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Golden Peaks Resources Ltd. - G Zone Extends 450 Meters

Posted on: Wednesday, 21 May 2008, 15:00 CDT

VANCOUVER, May 21 /PRNewswire-FirstCall/ -- Golden Peaks Resources Ltd. (TSX: GL) is pleased to report the results of extension drilling on the G zone, La Fortuna project, in Patagonia, Argentina. The G zone is located at the NW end of the CR Structure. Seven shallow holes were drilled between 200 meters and 450 meters SE of the G zone, towards the CR Structure, at increasingly higher elevations (Figure 1: http://www.goldenpeaks.com/s/LaFortuna-TechAspects.asp?ReportID=302569) (Picture 1: http://www.goldenpeaks.com/s/LaFortuna-Photos.asp?ReportID=273216&_Title=G-Zone-High-Grade-Structures-Projected-SE-Extension) to test low grade gold mineralization in trenches along the structure. Holes CR-51 and CR-52 indicate the G zone extends to the SE (Table 1). The lower grade gold mineralization in holes CR-46, CR-47 and CR-48 may represent 'leakage' from higher grade mineralization deeper in the system. If this interpretation is correct, the G zone could extend for at least 500 meters. (Holes CR-49 and CR-50 lie outside the vertical section (Figure 1) and are not included).

Currently deeper holes are being drilled as part of the current program, to test for the higher grade gold mineralization at depth, the potential of breccias, and the possible extension of the G zone to the NW.

Table 1 ----------------------------------------------------- Hole From To Width Gold ----------------------------------------------------- # m m m g/t ----------------------------------------------------- CR-52 51.00 71.50 20.50 1.63 ----------------------------------------------------- incl 63.50 67.00 3.50 4.51 ----------------------------------------------------- and 64.00 64.50 0.50 12.65 ----------------------------------------------------- and 68.50 71.50 3.00 3.24 ----------------------------------------------------- ----------------------------------------------------- CR-51 79.50 89.00 9.50 0.54 ----------------------------------------------------- incl 83.50 85.00 1.50 2.92 ----------------------------------------------------- and 84.50 85.00 0.50 7.57 ----------------------------------------------------- ----------------------------------------------------- CR-50 NSV ----------------------------------------------------- ----------------------------------------------------- CR-49 128.50 129.00 0.50 3.30 ----------------------------------------------------- ----------------------------------------------------- CR-48 25.00 27.45 2.45 0.10 ----------------------------------------------------- 56.00 60.00 4.00 0.09 ----------------------------------------------------- 81.00 85.20 4.20 0.14 ----------------------------------------------------- ----------------------------------------------------- CR-47 21.00 34.00 13.00 0.38 ----------------------------------------------------- incl 32.00 32.85 0.85 2.59 ----------------------------------------------------- ----------------------------------------------------- CR-46 55.75 63.75 8.00 0.98 ----------------------------------------------------- incl 61.00 63.75 2.75 1.89 ----------------------------------------------------- Widths represent down hole core lengths. True widths cannot be reliably estimated at this time.

Two CSAMT lines (deep penetrating resistivity) were surveyed at right angles to the vertical section and the results are reproduced on Figure 1. The purpose of the CSAMT survey was to map the structure to depths of up to 500 meters and to identify areas of high resistivity close to the G zone which may represent gold mineralized breccias. Potential gold mineralized breccias were identified on both lines. The locations of the CSAMT lines and the approximate areas of the interpreted breccias are presented on Figure 1.

The La Fortuna project covers a large mineral district in which eight zones of structurally controlled gold mineralization have been identified. The structures which host the various gold zones total in aggregate a lineal distance of approximately 15 kilometers.

The drill contractor is Boart Longyear Latin America. Split/sawn core samples are assayed by Alex Stewart (Assayers) Argentina S.A., a certified ISO 9002 laboratory. In accordance with the Company's QC/QA policy all high grade samples are being check assayed at a different laboratory.

This press release has been reviewed and approved by Dr. Kieran Downes, P.Geo., President of Golden Peaks Resources Ltd. 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.

CONTACT: Media Information, contact: Scott Emerson, Chairman and Director, SE@goldenpeaks.com; Investor Information, contact: Mike Kordysz, Investor Communications, MK@goldenpeaks.com

Golden Peaks Resources Ltd.

CONTACT: Media Information, contact: Scott Emerson, Chairman andDirector, SE@goldenpeaks.com; Investor Information, contact: Mike Kordysz,Investor Communications, MK@goldenpeaks.com

Source: PRNewswire-FirstCall

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