Golden Peaks Resources Ltd - Cerro Delta Project

    VANCOUVER, April 16 /CNW/ - Golden Peaks Resources Ltd. (TSX: GL) (the
"Company") reports that it has terminated the option agreement on the Cerro
Delta project, La Rioja province, Argentina.
    The Company recently obtained its environmental permits for the
previously announced drill program. Following receipt of the environmental
permits and selection of a drill contractor, it was discovered that there is a
number of unresolved concerns relating to the precise position of the property
boundary. Over the past several weeks, the Company had expected these concerns
to have been resolved prior to the start of the drill program but this has not
happened. The Company is continuing to deal with the vendors to see if an
extension can be obtained on terms acceptable to the Company in light of
current markets.
    The Company will continue to advance the La Fortuna gold project in
Argentina and will be proceeding with a planned program to test the high
grade, high impact gold targets immediately below the T-11 and G deposits.
High grade gold-rich quartz vein systems intrude the broader zones of gold
mineralization. Composite intersections (high grade veins & lower grade
sulphides) include:

    LF-11: 38 meters @ 5.72 g/t gold (T-11 deposit)
    LF-7: 50 meters @ 3.65 g/t gold (T-11 deposit)
    LF-70: 22 meters @ 3.65g/t gold (G deposit)

    The roots (?) of these high grade vein systems have been identified by a
CSAMT survey and in part by drilling. High impact targets under the T-11 and G
deposits will be tested at depths of between 200m to 400m.

    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

For further information:

For further information: Media Information, contact: Scott Emerson,
Chairman and Director,; Investor Information, contact: Mike
Kordysz, Investor Communications,

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