Golden Peaks Resources Ltd. - Mina Bagual Drill Results



    VANCOUVER, March 20 /CNW/ - Golden Peaks Resources Ltd. (TSX: GL). The
Company is pleased to report drill results from the Mina Bagual prospect, La
Fortuna gold project, southern Argentina.
    Mina Bagual is one of eight zones of structurally controlled gold
mineralization which have been identified to-date. It is an area of old mine
workings (approximately 150 meters long and 50 meters deep), on the CB
Structure. Twelve holes (2,029.3 meters) were drilled around the old mine
workings to test for lateral extents to the mineralized zones and host
structure(s), and to determine the controls on mineralization. Several high
grade zones were intersected in holes MB-2, 3, 5, 8 and 9 within broad zones
of modest grade gold mineralization (Table 1).
    The drilling shows the mineralization plunges southerly and is coincident
with a strong IP anomaly that extends for + 500 meters to the south. The IP
anomaly also extends + 250 meters NW and + 150 meters NE of the area of
drilling (Figure 1). These anomalies have never been drilled.
    Scott Emerson, Chairman, stated "Now that we have completed our
reconnaissance drilling in this area and confirmed the presence of gold
mineralization beyond the old mine workings we will follow up by drilling the
strong IP anomaly identified to the north and south."
    To-date, Mina Bagual is the most southerly gold prospect drilled on the
La Fortuna project. The ML zone lies a further 2,500 meters to the south
(Reference: September 16, 2004 News Release). The intervening area has seen
limited surfaced exploration and no drilling has been conducted.
    The La Fortuna project covers a large mineral district with multiple
zones of structurally controlled gold mineralization. The structures which
host the various gold zones, total in aggregate, a lineal distance of
approximately 15 kilometers. All but the ML zone have been reconnaissance
drilled and gold mineralization has been intersected in all zones.
    The company expects to be in receipt of the assays of the remaining
39 holes drilled during October - December 2006 drilling campaign shortly.
Since January, 2007, the company has drilled an additional 35 holes and
drilling is ongoing with two drill rigs operating 24 hours a day.
    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.
    In addition the Company announces that it has granted options to purchase
a total of 20,000 common shares in the capital stock of the Company at the
exercise price of $2.50 per share for a period of two years to two
consultants. The options have been granted in accordance with the provisions
of the Company's stock option plan.
    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.

    
    Table 1
    -------------------------------------------------------------------------
    Hole            From           To       Intersection    Gold      Silver
    -------------------------------------------------------------------------
                    (m)           (m)           (m)          g/t         g/t
    -------------------------------------------------------------------------
    MB-1           60.40         64.40          4.00        0.45         NSV
    -------------------------------------------------------------------------
                  109.50        120.85         11.35        0.30
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    MB-2           46.80         69.90         23.10        2.05        8.12
    -------------------------------------------------------------------------
      incl         61.90         67.40          5.50        7.68
    -------------------------------------------------------------------------
      and          61.90         63.40          1.50       12.93
    -------------------------------------------------------------------------
      and          64.40         67.40          3.00        6.85
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    MB-3           61.00         73.00         12.00        1.32         6.6
    -------------------------------------------------------------------------
                   63.80         67.80          4.00        3.39
    -------------------------------------------------------------------------
                   63.80         65.00          1.20        6.62
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    MB-4           74.75         80.25          5.50        1.16         NSV
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    MB-5           67.50         86.00         18.50        1.74         4.5
    -------------------------------------------------------------------------
      incl.        71.00         86.00         15.50        2.00
    -------------------------------------------------------------------------
      and          71.00         73.00          2.00        6.38
    -------------------------------------------------------------------------
      and          71.00         72.00          1.00       11.84
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    MB-6           13.50         19.00          5.50        0.20         5.7
    -------------------------------------------------------------------------
                   44.50         78.00         33.50        0.13
    -------------------------------------------------------------------------
                   84.50        101.00         16.50        0.36
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    MB-7          104.00        108.00          4.00        0.96         NSV
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    MB-8          108.00        134.00         26.00        1.47        4.61
    -------------------------------------------------------------------------
      incl.       108.00        121.00         13.00        1.98
    -------------------------------------------------------------------------
      and         120.00        121.00          1.00        7.39
    -------------------------------------------------------------------------
      and         130.00        131.00          1.00        5.49
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    MB-9          115.45        133.30         17.85        1.63       10.39
    -------------------------------------------------------------------------
      incl.       117.50        119.00          1.50        3.82
    -------------------------------------------------------------------------
      and         118.00        118.50          0.50       10.73
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
                  123.50        133.30          9.80        2.17
    -------------------------------------------------------------------------
      incl.       124.00        127.00          3.00        5.75
    -------------------------------------------------------------------------
      and         124.00        126.50          2.50        6.54
    -------------------------------------------------------------------------
      and         125.00        126.50          1.50        9.03
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    MB-10         123.00        130.50          7.50        0.76         NSV
    -------------------------------------------------------------------------
      incl.       127.50        129.00          1.50        2.50
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    MB-11         132.50        142.50         10.00        1.12        12.9
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    MB-12         154.00        182.00         28.00        0.26        1.95
    -------------------------------------------------------------------------
    

    Drill hole data for the holes reflect down hole core lengths. True widths
cannot be reliably estimated at this time.

    For Figure 1, please see http://files.newswire.ca/365/MinaBagual.doc





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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