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Golden Peaks Reports Reconnaissance Holes

September 28, 2010 Download PDF

September 28, 2010, -- Vancouver -- Golden Peaks Resources Ltd. (TSX: GL) (the "Company") reports results from holes CRW-21, CRW-22 and CRW-23 which were drilled on its 100% owned La Fortuna Gold project, Chubut, Argentina.

Holes CRW-21, CRW-22 and CRW-23 were drilled on 100 meter centers to test a possible new zone extension, which would have expanded the G zone ( 800 meters long) by an additional 300 meters. The G zone is at the northwest end of the drill tested 1.8 km long CR structure (44 holes) . The G zone and the area tested by holes CRW-21, 22 and 23 are up to 1 kilometer from the T-11 deposit.

The three holes intersected strong structure, alteration and trace to 20% pyrite mineralization. Hole CRW-21 intersected silver mineralization with weak gold in the upper part of the hole along with two narrower intervals deeper in the hole. Hole CRW-23 intersected anomalous gold and silver over 4 meters. The intersections in holes CRW-21, CRW-22 and CRW-23 occur up to 250 meters from the G zone.

Scott Emerson states " These reconnaissance holes (298.7 meters) had been scheduled for drilling in 2008 but were not completed". "The Company now looks forward to receiving results from the final holes drilled on the T-11 deposit and the exciting CSMAT deep targets, all of which were targets for the 2010 season."

The Company's 2010 drill program on the T-11 zone intersected very significant gold and copper mineralization (News Releases of June 21, 2010, May 19, 2010 & April 14, 2010).

Hole #

From (m)

To (m)

Interval (m)

Gold g/t

Silver g/t

CRW-21

6.00

18.00

12.00

17.36

incl

6.00

9.00

3.00

0.19

52.30

incl

15.00

18.00

3.00

13.00

71.00

72.00

1.00

3.57

7.60

89.00

95.00

6.00

1.18

2.30

CRW-22

26.80

27.50

0.70

0.18

31.00

31.90

0.90

0.33

CRW-23

62.00

66.00

4.00

0.18

2.97

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

All samples were assayed by Alex Stewart (Assayers) Argentina S.A.

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.

Media Information, contact:
Scott Emerson, Chairman and Director
MK@goldenpeaks.com

Investor Information, contact:
Mike Kordysz, Investor Communications
SE@goldenpeaks.com

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.

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