VANCOUVER, Dec. 10 /CNW/ - Golden Peaks Resources Ltd. (TSX: GL) (the
"Company") is pleased to announce that it has filed an environmental impact
report with respect to its proposed 2008 exploration program on the Cerro
Delta project which is located in the Maricunga Belt, in the northwest corner
of La Rioja Province, Argentina, and adjacent to the Chilean border. The
Company is also pleased to report that it plans ground geophysical surveys on
the project, in January 2008, preparatory to diamond drilling of known
porphyry gold-copper targets.
The history of the project goes back to 1991 when regional geological
information generated by the Argentine federal government (Direccion General
de Fabricaciones) together with the stimulus of the La Rioja provincial
government (Direccion de Mineria) led to a re-evaluation of the area by the
principals of Cia Minera Alto Rio Salado S.A. a private Argentine company.
Cerro Delta was discovered and acquired in 1991. In 1997, exploration by
Eldorado Gold Corporation identified a 1 km(2) IP/magnetic anomaly coincident
with a strong gold-in-soil/gold-in-rock anomalies. The project has never been
The option agreement between Golden Peaks and Minera Alto Rio Salado S.A.
covers 16,800 hectares and contains the drill ready target defined by Eldorado
Gold Corporation. Golden Peaks has also acquired cateos in its own name
covering 13,900 hectares immediately adjacent to the optioned ground with the
result that that Golden Peaks now controls a commanding land position in this
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%).
There is potential on the Cerro Delta project to discover large mineral
deposits comparable to Cerro Casale (22.9 million ounces of gold and
5.8 billion pounds of copper - Barrick Gold Corp. news release dated October
29, 2007) and Quebrada Seca (an inferred resource of 1 million ounces of gold
- Bema Gold Corp. Annual Information Form dated March 30, 2006).
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
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