Golden Peaks Resources Ltd. - Resource Calculation Initiated

    VANCOUVER, Sept. 2 /CNW/ - Golden Peaks Resources. (the "Corporation") is
pleased to announce that it has commissioned Snowden Mining Industry
Consultants Inc. ("Snowden") to establish an independent resource calculation
on the developing La Fortuna gold project in southern Argentina.
    Snowden is an internationally recognized consulting engineering firm
headquartered in Australia and will produce a report that conforms to Canadian
National Instrument 43-101 rules and regulations. The Snowden staff based in
Vancouver, B.C. will complete the study.
    The resource calculation will be based on diamond drilling completed by
the Corporation. To date, 244 holes have been drilled on the La Fortuna
project by the Corporation. Approximately 85% of the holes have intersected
gold (+/- silver) mineralization over potentially mineable widths and
successive drill campaigns have identified new zones of gold mineralization.
    The Snowden resource calculation marks a further step in the advancement
of the La Fortuna Gold Project to future production of gold (+/-silver)
mineralization. The La Fortuna project is in the early stages of development
in an area that is evolving into a mineral district with multiple gold
targets/deposits. The presence of approximately 20 km of gold bearing
structures, the high rate of drilling success, and the fact that the known
deposits are open at depth and along strike, all suggest a strong potential to
add additional resources.

    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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