Golden Peaks Resources Ltd. - La Fortuna - New Discovery Area at G Zone-18m of 4.19g/t Gold



    VANCOUVER, June 27 /CNW/ - Golden Peaks Resources Ltd. (TSX: GL) is
pleased to announce that drilling on the G zone (10 holes-1,437.6 meters-Table
1), La Fortuna gold project, Argentina, has confirmed the presence of shallow
mineralization similar to the T-11 zone. The G zone is situated on the
intersection of the CR Structure and Amphitheatre-style alteration and
sub-volcanic breccias. The G zone is located 1 kilometer from T-11. The
widespread presence of gold in this structurally disrupted area is very
encouraging and the possibility of multiple zones of gold mineralization is
high.
    The mineralization, although irregular in shape, is interpreted to dip to
the southwest. Possible extensions at similar elevations to the NW and SE have
not yet been drill tested - the potential strike length is estimated at 1,200 
meters. Similarly, the possible down dip extension of the mineralization to
the southwest has not been drill tested. The deepest intercepts are +/-60 
meters.
    An area of mineralization approximately 100 X 125 meters has been
identified at surface (Map 1
http://www.goldenpeaks.com/s/LaFortuna-TechAspects.asp?ReportID=154209&_Title=
La-Fortuna-Mineralized-Structures & Map 2
http://www.goldenpeaks.com/s/LaFortuna-TechAspects.asp?ReportID=192658&_Title=
G-Zone-drilling-surface-sampling). Holes drilled along strike of the high
grade but at lower elevations intersected other zones of mineralization in the
footwall below the high grade. Similarly, surface samples collected at the
same elevation as the high grade generally contained high grade gold whereas
samples collected at lower elevations contained lower grades of gold (Map 2).

    Said Scott Emerson, Chairman, "This discovery at the G zone is extremely
significant as it demonstrates the potential for this important style of
mineralization to occur in many areas. The Company has now identified several
and unique and different styles of gold mineralization (T-11, Amphitheatre,
Canadon Bagual and ML zones), throughout this mineral district."

    
    -------------------------------------------------------------------------
    Table 1
    -------------------------------------------------------------------------
    Hole             From    To    Intersection    Gold          Note
    -------------------------------------------------------------------------
                     (m)     (m)        (m)         g/t
    -------------------------------------------------------------------------
    LF-68(*)        49.00   60.00      11.00       3.33     Mineralized zone
    -------------------------------------------------------------------------
             incl   56.00   59.00       3.00        5.3
    -------------------------------------------------------------------------
              and   57.00   59.00       2.00       6.64
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    LF-70(*)        66.00   88.00      22.00       3.65     Mineralized zone
    -------------------------------------------------------------------------
             incl   69.00   73.50       4.50       8.58
    -------------------------------------------------------------------------
              and   70.00   73.50       3.50      10.67
    -------------------------------------------------------------------------
              and   79.00   84.00       5.00       6.30
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    CRW-9           20.00   61.00      41.00       2.01     Mineralized zone
    -------------------------------------------------------------------------
    CRW-9    incl   40.00   58.00      18.00       4.19
    -------------------------------------------------------------------------
    CRW-9     and   40.00   54.00      14.00       5.25
    -------------------------------------------------------------------------
    CRW-9     and   47.00   53.00       6.00       8.65
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    CRW-10          50.00  145.00      95.00       0.73     Mineralized zone
    -------------------------------------------------------------------------
    CRW-10   incl   71.00   87.00      16.00       3.76
    -------------------------------------------------------------------------
    CRW-10   and    71.00   82.00      11.00       5.19
    -------------------------------------------------------------------------
    CRW-10   and    72.80   76.70       3.90      11.23
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    CRW-11          65.00   87.00      22.00       0.87     Mineralized zone
    -------------------------------------------------------------------------
    CRW-11   incl   80.00   82.00       2.00       5.89
    -------------------------------------------------------------------------
    CRW-11   and    81.00   82.00       1.00       8.55
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    CRW-15          22.00   44.00      22.00       1.56     Mineralized zone
    -------------------------------------------------------------------------
    CRW-15          24.00   26.00       2.00       4.64
    -------------------------------------------------------------------------
    CRW-15          33.00   36.00       3.00       3.60
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    CRW-8    incl   37.00   75.00      38.00       0.87        Footwall zone
    -------------------------------------------------------------------------
    CRW-8           51.00   58.00       7.00       3.10
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    CRW-12          50.00   56.00       6.00       0.44        Footwall zone
    -------------------------------------------------------------------------
    CRW-12          91.00   99.00       8.00       0.27
    -------------------------------------------------------------------------
    CRW-12         110.00  119.00       9.00       0.17
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    CRW-13          55.00   63.00       8.00       1.37        Footwall zone
    -------------------------------------------------------------------------
    CRW-13   incl   57.00   60.00       3.00       3.01
    -------------------------------------------------------------------------
    CRW-13          96.00   98.00       2.00       1.35
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    CRW-14          61.00   68.00       7.00       0.21      Footwall zone ?
    -------------------------------------------------------------------------
    CRW-14          79.00   95.00      16.00       1.36
    -------------------------------------------------------------------------
    CRW-14   incl   86.00   89.00       3.00       4.00
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    CRW-7           96.00  112.00      16.00       0.13         Other zone ?
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    CRW-16         150.00  163.00      13.00       0.56         Other zone ?
    -------------------------------------------------------------------------

    (*) Previously released (Reference: News Release of February 21, 2007).
    Drill hole data for the holes reflect down hole core lengths. True widths
    cannot be reliably estimated at this time. All holes drilled towards
    the NE.
    

    The G zone is located at the north end of the 3.3 kilometers long CR 
Structure. Shallow reconnaissance drilling of surface gold showings along a
1.3 kilometers segment of the structure consistently intersected gold
mineralization (see News Release dated October 24, 2006). As in the G zone the
mineralization is interpreted to be hosted in a southwest dipping structure.
The possible down dip extension of the mineralization has not been drill
tested. Reconnaissance drilling of other surface zones of gold mineralization
has been recently completed. Results are awaited.
    The Company is currently completing a reinterpretation of the various
zones of gold mineralization along the CR Structure in preparation for a
follow-up program of delineation drilling.
    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.





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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