Golden Peaks Resources Ltd. - Cerro Delta Project, Argentina

    VANCOUVER, Jan. 21 /CNW/ - Golden Peaks Resources Ltd. (TSX: GL) (the
"Company") is pleased to provide an update on its Cerro Delta Project, La
Rioja Province, Argentina. The Company is currently awaiting approval of its
environmental impact study (EIS) for the upcoming diamond drilling program on
the project. Company and Government officials are presently on site and
drilling will commence once all permits have been received.
    Cerro Delta is a porphyry gold-copper system. The company has recently
received and reviewed the completed geophysical report on the Pole-Dipole
IP/Resistivity and Ground Magnetic Surveys completed by Quantec Geoscience
Argentina S.A. The new imagery clearly shows large scale porphyry and
associated structural targets coincident with anomalous surface gold values.
Drill targets have been selected for testing with widely spaced holes. Once
the broad extent of the system has been established a tighter drill spacing
will be used to establish the distribution of higher and lower grade
mineralization in the system.
    The Cerro Delta project is located in the Maricunga gold district of
Chile/Argentina (42 million ounces of gold discovered to date). The drill
targets lie on the same structure that hosts the Cerro Casale deposit, which
is located approximately 20 km to the west. According to Barrick Gold
Corporation the Cerro Casale deposit is one of the world's largest undeveloped
gold and copper deposits. A pre-feasibility study on Cerro Casale is expected
by about mid-2009.

    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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