the assays of the remaining 39
holes drilled during October -- December 2006 drilling campaign
shortly. Since January, 2007, the company has drilled an additional 35
holes and drilling is ongoing with two drill rigs operating 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.

In addition the Company announces that it has granted options to
purchase a total of 20,000 common shares in the capital stock of the
Company at the exercise price of $2.50 per share for a period of two
years to two consultants. The options have been granted in accordance
with the provisions of the Company's stock option plan.

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.

Click below to view a table from this News Release:
http://www.goldenpeaks.com/i/misc/table_march_20.gif

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

Figure 1

Click Below to view a map from this News Release:
http://www.goldenpeaks.com/i/misc/march_20_map_big.jpg

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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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