Golden Peaks Resources Ltd. - La Fortuna Project Drill Results



    VANCOUVER, July 29 /CNW/ - Golden Peaks Resources Ltd. (TSX: GL) is
pleased to provide an update to the drill program recently completed at the La
Fortuna Project, in Patagonia, Argentina. The La Fortuna Project covers a
large mineral district in which 21 zones of structurally controlled gold
mineralization have now been identified.
    During the recent drilling campaign the Company completed a total of 45
diamond drill holes (6,675.4 meters) in the following areas:

    
    -   CR Structure (Alto & Sigma zones)
    -   G zone: southern and northern extensions
    -   Hill zone
    -   Valley zone
    -   T-11S zone
    -   T-11SX zone
    -   HS zone
    

    The objective of the program was to target either extensions of existing
drilled areas or delineate new zones which had been identified from surface
work previously completed. The work program successfully achieved this
objective. The drill rigs and camp were recently demobilized to await the end
of the South American winter and remain on site securely winterized, we expect
drilling to resume shortly.
    Some of the more significant intersections obtained on this latest drill
program are detailed in the attached table.
    Of the reported 45 holes drilled, 39 holes (representing 87%) encountered
mineralization confirming our interpretation that the La Fortuna Project is a
large prospective gold bearing district. The remaining six drill holes were
reported to contain no significant mineralization. A complete list of these
holes can be obtained from the "Updated Technical Report on the La Fortuna
Project" prepared by Kieran Downes, Ph.D., P. Geo, or the Company's annual
information form which is available on SEDAR.
    The data collected so far indicates that there are two main structures,
the "CR Structure" trending north-west some 6 km long and the "A Structure"
which also trends north-west and is about 5 km long.
    The structures which host the various gold zones total in aggregate a
lineal distance of approximately 20 kilometres. Drilling to date has been
confined to testing the surface indicated exposures and has consistently
proven the existence of mineralization below these exposures. While these
drill results continue to demonstrate potential for the discovery of
significant gold deposits on the above gold bearing zones the style of
mineralization could indicate that there is higher potential at depth.
    The Company has now completed 31,131 meters of drilling in 244 drill
holes and has accumulated significant technical information on the La Fortuna
Project which will allow work to proceed on the preparation of a National
Instrument 43-101 resource calculation. This task is expected to be part of
the 2008 / 2009 work program and is anticipated for completion by year-end.
    The drill contractor is Boart Longyear Latin America. 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 are being 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 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.

    
           TABLE FOR GOLDEN PEAKS LTD. NEWS RELEASE - JULY 29, 2008

    -------------------------------------------------------------------------
                     Hill Zone Drill Hole Intersections
    -------------------------------------------------------------------------
    Hole              From      To     Interval  Gold
    No.                (m)      (m)      (m)     (g/t)          Note
    -------------------------------------------------------------------------
    LF-125            15.5       20      4.5      0.85     Partial results
    -------------------------------------------------------------------------
            incl      18.5       20      1.5      2.28   previously released
    -------------------------------------------------------------------------
                      40.5     41.5        1      0.87
    -------------------------------------------------------------------------
                      48.5       57      8.5      1.35
    -------------------------------------------------------------------------
            incl      48.5       52      3.5      2.77
    -------------------------------------------------------------------------
            and       50.5       51      0.5     15.47
    -------------------------------------------------------------------------
                        81       86        5      0.52
    -------------------------------------------------------------------------
                     144.5      150      5.5      1.05
    -------------------------------------------------------------------------
            incl     147.5      148      0.5      7.65
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    LF-131              57       60        3      1.55
    -------------------------------------------------------------------------
            incl        58       59        1      4.34
    -------------------------------------------------------------------------
            and       58.5       59      0.5      7.08
    -------------------------------------------------------------------------
                        63       68        5      0.14
    -------------------------------------------------------------------------
                        99      105        6      0.56
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    LF-133           15.50    16.00     0.50      0.46
    -------------------------------------------------------------------------
                     28.50    30.00     1.50      0.26
    -------------------------------------------------------------------------
                     33.00    34.00     1.00      0.32
    -------------------------------------------------------------------------
                     43.50    45.00     1.50      0.48
    -------------------------------------------------------------------------
                     49.00    50.00     1.00      0.49
    -------------------------------------------------------------------------
                     76.00    78.00     2.00      2.60
    -------------------------------------------------------------------------
            incl     77.00    77.50     0.50     10.05
    -------------------------------------------------------------------------
                     84.00    95.00    11.00      0.85
    -------------------------------------------------------------------------
            incl     84.50    85.00     0.60      9.99
    -------------------------------------------------------------------------
                    123.00   127.00     4.00      0.14
    -------------------------------------------------------------------------
                    139.00   139.50     0.50      0.52
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    LF-135          259.50   260.00     0.50      1.31
    -------------------------------------------------------------------------
                    263.00   264.00     1.00      0.82
    -------------------------------------------------------------------------
                    283.50   284.50     1.00      0.58
    -------------------------------------------------------------------------
                    288.00   291.00     3.00      0.87
    -------------------------------------------------------------------------
            incl    290,00   291,00     1.00      4.09
    -------------------------------------------------------------------------
                    293.50   300.00     6.50      0.53
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                     T-11S Zone Drill Hole Intersections
    -------------------------------------------------------------------------
    Hole              From      To     Interval  Gold
    No.                (m)      (m)      (m)     (g/t)          Note
    -------------------------------------------------------------------------
    LF-106           14.00    15.00     1.00      1.98
    -------------------------------------------------------------------------
                     19.00    21.00     2.00      1.07
    -------------------------------------------------------------------------
                     77.00    78.00     1.00      0.37
    -------------------------------------------------------------------------
                     99.00   101.00     2.00      0.33
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
                                                          Abandoned ahead of
    LF-113           26.00    31.00     5.00      2.36         target
    -------------------------------------------------------------------------
            incl     28.00    30.00     2.00      4.84
    -------------------------------------------------------------------------
            and      29.00    30.00     1.00      7.19
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                       G Zone Drill Hole Intersections
    -------------------------------------------------------------------------
    Hole              From      To     Interval  Gold
    No.                (m)      (m)      (m)     (g/t)          Note
    -------------------------------------------------------------------------
    CRW-18           53.00    57.00     4.00      0.24     Footwall zones ?
    -------------------------------------------------------------------------
                     59.00    62.00     3.00      0.30
    -------------------------------------------------------------------------
                     64.00    64.50     0.50      0.33
    -------------------------------------------------------------------------
                     65.50    66.50     1.00      0.17
    -------------------------------------------------------------------------
                     70.00    72.00     2.00      0.23
    -------------------------------------------------------------------------
                     73.50    80.00     6.50      0.14
    -------------------------------------------------------------------------
                     84.00    86.00     2.00      0.18
    -------------------------------------------------------------------------
                     91.00    93.00     2.00      0.36
    -------------------------------------------------------------------------
                    106.50   107.50     1.00      0.12
    -------------------------------------------------------------------------
                    111.00   112.00     1.00      0.21
    -------------------------------------------------------------------------
                    122.00   125.00     3.00      0.13
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    CRW-19           53.00    64.50    11.50      2.21        Main zone
    -------------------------------------------------------------------------
            incl     53.00    62.00     9.00      2.74
    -------------------------------------------------------------------------
            and      55.00    60.50     5.50      3.90
    -------------------------------------------------------------------------
            and      58.50    60.50     2.00      6.25
    -------------------------------------------------------------------------
            and      58.50    59.50     1.00      9.20
    -------------------------------------------------------------------------
            and      58.50    59.00     0.50     11.28
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                     Alto Zone Drill Hole Intersections
    -------------------------------------------------------------------------
    Hole              From      To     Interval  Gold
    No.                (m)      (m)      (m)     (g/t)          Note
    -------------------------------------------------------------------------
    CR-30            30.75    32.75     2.00      0.22          Alto
    -------------------------------------------------------------------------
                     43.00    48.00     5.00      1.15
    -------------------------------------------------------------------------
            incl     45.00    47.50     2.50      2.16
    -------------------------------------------------------------------------
                     63.80    64.20     0.40      1.56
    -------------------------------------------------------------------------
                     85.00    87.00     2.00      0.28
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    CR-32            26.50    30.25     3.75      3.73          Alto
    -------------------------------------------------------------------------
            incl     27.50    30.25     2.75      5.04
    -------------------------------------------------------------------------
            and      27.50    28.00     0.50      7.36
    -------------------------------------------------------------------------
            and      29.00    30.25     1.25      7.83
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    CR-33            66.80    70.10     3.30      2.25          Alto
    -------------------------------------------------------------------------
            incl     66.80    68.80     2.00      3.00
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                     T-11SX Zone Drill Hole Intersections
    -------------------------------------------------------------------------
    LF-61            50.00    57.50     7.00      1.20
    -------------------------------------------------------------------------
            incl     50.00    52.00     2.00      3.33
    -------------------------------------------------------------------------
            and      50.50    51.50     1.00      6.30
    -------------------------------------------------------------------------
            and      51.00    51.50     0.50     10.10
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    LF-97            78.00    90.50    12.50      0.80
    -------------------------------------------------------------------------
            incl     84.00    90.50     6.50      1.37
    -------------------------------------------------------------------------
            and      86.00    89.00     3.00      2.35
    -------------------------------------------------------------------------
            and      86.00    88.00     2.00      3.13
    -------------------------------------------------------------------------
            and      87.00    87.50     0.50     10.10
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                       HS Zone Drill Hole Intersections
    -------------------------------------------------------------------------
    Hole              From      To     Interval  Gold
    No.                (m)      (m)      (m)     (g/t)          Note
    -------------------------------------------------------------------------
    LF-117           12.00    13.00    1.00       2.39
    -------------------------------------------------------------------------
                     22.00    23.00    1.00       0.73
    -------------------------------------------------------------------------
                     92.00    94.50    2.50       0.41
    -------------------------------------------------------------------------
                    102.50   106.50    4.00       0.69
    -------------------------------------------------------------------------
                    108.00   109.00    1.00       0.85
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    LF-118           38.90    43.00    4.10       2.50
    -------------------------------------------------------------------------
            incl     38.90    41.00    2.10       4.71
    -------------------------------------------------------------------------
                     61.00    62.00    1.00       0.29
    -------------------------------------------------------------------------
                    137.00   138.00    1.00       0.49
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Drill hole data for all 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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