Peak Gold Announces Filing of Amapari Technical Report; September 30, 2007 Reserve and Resource Update



    (All figures are in US dollars unless stated otherwise)

    VANCOUVER, Nov. 15 /CNW/ - Peak Gold Ltd. (PIK:TSX-V) ("Peak Gold") is
pleased to announce that it has filed an independent technical report for its
Mineraçao Pedra Branca do Amapari gold mine (the "Amapari Mine") in Brazil
which was prepared by Mine and Quarry Engineering Services, Inc. ("MQes"),
AMEC International (Chile) S.A. ("AMEC") and NCL Brasil Ltda. ("NCL"). This
technical report is available on SEDAR at www.sedar.com.
    The Proven and Probable Mineral Reserve Estimate as of September 30, 2007
is 3.806 million tonnes at 2.47 grams gold per tonne or 302,100 contained
ounces of gold.
    On October 19, 2007, Peak Gold reported that Measured and Indicated
Mineral Resources estimated as of September 30, 2007 were 1.047 million
contained ounces of gold compared to 1.156 million contained ounces of gold
estimated as of December 31, 2006. In addition, the Inferred Mineral Resources
have increased to 1.351 million contained ounces of gold estimated as of
September 30, 2007 compared to 0.152 million contained ounces of gold
estimated as of December 31, 2006. The increase of approximately 1.2 million
contained ounces of gold in the Inferred Mineral Resource category is largely
attributable to the Urucum and Tapereba AB deposits.

    
    The Measured, Indicated and Inferred Mineral Resources are shown in the
following table.

             Measured, Indicated and Inferred Mineral Resources
                       (inclusive of Mineral Reserves)
                 as of September 30, 2007 (1)(2)(3)(4)(5)(6)

    -------------------------------------------------------------------------
    Category                          Tonnes       Grade Au   Contained Gold
                                                      g/t         Ounces
    -------------------------------------------------------------------------
    Measured Mineral Resource        3,574,927       1.66            190,826
    -------------------------------------------------------------------------
    Indicated Mineral Resource      10,662,485       2.50            856,409
    -------------------------------------------------------------------------
                         Total      14,237,412       2.29          1,047,235
    -------------------------------------------------------------------------
    Inferred                        13,039,482       3.22          1,351,000
    -------------------------------------------------------------------------
    --------------------
    (1) The Mineral Resources are classified as Measured, Indicated and
        Inferred based on the current (2004) version of the Australasian Code
        for Reporting of Mineral Resources and Ore Reserves (the "JORC
        Code"). The JORC Code has been accepted for current disclosure rules
        in Canada under National Instrument 43-101 ("NI 43-101").
    (2) Based on a gold price of US$600 per ounce.
    (3) Based on a cut-off grade of 0.5 grams per tonne for the open pit and
        2.1 grams per tonne for the underground mineralization.
    (4) Mineral Resources that are not Mineral Reserves do not have
        demonstrated economic viability.
    (5) The Mineral Resources as set out the table above have been estimated
        by Emmanuel Henry, Member of the AusIMM (CP) from AMEC, who is a
        Qualified Person under NI 43-101 and a competent person under the
        JORC Code.
    (6) Represents the Mineral Resource (including Inferred material)
        including that portion of the resource that, together with dilution,
        comprises the Mineral Reserves.

    The Proven and Probable Mineral Reserves are shown in the following table.

                     Proven and Probable Mineral Reserves
                    as of September 30, 2007 (1)(2)(3)(4)

    -------------------------------------------------------------------------
    Category                           Tonnes      Grade Au   Contained Gold
                                                      g/t         Ounces
    -------------------------------------------------------------------------
    Proven Mineral Reserves            811,000       2.52             65,600
    -------------------------------------------------------------------------
    Probable Mineral Reserves        2,994,000       2.46            236,500
    -------------------------------------------------------------------------
                        Total        3,806,000       2.47            302,100
    -------------------------------------------------------------------------
    --------------------
    (1) The Mineral Reserves are classified as Proven and Probable based on
        the JORC Code. The JORC Code has been accepted for current disclosure
        rules in Canada under NI 43-101.
    (2) Based on a gold price of US$575 per ounce.
    (3) Based on a cut-off grade of 1.1 grams per tonne.
    (4) The Mineral Reserves as set out in the table above have been
        estimated by Carlos Guzman of NCL, who is a Qualified Person under
        NI 43-101 and a competent person under the JORC Code.
    

    A mine plan was developed for the Amapari Mine to leach approximately
2.3 million tonnes of oxide ore per year from October 2007 onwards. The open
pit mine operates with excavators with capacities of 4.3 and 15.0 cubic metres
and trucks with capacities of 35 and 100 tonnes. The mixed fleet of equipment
gives enough flexibility for the ore to be mined with the smaller equipment
and high productivity for waste to be mined with the bigger equipment.
    The year-to-date operating costs as of August 31, 2007 are $26.40 per
tonne. The Amapari Mine has current plans to reduce operating costs by
approximately $6.2 million per year. The exchange rate which was used in
preparation for the estimate was 1.90 Brazilian Real to the US Dollar.
    The reported metallurgical recoveries show a continued improvement
between December 2005 and January 2007. Since then, however, the recoveries
have decreased due to issues including ratios of saprolite and colluvium ore
types and periods of high rainfall. The current budgeted metallurgical
recovery for the project is 69.6% gold. The year-to-date gold recovery up to
August 2007 is reported as 68.8%.
    The updated resource block model utilized additional geological and
drilling data collected during 2006 and early 2007. The effective date of the
database is April 30, 2007. This included 17,568 metres of diamond drilling
and enhanced geological information made available by 20 months of mining
operations, which included data from 113,600 grade control samples.
    The method of estimation used was ordinary kriging. Reserve depletion
from production at the Amapari Mine from January 1, 2007 to September 30, 2007
was 1.915 million tonnes at 2.00 grams of gold per tonne for a total of
123,997 ounces of gold.
    The geological model was prepared under the supervision of Trevor Jones,
MAIG at the Amapari Mine. The Mineral Resource Estimate was prepared under the
supervision of Emmanuel Henry, Member of the AusIMM (CP) from AMEC, who is a
Qualified Person under NI 43-101. Mr. Henry has reviewed and approved the
above resource statement. The Mineral Reserve Estimate was prepared by Carlos
Guzman, Ing. Civil de Minas, Member of the AusIMM from NCL, who is a qualified
person under NI 43-101. Mr. Guzman has reviewed and approved the above reserve
statement.
    "We are excited by the growth opportunity at Amapari and are confident
that we will deliver on key strategies to reduce cash cost, extend the mine
life, and create greater shareholder value," said President and Chief
Executive Officer of Peak Gold, Julio Carvalho.

    Peak Gold is a new intermediate gold producer with a strong foundation
for growth. To learn more about us, please visit our website at
www.peakgold.com.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

    This News Release contains "forward looking statements", within the
meaning of applicable Canadian Securities legislation. Forward-looking
statements include, but are not limited to, statements with respect to the
future price of gold and copper, the estimation of mineral reserves and
resources, the realization of mineral reserve estimates, the timing and amount
of estimated future production, costs of production, capital expenditures,
costs and timing of the development of new deposits, success of exploration
activities, permitting time lines, currency exchange rate fluctuations,
requirements for additional capital, government regulation of mining
operations, environmental risks, unanticipated reclamation expenses, title
disputes or claims and limitations on insurance coverage. Generally, these
forward looking statements can be identified by the use of forward-looking
terminology such as "plans", "expects", or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or
"does not anticipate", or "believes", or variations of such words and phrases
or state that certain actions, events or results "may", "could", "would",
"might" or "will" or "will be taken", "occur" or "be achieved".
Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results, level of
activity, performance or achievements of Peak Gold to be materially different
from those expressed or implied by such forward-looking statements, including
but not limited to: risks related to the integration of acquisitions; risks
related to international operations; actual results of current exploration
activities; actual results of current reclamation activities; conclusions of
economic evaluations; changes in project parameters as plans continue to be
refined; future prices of gold and copper; possible variations in ore
reserves, grade or recovery rates; failure of plant; equipment or processes to
operate as anticipated; accidents; labor disputes and other risks of the
mining industry; delays in obtaining governmental approvals or financing or in
the completion of development or construction activities, as well as those
factors discussed in the section entitled "Risk Factors" in Peak Gold's Filing
Statement dated April 2, 2007, available at www.sedar.com. Although Peak Gold
has attempted to identify important factors that would cause actual results to
differ materially from those contained in forward-looking statements, there
may be other factors that cause results not to be as anticipated, estimated,
or intended. There can be no assurance that such statements will prove to be
accurate. As actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements that are incorporated by
reference herein, except in accordance with applicable securities laws.

    CAUTIONARY NOTE REGARDING RESERVES AND RE

SOURCES Readers should refer to continuous disclosure documents filed by Peak Gold since April 3, 2007 available at www.sedar.com, for further information on mineral reserves and resources, which is subject to the qualifications and notes set forth therein.

For further information:

For further information: Mélanie Hennessey, Vice President, Investor
Relations, Peak Gold Ltd., 3110-666 Burrard Street, Vancouver, British
Columbia, V6C 2X8, Telephone: (604) 696-4100, Toll-free: (888) 220-2760, Fax:
(604) 696-4110, Email: info@peakgold.com, Website: www.peakgold.com; Vanguard
Shareholder Solutions, 1205-1095 West Pender Street, Vancouver, British
Columbia, V6E 2M6, Telephone: (604) 608-0824, Toll Free: (866) 398-1088,
Email: ir@vanguardsolutions.ca

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