Golden Peaks Resources Ltd. - Annual General Meeting Results & Update

VANCOUVER, Oct. 29 /CNW/ - Golden Peaks Resources Ltd. (TSX: GL) (the "Company") announces that at its Annual General Meeting (the "Meeting") held October 22, 2009, shareholders elected Messrs. Scott Emerson, Kieran Downes, Nick DeMare, Gil Leathley and William Lee as directors of the Company. All other resolutions were passed.

At a directors meeting held subsequent to the Meeting, the directors appointed Mr. Scott Emerson as Chairman, Mr. Kieran Downes as President and Chief Executive Officer and Mr. Harvey Lim as Chief Financial Officer and Secretary.

On October 6, 2009 the Company announced a brokered financing to place 4,000,000 units at a price of $0.51 per unit with the warrant priced at $0.64. Insider participation in this financing was established at 163,461 units. The Company and the TSX have agreed that insider pricing for this financing be increased to $0.52 per unit with the insiders' warrant exercise price increased to $0.65.

In Argentina, at the Company's La Fortuna Gold Project, plans are under way for the upcoming work season. Over the last two months, in preparation of the upcoming drill program, the Company has:

    
    -  Obtained all the necessary drilling and environmental permits.

    -  Re-initiated its baseline studies to meet its environmental
       regulations during drilling. In 2005 the Company initiated an ongoing
       baseline environmental monitoring program. The results of this program
       continue to indicate the Company's activities are within the permitted
       standards. This work is being done in anticipation of future
       development.

    -  The Company is completing reclamation, road repairs and drill pads in
       preparation for the drilling program.
    

The Company looks forward to resuming work on the La Fortuna Gold project.

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

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GOLDEN PEAKS RESOURCES LTD.

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