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Strategic Property Acquisition
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November 29, 2007, -- Vancouver -- Golden Peaks Resources Ltd. (TSX:
GL) (the "Company") is pleased to announce the acquisition of a
strategic mineral property position in the Maricunga Belt, in the
northwest corner of La Rioja Province, Argentina, and adjacent to the
Chilean border. The 30,700 hectare property package lies on the same
major east-west trending structural zone that hosts the Cerro Casale
project (Barrick Gold Corp. 51%; Kinross Gold Corp. 49%) and the
Quebrada project (Kinross Gold Corp.100%). On October 29, 2007, Barrick
Gold Corp. announced that it had acquired a 51% interest in the Cerro
Casale project through its purchase of Arizona Star Resource Corp. for
CDN $773 million.

The Cerro Delta Project, optioned from a private owner, covers 16,800
hectares and contains drill ready targets. In addition, the Company has
acquired cateos in its own name covering 13,900 hectares immediately
adjacent to the optioned ground. The Company now controls a commanding
land position in this critical area. Access to the project is by
four-wheel drive vehicle on a gravel road from the highway linking
Argentina and Chile.

The Cerro Delta Project was discovered by Eldorado Gold Corporation in
1995 and last explored in 1997. Geological mapping and sampling
identified quartz vein stockworks and disseminated free gold
mineralization hosted within silicified and bleached granite
(porphyry), and gold bearing breccias hosted within argillically
altered volcanics (epithermal veins). An induced polarization and
magnetic survey identified a 1 km� anomaly coincident with a strong
gold-in-soil/gold-in-rock. The project has lain fallow since 1997 and
has never been drilled.

The Cerro Casale Project is located in Chile, approximately 18
kilometers to the west. The Quebrada project covers the 10 km of ground
between Cerro Casale and the Argentina/Chile border. The Cerro Delta
project immediately adjoins the Quebrada project on the Argentina side
of the border. The Quebrada Seca Project, on the Quebrada project,
contains an inferred resource of one million ounces of gold (Bema Gold
Corp. Annual Information Form dated March 30, 2006). The Cerro Casale
deposit contains 22.9 million ounces of gold and 5.8 billion pounds of
copper (Barrick Gold Corp. news release dated October 29, 2007).

Under the terms of the option agreement the company can acquire a 100%
interest in the Cerro Delta Project by making escalating option
payments totaling US$4,000,000 over five years, of which a total of US
$300,000 is payable by March 30, 2008 and a further US $300,000 is
payable by March 30, 2009, and granting to the optionor a 0.8% NSR.

Said Chairman, Scott Emerson, "The strategic acquisition of the Cerro
Delta Project, complements our current focus in Argentina and our
ability to acquire properties which may demonstrate large potential".

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
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