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Re: News Release - Tuesday, April 08, 2008
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April 8, 2008, -- Vancouver -- Golden Peaks Resources Ltd. (TSX: GL) is
pleased to update progress on its exploration activities in Argentina.
La Fortuna Project
Since November 2007, the Company has completed reconnaissance drilling
on the southeast extension of the G Zone, on the Hill Zone and on the
HS zone, on its 100% percent owned La Fortuna Gold project in
Patagonia. All holes drilled have been split and sent for assay. The
Company currently has two diamond drill rigs testing the area between
the T-11 and T-11SX zones, a distance of approximately 300 meters. Upon
completion of the current program the Company plans to commence
delineation drilling on the T-11 zone with the goal of establishing a
resource by the fourth quarter of 2008.The Company is also planning to
start a scoping study to provide the parameters for possible future
development on the project.
The Company has also secured a third drill rig to allow it to continue
with reconnaissance drilling on the CR Structure. Previous drilling of
surface gold mineralization on the CR Structure over a distance of 2.1
kilometers, identified six (6) separate areas with high grade gold +/-
silver. These areas are separated from each other by between 120 meters
and 315 meters. The six (6) deepest holes only tested at -50 meters
vertical depth. The Company believes the CR Structure offers potential
for the delineation of resources in several areas.
The Company also has an exploration crew developing the ML Structure
and readying it for initial drilling. Reconnaissance prospecting and
sampling has established the presence of extensive to massive
silicification and clay alteration carrying gold mineralization as well
as anomalous values of silver, arsenic, mercury, lead and antimony.
The silicification may represent a silica cap over deeper
mineralization. The ML Structure has never been drilled.
The drill contractor is Boart Longyear Latin America. 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.
Cerro Delta Project
Senior management recently completed a site visit to this recent
acquisition and is pleased to report the infrastructure and access
routes are well preserved and intact. A geophysical crew is currently
on site completing an expanded IP/R survey and magnetic survey. A 1 km�
IP/magnetic anomaly coincident with strong gold-in-soil/gold-in-rock
anomalies has been identified which may represent a gold-porphyry. The
project has never been drilled. The porphyry gold target will be
drilled following the winter season in the high Andes. A contract has
been negotiated with Boart Longyear.
The Cerro Delta project 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%).
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 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) 2008 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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