Golden Peaks Cuts 30 Meters of 3 g/t Gold

VANCOUVER, March 22 /CNW/ - Golden Peaks Resources Ltd. (TSX: GL) (the "Company") is pleased to report assays for hole LF-142 drilled on the T-11 zone of its La Fortuna Gold Project, Argentina.

    
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    Hole No.        From (m)      To (m)    Interval    Gold g/t  Hole Depth
                                                 (m)                     (m)
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                                                          Assays
     LF-141                                              pending      167.73
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    LF-142             19.00       25.50        6.50        2.86      126.55
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             incl      19.00       22.00        3.00        4.49
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             incl      24.50       25.50        1.00        5.11
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
                       45.00       48.00        3.00        0.49
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
                       54.00       84.00       30.00        3.00
    -------------------------------------------------------------------------
             incl      54.00       59.50        5.50        2.53
    -------------------------------------------------------------------------
             incl      63.00       84.00       21.00        3.60
    -------------------------------------------------------------------------
             incl      71.00       78.50        7.50        7.32
    -------------------------------------------------------------------------
             incl      71.00       74.00        3.00       14.87
    -------------------------------------------------------------------------
             incl      71.50       73.50        2.00       21.40
    -------------------------------------------------------------------------
             incl      71.50       73.00        1.50       26.60
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
                                                          Assays
    LF-143                                               pending      100.00
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                                                          Assays
    LF-144                                               pending      100.76
    -------------------------------------------------------------------------
    Drill hole data for the holes reflect down hole core lengths. True widths
    cannot be reliably estimated at this time.
    -------------------------------------------------------------------------
    

The latest drilling at T11 continues to return excellent results (Figure 1). Hole LF-142 is one of four holes drilled to better define the T-11 zone. The multiple intersections in LF-142 demonstrate the continuity of the gold mineralization throughout the system. The intersection in hole LF-142 is consistent with previous drill holes in the T-11 zone and confirms that mineralization is present in similar style and grades along strike. See drill location map ( http://www.goldenpeaks.com/i/maps/LaF_NR.jpg )

Eighty-nine holes have now been drilled on the T-11 zone over a strike length of 1400 meters and +96% of the holes have intersected gold mineralization. The Company is confident the T-11 zone will be expanded by the current drill program.

Golden Peaks is also drilling reconnaissance and in-fill holes on the G zone and targeting the possible higher grade root zones of the gold-bearing quartz veins/breccias which occur in the T-11 and G zones. These targets, which underlie and flank the T-11 and G zones, were identified by a CSAMT survey and in part by drilling. The CSAMT survey indicates the conductive zones that host the gold mineralization persist to depths in excess of 500 meters. One such CSAMT zone lies approximately 200 meters southwest of the G zone. This is a priority target and is currently being drilled.

Assays from other holes drilled in this program will be released once received, verified and evaluated.

The diamond drill contractor is Energold Drilling Corp. A lightweight, portable drill is being used to minimize environmental impact. All samples are being assayed by Alex Stewart (Assayers) Argentina S.A.

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.

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.

SOURCE GOLDEN PEAKS RESOURCES LTD.

For further information: For further information: Media Information, contact: Scott Emerson, Chairman and Director, SE@goldenpeaks.com; Investor Information, contact: Mike Kordysz, Investor Communications, MK@goldenpeaks.com

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