======================================================================
Re: News Release - Thursday, November 01, 2007
T-11 Gold Zone Expanded
======================================================================
November 1, 2007, - Vancouver - Golden Peaks Resources Ltd. (TSX: GL)
(the "Company") announces further results from the T-11 zone, La
Fortuna project, Chubut province, Argentina. High grade gold
mineralization was intersected in holes LF-94, LF-95 and LF-96 drilled
as undercuts to high grade mineralization on the T-11 zone.
The recent drilling at La Fortuna targeted the high grade
mineralization in holes LF-10 and LF-12 and showed the mineralization
continues to depth. This central part of the T-11 zone contains strong
gold mineralization over a distance of +100 meters and to vertical
depths of between 100 to 160 meters. The significant intersections in
holes LF-69 and LF-105 are open. LF-105 is located at the easternmost
end of the zone and is open at depth and on strike to the southeast for
a minimum of 250 meters. LF-69 collared in strongly oxidized rock and
almost immediately intersected gold mineralization of 3.98 g/t gold
over 2.0 meters. This suggests there may be other gold zones
paralleling the main T-11 zone in the hanging wall.
LF-95, drilled to intersect the zone of interest 40 meters beneath hole
LF-10, intersected the gold mineralized zone at a vertical depth of
approximately 110 meters. LF-96, drilled to intersect the zone of
interest 50 meters beneath hole LF-12, intersected the mineralized zone
at a vertical depth of approximately 90 meters. The intersections in
LF-95 and LF-96 are above the level of the broad, high grade gold
mineralization intersected in LF-105 and drilling is planned to test
for the extensions to this zone beneath LF-95 and LF-96.
Immediately west of holes LF-7/LF-9 the mineralization appears to
change direction to the southwest before resuming its overall NW-trend.
This change in direction (flexure/roll) appears to have opened a new
NW-plunging, mineralized shoot. Hole LF-69, drilled to test this
possible shoot, intersected high grade mineralization. LF-94 tested for
mineralization approximately 15 meters west of holes LF-7/LF-9 and NE
of the intersection in LF-69. The intercepts in LF-94, which are at a
vertical depth of approximately 110 meters, may be the NW-plunging
shoot. LF-94 also tested for any NE-trending mineralization between
fences LF-7/LF-9 and LF-8/LF-10/LF-95. No NE-trending mineralization was
intersected confirming the mineralized zone, overall, trends to NW.
Said Chairman Scott Emerson "The intersection in LF-105 is at a depth
of approximately 160 meters. Drilling immediately to the NW has only
tested to a depth of approximately 100 meters. We believe the
mineralization continues at depth to the NW and SE and offers the
potential for significant expansion of the zone."
-------------------------------------------------------------------------
Hole From To Interval Gold
-------- ------ ------ -------- -----
No. (m) (m) (m) (g/t) Note
-------------------------------------------------------------------------
LF-8(*) 9.00 32.00 23.00 3.62 25m test
-------------------------------------------------------------------------
incl 9.00 15.00 6.00 7.24
-------------------------------------------------------------------------
-------------------------------------------------------------------------
LF-10(*) 12.20 80.56 68.36 2.35 50m under LF-8
intersection
-------------------------------------------------------------------------
incl 12.20 29.00 16.80 7.69
-------------------------------------------------------------------------
incl 20.70 29.00 8.30 10.58
-------------------------------------------------------------------------
and 52.10 54.00 1.90 8.88
-------------------------------------------------------------------------
-------------------------------------------------------------------------
LF-95 133.00 147.00 16.00 3.06 40 m under LF-10
intersection
-------------------------------------------------------------------------
incl 138.00 143.00 5.00 8.40
-------------------------------------------------------------------------
incl 139.00 142.00 3.00 11.96
-------------------------------------------------------------------------
incl 141.00 142.00 1.00 24.97
-------------------------------------------------------------------------
-------------------------------------------------------------------------
LF-12(*) 7.00 20.00 13.00 3.30 25m test
-------------------------------------------------------------------------
incl 7.00 10.65 3.65 6.42
-------------------------------------------------------------------------
-------------------------------------------------------------------------
LF-96 97.50 127.00 29.50 1.94 50 m under LF-12
intersection
-------------------------------------------------------------------------
incl 116.00 126.00 10.00 3.69
-------------------------------------------------------------------------
incl 118.00 121.50 3.50 5.62
-------------------------------------------------------------------------
incl 118.00 120.50 2.50 7.02
-------------------------------------------------------------------------
and 125.50 126.00 0.50 19.49
-------------------------------------------------------------------------
-------------------------------------------------------------------------
LF-94(xxxx) 113.00 135.00 22.00 2.58
-------------------------------------------------------------------------
incl 113.00 129.00 16.00 2.94
-------------------------------------------------------------------------
incl 122.00 129.00 7.00 5.02
-------------------------------------------------------------------------
incl 124.00 126.00 2.00 7.15
-------------------------------------------------------------------------
and 134.00 135.00 1.00 6.39
-------------------------------------------------------------------------
-------------------------------------------------------------------------
LF-7(*) 4.00 54.00 50.00 3.65 25m test
-------------------------------------------------------------------------
incl 18.50 42.00 23.50 6.70
-------------------------------------------------------------------------
incl 23.00 29.00 6.00 11.66
-------------------------------------------------------------------------
and 31.30 39.00 7.70 10.68
-------------------------------------------------------------------------
-------------------------------------------------------------------------
LF-9(*) 6.30 69.00 62.70 2.05 50m under LF-7
intersection
-------------------------------------------------------------------------
incl 38.50 69.00 30.50 3.07
-------------------------------------------------------------------------
incl 38.50 50.00 11.50 6.56
-------------------------------------------------------------------------
and 39.00 46.50 7.50 9.42
-------------------------------------------------------------------------
-------------------------------------------------------------------------
LF-69(xxx) 6.00 8.00 2.00 3.98
-------------------------------------------------------------------------
14.00 48.00 34.00 3.90
-------------------------------------------------------------------------
incl 17.00 39.90 22.90 5.37
-------------------------------------------------------------------------
incl 17.00 28.00 11.00 6.80
-------------------------------------------------------------------------
incl 23.00 28.00 5.00 10.00
-------------------------------------------------------------------------
and 29.00 39.90 10.90 4.37
-------------------------------------------------------------------------
incl 38.00 39.90 1.90 12.03
-------------------------------------------------------------------------
-------------------------------------------------------------------------
LF-11(*) 3.00 41.00 38.00 5.72 25m test
-------------------------------------------------------------------------
incl 19.50 29.80 10.30 10.90
-------------------------------------------------------------------------
incl 23.35 28.50 5.15 18.34
-------------------------------------------------------------------------
incl 33.53 39.55 6.02 10.08
-------------------------------------------------------------------------
-------------------------------------------------------------------------
LF-92(xx) 93.00 134.00 41.00 1.7 50 m under LF-11
intersection
-------------------------------------------------------------------------
incl 105.70 112.00 6.30 8.16
-------------------------------------------------------------------------
incl 107.70 112.00 4.30 11.17
-------------------------------------------------------------------------
-------------------------------------------------------------------------
LF-98(xx) 82.00 102.00 10.00 5.37 30m under LF-92
intersection
-------------------------------------------------------------------------
incl 85.00 89.00 4.00 4.00
-------------------------------------------------------------------------
and 99.00 102.00 3.00 7.12
-------------------------------------------------------------------------
-------------------------------------------------------------------------
LF-105(xx) 83.50 138.50 55.00 2.44 40m under LF-98
intersection
-------------------------------------------------------------------------
incl 83.50 91.00 7.50 3.65
-------------------------------------------------------------------------
incl 87.50 91.00 3.50 7.02
-------------------------------------------------------------------------
incl 89.50 91.00 1.50 12.66
-------------------------------------------------------------------------
and 105.50 110.00 4.50 8.43
-------------------------------------------------------------------------
incl 105.50 107.50 2.00 15.14
-------------------------------------------------------------------------
and 124.00 138.00 14.00 3.80
-------------------------------------------------------------------------
incl 131.50 138.00 6.50 5.66
-------------------------------------------------------------------------
incl 135.00 138.00 3.00 8.66
-------------------------------------------------------------------------
-------------------------------------------------------------------------
LF-107(xx) 160.00 171.00 11.00 0.10 70m under LF-105
intersection
-------------------------------------------------------------------------
LF-107** 160.00 171.00 11.00 0.10 70m under LF-105 intersection
Previously released (* Press Release of February 21, 2006; ** Press
Release of September 25, 2007;***Press Release October 2, 2007.). Drill
hole data for the holes reflect down hole core lengths. True widths
cannot be reliably estimated at this time.****Intersection contains 2
meters at zero grade.
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.
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
Message sent on Thu Nov 1, 2007 at 10:42:47 AM Pacific Time
======================================================================
.
![]()