Golden Peaks Resources Ltd. - Cerro Delta Drill Permits Received



    VANCOUVER, Feb. 12 /CNW/ - Golden Peaks Resources Ltd. (TSX: GL) (the
"Company") is pleased to provide an update on the current activities
pertaining to the Company's Cerro Delta and La Fortuna Argentinean gold
projects. The Company has acquired and maintains controls over a 100% interest
in both projects. The Cerro Delta project is located in the province of La
Rioja, adjacent to the international border with Chile and in close proximity
to the Cerro Casales porphyry gold deposit; a joint venture between Barrick
Gold Corporation and Kinross Gold Corporation. The La Fortuna project is
centrally located in the province of Chubut.
    Given the current global economic climate the Company is pleased to
announce that it continues to forge ahead with its 2009 program and has made
excellent progress in that regard on both current projects. The following
summary provides insight with respect to each project :

    
    Cerro Delta
    -----------
    

    The Company received today the water permit from the La Rioja Ministerio
De Infraestructura Secretaria Del Agua, as well as approval of the
environmental impact study (EIS) from the La Rioja Secretaria De Mineria y
Energia for the proposed diamond drilling program on the project.
    Cerro Delta is a porphyry gold-copper system. Recently completed
Pole-Dipole IP/Resistivity and Ground Magnetic Surveys by Quantec Geoscience
Argentina S.A clearly shows large scale porphyry and associated structural
targets coincident with anomalous surface gold values. Due to seasonal
conditions drill targets have been selected and the Company is planning on
drilling 6 of the top priority targets. The Company is currently evaluating
tenders on the drill contract and road upgrading. The Cerro Delta project is
located in the Maricunga gold district of Chile/Argentina and lies on the same
structure that hosts the Cerro Casale deposit, 20 km to the west.

    
    La Fortuna
    ----------
    
    The Company, in 2008, expanded the scope and detail of its ongoing
baseline environmental monitoring program which was initiated in 2006. The
results continue to indicate the company's activities are within the permitted
standards of the approved EIS. This work is being done in anticipation of
future development. The Company has also completed reclamation and road
repairs in preparation for the next phase of exploration drilling on the
project.
    The Company recently completed a prospecting and sampling program in the
Southern part of the project between the Canadon Bagual and ML Zones. Results
will be released once complied and evaluated.
    The La Fortuna project covers a large mineral district (+ 8,0000
ha/19,800 acres). Prior to the recently completed prospecting and sampling
program a total of 21 zones of structurally controlled gold mineralization had
been identified. The structures which host the various gold zones total in
aggregate a lineal distance of approximately 20 kilometres (prior to
completion of the recently completed prospecting and sampling program). The
Company has completed 244 drill holes on 20 of the zones on a broad spacing.
The wide spaced drilling intersected gold mineralization in every zone and
indicates significant potential in every zone. The precious metal
mineralization discovered to-date is dominantly of gold, however, silver is
locally important. All of the gold mineralization is structurally controlled -
veins, replacement bodies of sulphide and mineralized brecciated sub volcanic
intrusives.
    Working with Snowden Mining Industry Consultants Inc., in preparation of
the Company's resource calculation the Company has identified specific gold
deposits and exploration targets which require closer spaced diamond drilling
prior to estimation of Mineral Resources compatible with the Canadian
Institute of Mining ("CIM") Standards. The Company is also preparing, on the
recommendation of Snowden, specific format databases for all mineralized drill
holes.

    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.




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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GOLDEN PEAKS RESOURCES LTD.

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