Golden Peaks Resources Ltd. - New Mineralized Shoot in the T-11 zone - 3.90 g/t gold over 34 meters



    VANCOUVER, Oct. 2 /CNW/ - Golden Peaks Resources Ltd. (TSX: GL) announces
new results from the T-11 zone, La Fortuna project, Chubut province,
Argentina. High grade gold mineralization was intersected in hole LF-69
(Table 1) collared approximately 25 meters west of the fence of holes LF-7 and
LF-9.

    
    -------------------------------------------------------------
    Table 1
    -------------------------------------------------------------
    Hole            From          To   Intersection      Gold
                     (m)          (m)       (m)           g/t
    -------------------------------------------------------------
    LF-69            6.00         8.00         2.00         3.98
    -------------------------------------------------------------

    -------------------------------------------------------------
    LF-69           14.00        48.00        34.00         3.90
    -------------------------------------------------------------
    LF-69   incl    17.00        39.90        22.90         5.37
    -------------------------------------------------------------
    LF-69    and    17.00        28.00        11.00         6.80
    -------------------------------------------------------------
    LF-69    and    23.00        28.00         5.00        10.00
    -------------------------------------------------------------

    -------------------------------------------------------------
    LF-69   incl    29.00        39.90        10.90         4.37
    -------------------------------------------------------------
    LF-69    and    38.00        39.90         1.90        12.03
    -------------------------------------------------------------

    -------------------------------------------------------------
    LF-7(*)          4.00        54.00        50.00         3.65
    -------------------------------------------------------------
    LF-7(*) incl.   18.50        42.00        23.50         6.70
    -------------------------------------------------------------
    LF-7(*) incl.   23.00        29.00         6.00        11.66
    -------------------------------------------------------------
    LF-7(*) incl.   31.30        39.00         7.70        10.68
    -------------------------------------------------------------

    -------------------------------------------------------------
    LF-9(*)          6.30        69.00        62.70         2.05
    -------------------------------------------------------------
    LF-9(*) incl.   38.50        69.00        30.50         3.07
    -------------------------------------------------------------
    LF-9(*) incl.   38.50        50.00        11.50         6.56
    -------------------------------------------------------------
    LF-9(*) incl.   39.00        46.50         7.50         9.42
    -------------------------------------------------------------
    Estimated true widths: 91% for LF-69 & LF-7, 75% for LF-9.
    (*) Previously released (Ref.: Press Release of February 21, 2006).
    

    Hole LF-69 was drilled beneath a backhoe trench excavated through a
flexure ("roll") in the T-11 zone to test for a NW-trending plunge to the
mineralization in the trench. It intersected the main gold mineralized zone at
vertical depths of from approximately 10.0 to 35.0 meters. The mineralized
zone in the hole is wider than at surface confirming a NW-plunging shoot
coincident with the flexure. Drilling is planned to follow this new shoot to
depth. Hole LF-69 collared in strongly oxidized rock and almost immediately
intersected gold mineralization of 3.98 g/t gold over 2.0 meters (see
Table 1). This suggests there may be other gold zones paralleling the main
T-11 zone in the hanging wall.
    The 1.5 meter deep back-hoe trench was excavated in the oxidized zone:
(Ref.: Press Release of May 2, 2007). Intersections in the trench were:

    
            3.05 g/t gold over 28.0 meters
    incl.   6.72 g/t gold over 10.0 meters
    incl.   9.34 g/t gold over 6.0 meters
    incl.  13.08 g/t gold over 2.0 meters
    and    16.92 g/t gold over 1.0 meter
    

    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 are being check assayed at a different laboratory.
    With the recent liquidity concerns over the investments of excess funds,
the Company wishes to confirm that it has no investments in asset-backed
commercial paper. All excess funds are currently held by the Company in either
cash, government treasury bills or government backed promissory notes, all of
which have very short maturity dates and are capable of being liquidated on
very short notice. Furthermore, the Company intends to continue to invest all
such funds in these and other chartered bank short-term instruments in the
near future.

    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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