Golden Peaks Resources Ltd. - Amphitheatre Zone - Additional High Grade



    VANCOUVER, April 30 /CNW/ - Golden Peaks Resources Ltd. (TSX: GL). The
Company is pleased to provide an update on the drilling progress on the
Amphitheatre zone of the La Fortuna gold project in Patagonia, Argentina. The
diamond drilling program on the No. 16 structure (18 holes - 2,814 meters) has
confirmed the presence of a shallow zone of gold mineralization, with local
bonanza grades, over a distance of approximately 430 meters
(http://www.goldenpeaks.com/i/photos/amphitheatre-zone-drilling.jpg and Table
1). Holes LF- 43, LF-50 and LF-60 cut high grade intersections substantiating
the high grade results from the previous drill program (holes LF-16, LF-33,
LF-34 and LF-35). Hole LF-43 encountered multiple gold intersections including
5.00 g/t over 5.5 meters (75.5 to 81.0 meters). In addition, hole LF-50
intersected gold mineralization of 3.15 g/t over 6.0 meters (12.0 to 18.0
meters). Sixteen of the 18 holes intersected gold mineralization.
    Several holes intersected gold bearing sub-volcanic intrusive breccias.
The potential for a significant gold discovery has been greatly increased with
the discovery of gold mineralization associated with pneumatolic breccias
which may be rooted in auriferous sub-volcanic intrusives. The pervasive and
widespread light coloured argillic alteration of the Amphitheatre, visible on
the satellite imagery, is a consequence of these sub-volcanic intrusives which
intrude the local andesitic sequence
(http://www.goldenpeaks.com/i/photos/amphitheatre-zone-drilling.jpg), and
associated gold mineralization could be widespread. The overall size and
potential of the breccias remain untested at this time.
    The No. 16 structure gold mineralization is hosted in single and
multiple, locally friable, pyrite +/- chalcopyrite rich quartz-calcite
veins/structures within a wider zone of clay rich, disseminated
mineralization. The structure parallels the south boundary of a 350 meter wide
zone of high chargeability and coincident high resistivity. The current drill
hole density is insufficient to provide reliable data on the size and shape of
the gold mineralized shoots, or on the overall volume of the disseminated gold
mineralization.
    Two concentrations of gold mineralization are currently recognized on the
No. 16 structure: one around hole LF-16 and the second around hole LF-23. The
mineralized zone around hole LF-16 is approximately 180 meters long, of
variable width and has been drill tested to a maximum depth of 70 meters.
    Hole LF-26 indicates the mineralization probably extends a further 150
meters to the southeast, or a total of about 590 meters.
    In addition, hole LF-60 significantly extended the area of high
mineralization to the northwest. The area between these two zones is
coincident with a cross cutting magnetic feature, possibly a fault.
    The La Fortuna project covers a large mineral district in which eight
zones of structurally controlled gold mineralization have been identified. The
structures which host the various gold zones total in aggregate a lineal
distance of approximately 15 kilometers. Please refer to the property and
structural map at http://www.goldenpeaks.com/i/maps/StructureMap-nocap.jpg.
    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 will be 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.

    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.

    The current drill hole density on the No. 16 structure, (and other
structures) is insufficient to provide reliable data on the size and shape of
the gold mineralized shoots, or on the overall volume of the disseminated gold
mineralization.


    
    Table 1

    --------------------------------------------------------
    Hole No.       From          To    Interval      Au g/t
    --------------------------------------------------------
    LF-41         11.00       13.00        2.00        1.94
    --------------------------------------------------------
            incl  11.00       12.00        1.00        3.23
    --------------------------------------------------------

    --------------------------------------------------------
                  82.00       89.00        7.00        1.26
    --------------------------------------------------------
            incl  86.00       87.00        1.00        3.21
    --------------------------------------------------------

    --------------------------------------------------------
                 134.50      136.00        1.50        0.53
    --------------------------------------------------------

    --------------------------------------------------------
                 147.00      155.00        8.00        0.56
    --------------------------------------------------------

    --------------------------------------------------------
                 163.00      167.00        4.00        0.57
    --------------------------------------------------------

    --------------------------------------------------------
    LF-42         89.00       90.00        1.00        0.55
    --------------------------------------------------------

    --------------------------------------------------------
                 128.00      129.00        1.00        0.46
    --------------------------------------------------------

    --------------------------------------------------------
                 135.00      136.00        1.00        1.27
    --------------------------------------------------------

    --------------------------------------------------------
                 180.00      181.00        1.00        1.28
    --------------------------------------------------------

    --------------------------------------------------------
                 182.00      183.00        1.00        0.19
    --------------------------------------------------------

    --------------------------------------------------------
    LF-43         47.00       49.00        2.00        0.58
    --------------------------------------------------------

    --------------------------------------------------------
                  62.00       64.00        2.00        2.27
    --------------------------------------------------------

    --------------------------------------------------------
                  62.00       73.00       11.00        1.26
    --------------------------------------------------------
            incl  67.00       68.00        1.00        7.22
    --------------------------------------------------------
             and  67.00       73.00        6.00        1.56
    --------------------------------------------------------

    --------------------------------------------------------
                  75.50       81.00        5.50        5.00
    --------------------------------------------------------
            incl  76.00       78.00        2.00       13.13
    --------------------------------------------------------

    --------------------------------------------------------
                  96.00       97.00        1.00        0.37
    --------------------------------------------------------

    --------------------------------------------------------
                 104.00      105.00        1.00        0.57
    --------------------------------------------------------

    --------------------------------------------------------
                 170.00      180.00       10.00        0.80
    --------------------------------------------------------

    --------------------------------------------------------
    LF-44         51.40       52.50        1.10        0.38
    --------------------------------------------------------
            incl  51.40       51.70        0.30        0.73
    --------------------------------------------------------

    --------------------------------------------------------
                  77.60      137.20       59.60        0.35
    --------------------------------------------------------

    --------------------------------------------------------
    LF-45        130.00      130.80        0.80        0.37
    --------------------------------------------------------

    --------------------------------------------------------
    LF-46         75.30       76.50        1.20        2.60
    --------------------------------------------------------
            incl  75.30       75.90        0.60        5.02
    --------------------------------------------------------

    --------------------------------------------------------
                 114.60      122.50        7.90        1.52
    --------------------------------------------------------

    --------------------------------------------------------
    LF-47       PENDING
    --------------------------------------------------------

    --------------------------------------------------------
    LF-48         51.00       59.00        8.00        1.25
    --------------------------------------------------------

    --------------------------------------------------------
                  95.60       98.00        2.40        0.37
    --------------------------------------------------------

    --------------------------------------------------------
    LF-49         32.00       35.00        3.00        2.49
    --------------------------------------------------------

    --------------------------------------------------------
    LF-50         12.00       18.00        6.00        3.15
    --------------------------------------------------------
            incl  12.00       14.80        2.80        6.66
    --------------------------------------------------------
             and  12.00       13.90        1.90        9.14
    --------------------------------------------------------
             and  12.00       12.65        0.65       26.21
    --------------------------------------------------------

    --------------------------------------------------------
                  57.00       58.15        1.15        2.14
    --------------------------------------------------------
            incl  57.00       57.50        0.50        3.79
    --------------------------------------------------------

    --------------------------------------------------------
    LF-52         86.40       88.40        2.00        0.66
    --------------------------------------------------------

    --------------------------------------------------------
    LF-54         61.00       65.10        4.10        1.00
    --------------------------------------------------------

    --------------------------------------------------------
                  67.80       70.00        2.20        0.41
    --------------------------------------------------------
                  67.80       69.00        1.20        0.54
    --------------------------------------------------------
                  69.00       70.00        1.00        0.26
    --------------------------------------------------------

    --------------------------------------------------------
    LF-56         15.30       25.00        9.70        0.73
    --------------------------------------------------------
            incl  15.85       20.50        4.65        1.15
    --------------------------------------------------------

    --------------------------------------------------------
                  86.00       96.50       10.50        0.27
    --------------------------------------------------------
            incl  87.00       93.50        6.50        0.34
    --------------------------------------------------------

    --------------------------------------------------------
    LF-58        108.70      112.30        3.60        0.65
    --------------------------------------------------------

    --------------------------------------------------------
    LF-60         31.50       36.00        4.50        1.62
    --------------------------------------------------------

    --------------------------------------------------------
                  74.00       77.00        3.00        3.04
    --------------------------------------------------------
            incl  75.00       76.00        1.00        7.04
    --------------------------------------------------------

    --------------------------------------------------------
                 100.00      102.00        2.00        1.98
    --------------------------------------------------------

    --------------------------------------------------------
    LF-62        100.00      102.00        2.00        2.88
    --------------------------------------------------------

    --------------------------------------------------------
                 124.00      125.00        1.00        0.37
    --------------------------------------------------------

    --------------------------------------------------------
                 142.50      144.50        2.00        2.10
    --------------------------------------------------------

    --------------------------------------------------------
    LF-64                                               NSV
    --------------------------------------------------------

    --------------------------------------------------------
    LF-66                                               NSV
    --------------------------------------------------------

    Drill hole data for the holes reflect down hole core lengths. True widths
    cannot be reliably estimated at this time.
    





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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