Golden Peaks Resources Ltd. - Lonco Drilling Completed - La Fortuna Drilling Resumed



    VANCOUVER, Nov. 8 /CNW/ - Golden Peaks Resources Ltd. (TSX: GL). Scott
Emerson Chairman is pleased to announce that first phase reconnaissance
drilling (1500 meters) has been completed on the Lonco gold project.
    The drill program has identified a potentially significant new area of
epithermal gold mineralization superimposed on a porphyry system. The drill
program targeted a series of west-trending structures, associated with
precious metal mineralization, over a horizontal distance (north to south) of
approximately 1,600 meters.
    The individual structures appear to be components of a major, regional
east-west shear zone. The project which hosts a medium sized porphyry
copper-gold system associated with potassicaly altered diorite porphyry, has
never been explored for epithermal gold mineralization. Assays are awaited and
will be released once received and evaluated.
    The Company is also pleased to report that mobilization at the La Fortuna
Gold Project has been completed and drilling has resumed after the
refurbishment of the drill camp and equipment.
    In November, the company will host mining analysts from major North
American securities firms, as well as major mining companies on site visits to
the La Fortuna project and Lonco gold porphyry project in Argentina. The
interest shown by these analysts and interested 3rd parties reflects the
current interest in Golden Peaks Resources South American exploration
portfolio.

    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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GOLDEN PEAKS RESOURCES LTD.

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