Golden Peaks Resources Ltd. - High Priority Drill Targets Identified

    VANCOUVER, May 7 /CNW/ - Golden Peaks Resources Ltd. (TSX: GL) (the
"Company") is reviewing the geology, geophysics and geochemistry of the G
deposit prior to the proposed diamond drill program.
    Gold mineralization has been intersected in the G deposit over a distance
of approximately 700 meters. The mineralization is open along strike and to
depth. The mineralization is associated with broad conductive structural zones
which geophysics shows, persist to depths of greater than 500 meters.
    G deposit mineralization comprises high grade gold-rich quartz vein
systems intruded into broader zones of gold mineralization in replacement
pyrite bodies. Surface mineralization covers an area of approximately 100 X
125 meters. Within this area the high grade intersections, up to 4.0 meters @
10.57 g/t gold & 15.76 g/t silver, typically consist of quartz veins/breccias.

    The roots (?) of the high grade vein systems were identified by a CSAMT
survey. Also, high grade gold-rich quartz veins have been intersected in
    Two CSAMT survey lines were run over the G deposit at a separation of
approximately 350 meters. An analysis of the 2D inverse models from a CSAMT
survey show resistive bodies bounded by conductive zones underneath the G
deposit. Two additional structures, flank the G deposit; neither has been
drilled and both are associated with a strong conductive zones which extend to
+ 500 meters depth.

    There is a strong probability to expand the gold deposit in this
immediate area and especially in the high impact gold targets immediately
below the G deposit.

    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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