Golden Peaks Expands Gold Zones at La Fortuna

VANCOUVER, March 5 /CNW/ - Golden Peaks Resources Ltd. (TSX: GL) (the "Company") is pleased to report on the diamond drilling program currently underway on its 100% owned La Fortuna Gold project located in Chubut, Argentina.

Four holes have been drilled on the T-11 zone. Mineralization comprises pyrite replacement bodies, disseminated and vein controlled pyrite +/- chalcopyrite, and quartz-carbonate veining with pyrite-chalcopyrite similar to that previously intersected in holes LF-13, LF-98 and LF-105 (News Release of January 25, 2010). The deepest hole (167.73 meters) intersected three mineralized zones indicating the mineralization continues from surface and remains open to depth.

The northwest extension of the G zone is being drill tested over a distance of 250 meters To-date, two holes have been drilled. The holes, which are 100 meters apart, intersected disseminated and vein controlled pyrite similar to that previously intersected in the G zone. The G zone is now estimated to be over 900 meters long.

Drilling is continuing. Assays will be announced once received and evaluated.

Chairman Scott Emerson said "The current program has been very successful; all targets have been intersected and the T-11 and G zones continue to be extended."

The diamond drill contractor is Energold Drilling Corp. A lightweight, portable drill is being used to minimize environmental impact. All samples are being assayed by Alex Stewart (Assayers) Argentina S.A.

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 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: Media Information, contact: Scott Emerson, Chairman and Director, [email protected]; Investor Information, contact: Mike Kordysz, Investor Communications, [email protected]