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Halmahera Gold Projects Update, Indonesia

July 6, 2011

  • Exploration office established in regional capital
  • Initial programs at Kapa Kapa and Roko defining extent of epithermal gold vein system
  • New base camp at high-grade Akelamo Prospect, Kapa Kapa
  • Previous channel sampling at Akelamo include 4m @ 1800 g/t Ag + 0.5 g/t Au, 5m @ 0.9 g/t Au, 4m @ 488 g/t Ag
Golden Peaks Resources Limited (the Company) (TSX:GL) is pleased to update exploration activities on the Roko and Kapa Kapa Projects on Halmahera Island, Indonesia. Halmahera is host to one of the highest-grade underground gold mines, Newcrest's Gosowong Mine, currently operating anywhere in the world (28 g/t gold average). Golden Peaks Resources has the second largest landholding for gold exploration on Halmahera after Newcrest Mining. (map:http://www.goldenpeaks.com/i/maps/Roko-Project-Halmahera-Island-2.jpg )

The company has now established an exploration base in Tobelo, which is the capital of North Halmahera regency. There are now a total of 30 employees, including 20 locals who are associated with the exploration activities in Halmahera.

Current work to date, on the Roko Project, has focused on the 3km long Roko epithermal gold-base metal system. The current program has included gridding, mapping, channel sampling and trenching at the Roko East prospect where previous reconnaissance channel sampling returned up to 8m @ 1.6 g/t Au. The two new trenches completed to date, combined, are over 150 meters long.

This work will continue to Roko 2 and Roko South Prospects in the coming weeks in preparation of an upcoming drill program at the Roko Project.

A base camp is now being constructed at the Akelamo Prospect on the Kapa Kapa project. Initial mapping and sampling will follow a 1km zone of mineralisation with historical trenching data which includes 4m @ 0.5 g/t Au + 1800 g/t Ag and 4m @ 466 g/t Ag from channel sampling.

Reconnaissance mapping and sampling is also continuing at the Pediwang and Gisi Prospects, on the Kapa Kapa project. Historical data includes 10 metres at 6.4 g/t gold, 16 metres at 5.1 g/t gold and 42 metres at 1.1 g/t gold in hand-dug trenches and 10.2m @ 1.4g/t Au from 40.8m depth and 12.9m @ 1.3g/t Au from 48.6m depth from 2 scout diamond drill holes

This press release has been reviewed and approved by Mr. John Levings, B.Sc., MAusIMM, 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.

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

Investor Information, contact:
Mike Kordysz, Investor Communications
MK@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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