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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 including
    • 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
Golden Peaks Resources Ltd, November 8, 2011 (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
    • 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
    • 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 Modupola Vein Drilling Results ) http://www.goldenpeaks.com/i/maps/Modulopa-Vein-Drill-Results.jpg

Table 1: Summary of Tanoyan Drilling

DH No. Vein From
(m)
To
(m)
Interval
(m)
Au
(g/t)
TND064 Modupola
Incl
79.25 90.75 11.50 1.9
79.25 81.35 2.10 8.7
138.30 139.30 1.00 1.0
TND066 Modupola
Incl
29.70 43.55 13.85 1.0
40.00 41.90 1.90 3.5
TND068 Modupola 77.70 81.95 4.25 2.0
TND070 Modupola
Incl
Incl
51.10 65.00 13.90 0.8
51.10 55.95 4.85 1.0
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
Incl
69.85 87.50 17.65 3.8
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.

Media Information, contact:
Scott Emerson,President
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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