Peak Gold announces update on private placement of special warrants



    /NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
    NEWSWIRE SERVICES/

    VANCOUVER, Nov. 12 /CNW/ - Peak Gold Ltd. (PIK:TSX-V) ("Peak Gold")
announces that it had been in discussions regarding a potential acquisition of
producing gold mines but that such discussions have now terminated as the
vendor has decided not to sell the assets given the current strong price of
gold. As a result of this development, those persons who were going to
participate in the proposed offering of Special Warrants, announced on
October 30, 2007 and as per the amended terms announced on November 6, 2007,
will be contacted by the agents early this week to reconfirm their orders.
    A further news release will be issued by Peak Gold providing a financing
update after all of the prospective purchasers have been contacted.

    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 that are incorporated by reference herein,
except in accordance with applicable securities laws.





For further information:

For further information: please contact: 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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