Last updated on April 18, 2014 at 16:58 EDT

Positive Drill Results From Tanoyan Gold Project, Sulawesi, Indonesia

November 8, 2011
        --  Modupola vein drilling intersects 17.65 metres at 3.8 g/t Au
      o 6.4 meters at 7.8 g/t Au
        --  All 7 Modupola holes intersect gold mineralisation
        --  Modupola vein open to north, south and at depth

VANCOUVER, Nov. 8, 2011 /PRNewswire/ – (TSX: GL) (the company) is pleased to
release addition results from its Phase 1 drilling program on its
Tanoyan property, which is located on the “Gold Arm” of Sulawesi
Island, Indonesia.

The Modupola vein is located approximately 1 kilometre east of the
Sondana vein and runs sub-parallel to it . Gold mineralisation was
intersected in all 7 holes and includes the following strong
intersections of gold-bearing veins at relatively shallow depth:

        --  TND 076: 17.65 metres at 3.8 g/t Au from 69.85 metres
      o including 6.4 meters at 7.8 g/t Au from 81.1 metres
        --  TND 064: 11.50 meters at 1.9 g/t Au from 79.25 metres
      o including 2.1 metres at 8.7 g/t Au from 79.25 metres
        --  TND 074: 9.6 metres at 1.1 g/t Au from 78.2 metres

The TND 076 intersection is the widest and highest grade gold so far
drilled within the Modupola vein system and the potential for further
mineralisation is open at depth. Follow-up drilling is planned.
Intersections of gold mineralisation have now been obtained over a
strike length of 400 meters along the Modupola vein and mineralisation
is open to the north, to the south and at depth.(Fig. 1) http://www.goldenpeaks.com/i/maps/Modulopa-Vein-Drill-Results.jpg

Table 1: Summary of Tanoyan Drilling

    | DH # |   Vein | From |   To |Interval| Au  |
    |      |        | (m)  |  (m) |  (m)   |(g/t)|
    |TND064|Modupola|79.25 |90.75 |  11.50 | 1.9 |
    |      |  Incl  |79.25 |81.35 |   2.10 | 8.7 |
    |      |        |138.30|139.30|   1.00 | 1.0 |
    |TND066|Modupola|29.70 |43.55 |  13.85 | 1.0 |
    |      |  Incl  |40.00 |41.90 |   1.90 | 3.5 |
    |TND068|Modupola|77.70 |81.95 |   4.25 | 2.0 |
    |TND070|Modupola|51.10 |65.00 |  13.90 | 0.8 |
    |      |  Incl  |51.10 |55.95 |   4.85 | 1.0 |
    |      |  Incl  |62.20 |64.00 |   1.80 | 2.4 |
    |TND072|Modupola|57.15 |58.55 |   1.40 | 1.0 |
    |TND074|Modupola|63.30 |67.10 |   3.80 | 0.5 |
    |      |        |78.20 |87.80 |   9.60 | 1.1 |
    |      |        |100.40|107.00|   6.60 | 1.3 |
    |TND076|Modupola|69.85 |87.50 |  17.65 | 3.8 |
    |      |  Incl  |81.10 |87.50 |   6.40 | 7.8 |

Drill hole data for the holes reflect down hole core lengths. True
widths cannot be reliably estimated at this time

Golden Peaks’ President Scott Emerson commented: “It is particularly
pleasing to receive such strong results as TND 076, from the Modupola
vein. The combination of the positive results obtained to date from the
Sondana vein, which has several zones of high-grade gold, and the
results from the Modupola Vein, allow the company to confidently
prioritise and plan the next 10,000m phase 2 drilling program.”

The company currently owns two drill rigs: Rig 1 is drilling the Sondana
vein system and rig 2 has concentrated on the Modupola vein system
which is located approximately 1 Km to the east of Sondana vein. Both
veins are part of an extensive system of auriferous quartz veins,
hosted by andesitic volcanics, which have been traced over a strike
length of approximately 6 kilometres.

Currently, the company is active on four of its five Indonesian gold
projects; drilling on the Tanoyan Gold Project, surface exploration
programs on the Palopo Gold Project, the Kapa Kapa Gold Project and the
Roko Gold Project. All the projects have easy access via paved and/or
gravel roads and the regional infrastructure is good.

All samples were assayed by Intertek Indonesia; a division of the global
Intertek Group PLC.

Core is collected and initially logged at Tanoyan Base Camp at the
project area. The core is then securely transported in closed core
boxes to Golden Peaks’ Exploration Office in Kotamobagu, North
Sulawesi. Here the core is logged in detail, cut longitudinally into 2
equal halves and half-core is sampled at 1 meter intervals; except
where the geology dictates a lesser sampling interval. Half core is
permanently retained, as a reference, in the secure Kotamobagu
core-storage facility. All QC samples are introduced before the bagged
samples are trucked to PT Intertek Laboratory’s sample preparation
facility in Manado. Prepared samples are then couriered by PT Intertek
to their analytical facility in Jakarta for analyses.

Gold is fire assayed using a 50.0 gram aliquot sample with an AA finish.
Multi-element analysis is by Four Acid Digestion using an Induced
Coupled Plasma (ICP) finish.

The Company’s QA/QC program now includes the regular insertion of
blanks, multiple certified assay standards into the sample shipments.
Locally-sourced blank samples are inserted in every assay batch of 10
samples. Commercial standards are inserted in every assay batch of 25
samples. Sludge samples are also collected and assayed on a 1 metre
interval from the drilling fluid circulation return. Regular monitoring
of these QC samples is a critical part of Golden Peaks’ QA/QC protocols.

This press release has been reviewed and approved by Mr. John Levings,
B.Sc., FAusIMM, director of Golden Peaks Resources Limited 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.

SOURCE Golden Peaks Resources Ltd.

Source: PR Newswire