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High-Grade Silver Grab Samples From Kapa Kapa Project, Indonesia

November 1, 2011

  • Rock samples from Akelamo Prospect assay up to 992 g/t Ag (28.9 ounces silver per tonne)
  • Confirms high-grade silver previously indicated by historical exploration

November 1, 2011 - Golden Peaks Resources Limited (the Company) (TSX:GL) is pleased to update exploration activities on Halmahera Island, Indonesia.

The Company is currently conducting an initial field program at the Akelamo Silver and Gold Prospect within its Kapa Kapa property in North Halmahera Province.

Exploration has outlined a 1 kilometre zone containing hydrothermally altered rocks and precious metal mineralisation. Historical channel sampling within this zone (Fig1 http://www.goldenpeaks.com/i/maps/2011-11-01_NRM.jpg) returned bonanza silver along with anomalous gold; including:

  • 4m @ 1,800 g/t Ag (and 0.5 g/t Au)
  • 4m @ 466 g/t Ag
  • 5m @ 0.9 g/t Au

A historic rock float sample assayed 15,800 g/t Ag (460 ounces of silver per tonne) and 3.0 g/t Au. These values demonstrate the potential this prospect has for truly bonanza-grade silver mineralisation.

The Company has undertaken initial reconnaissance sampling and has confirmed the presence of additional high silver values and are pleased to announce that six grab samples contain values of >10 g/t Ag including three with >250 g/t Ag

  • RC00951 - 259 g/t Ag
  • RC00960 - 656 g/t Ag
  • RC00964 - 992 g/t Ag

A base camp is currently being prepared at the Akelamo prospect to support a program of systematic exploration comprising surveying, mapping, soil sampling and channel sampling. This program is designed to further define the extent, style and intensity of the Akelamo hydrothermal mineralisation in preparation for drilling. This prospect is underexplored and has never been tested by drilling


Fig 1 - Akelamo Prospect - sample locations (grab samples are selective by nature and are unlikely to represent future average grades on the property)

Halmahera is host to Newcrest Mining Limited's Gosowong Mine, one of the highest-grade underground gold mines 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.

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.

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