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Re: News Release - Tuesday, October 02, 2007
New Mineralized Shoot in the T-11 Zone - 3.90 g/t Gold over 34
meters
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October 2, 2007, - Vancouver - Golden Peaks Resources Ltd. (TSX: GL)
announces new results from the T-11 zone, La Fortuna project, Chubut
province, Argentina. High grade gold mineralization was intersected in
hole LF-69 (Table 1) collared approximately 25 meters west of the fence
of holes LF-7 and LF-9.
Table 1
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Hole From To Intersection Gold
(m) (m) (m) g/t
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LF-69 6.00 8.00 2.00 3.98
LF-69 14.00 48.00 34.00 3.90
LF-69 incl 17.00 39.90 22.90 5.37
LF-69 and 17.00 28.00 11.00 6.80
LF-69 and 23.00 28.00 5.00 10.00
LF-69 incl 29.00 39.90 10.90 4.37
LF-69 and 38.00 39.90 1.90 12.03
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LF-7* 4.00 54.00 50.00 3.65
LF-7* incl. 18.50 42.00 23.50 6.70
LF-7* incl. 23.00 29.00 6.00 11.66
LF-7* incl. 31.30 39.00 7.70 10.68
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LF-9* 6.30 69.00 62.70 2.05
LF-9* incl. 38.50 69.00 30.50 3.07
LF-9* incl. 38.50 50.00 11.50 6.56
LF-9* incl. 39.00 46.50 7.50 9.42
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Estimated true widths: 91% for LF-69 & LF-7, 75% for LF-9.
* Previously released (Ref.: Press Release of February 21, 2006).
Hole LF-69 was drilled beneath a backhoe trench excavated through a
flexure ("roll") in the T-11 zone to test for a NW-trending plunge to
the mineralization in the trench. It intersected the main gold
mineralized zone at vertical depths of from approximately 10.0 to 35.0
meters. The mineralized zone in the hole is wider than at surface
confirming a NW-plunging shoot coincident with the flexure. Drilling is
planned to follow this new shoot to depth. Hole LF-69 collared in
strongly oxidized rock and almost immediately intersected gold
mineralization of 3.98 g/t gold over 2.0 meters (see Table 1). This
suggests there may be other gold zones paralleling the main T-11 zone
in the hanging wall.
The 1.5 meter deep back-hoe trench was excavated in the oxidized zone:
(Ref.: Press Release of May 2, 2007). Intersections in the trench were:
3.05 g/t gold over 28.0 meters
incl. 6.72 g/t gold over 10.0 meters
incl. 9.34 g/t gold over 6.0 meters
incl. 13.08 g/t gold over 2.0 meters
and 16.92 g/t gold over 1.0 meter
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 are being check assayed at a different laboratory.
With the recent liquidity concerns over the investments of excess
funds, the Company wishes to confirm that it has no investments in
asset-backed commercial paper. All excess funds are currently held by
the Company in either cash, government treasury bills or government
backed promissory notes, all of which have very short maturity dates
and are capable of being liquidated on very short notice. Furthermore,
the Company intends to continue to invest all such funds in these and
other chartered bank short-term instruments in the near future.
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 2, 2007 at 9:11:35 AM Pacific Time
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