Golden Peaks Announces $2.0 Million Brokered Private Placement

VANCOUVER, Oct. 6, 2009 (Canada NewsWire via COMTEX) --
   
    /THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR
    FOR DISSEMINATION IN THE UNITED STATES/

Golden Peaks Resources Ltd. (GL) (the "Company") is pleased to announce that it has negotiated a commercially reasonable efforts private placement with Canaccord Capital Corporation (the "Agent") for up to 4,000,000 units (the "Units") at a price of $0.51 per Unit for gross proceeds of up to $2,040,000 (the "Offering").

Each Unit will consist of one common share of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to subscribe for one additional Common Share at a price of $0.64 for a period of 18 months from the date of closing of the Offering (the "Closing").

The Units will be made available by way of private placement exemptions to accredited investors (as such term is defined by National Instrument 45-106 - Prospectus and Registration Exemptions) in Canada and in certain exempt jurisdictions outside of Canada as may be agreed upon by the Company and the Agent.

Closing of the Offering is anticipated to occur on or before October 28, 2009 and is subject to the receipt of all necessary corporate and regulatory approvals including approval of the TSX. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.

The funds raised from the issuance of the Units will be used for general exploration expenditures on its La Fortuna and Golden Cateo properties in Argentina and for general working capital purposes.

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.

SOURCE: Golden Peaks Resources Ltd.

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

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Press Release Source: Golden Peaks Resources Ltd.

Golden Peaks Resources Ltd - La Fortuna: Expanded - New Discoveries

VANCOUVER, March 5 /CNW/ - Golden Peaks Resources Ltd. (TSX: GL - News) is pleased to report new exploration results from its ongoing field program in the La Fortuna gold district, Patagonia, Argentina. Field crews completed reconnaissance prospecting and sampling in an area of approximately 13 square kilometres between the Canadon Bagual, Portrero and the ML prospects. This area had not been prospected previously.

A total of 621 rock samples were collected for assay. http://www.goldenpeaks.com/i/maps/CBPortreroandMLSamples2009.jpg - Thu Mar 5, 2009. The new gold and silver assays, along with anomalous values in epithermal 'gold-pathfinder' elements such as mercury, antimony, arsenic and tellurium, indicate this area of the La Fortuna gold district is expanding rapidly and is highly prospective for the discovery of large deposits of epithermal gold mineralization.

Numerous new zones of structurally controlled mineralization in hydrothermal veins and breccias were discovered in this, highly prospective area. Significant extensions to the Canadon Bagual, Portrero and ML zones were discovered along with a number of exciting new zones. The Canadon Bagual and Portrero zones contain gold and silver rich lead-zinc mineralization. The ML zone, which contains anomalous values of gold, silver, arsenic, mercury, lead and antimony, may represent a clay and silica cap over deeper mineralization.

Prior to this announcement 21 zones of structurally controlled gold mineralization had been identified in the La Fortuna gold district on structures with an aggregate lineal distance of approximately 20 kilometers.

The precious metal mineralization discovered to date is dominantly of gold, however, silver is locally important. PIMA and petrographic work indicates that gold mineralization is epithermal in character and suggests a distinct regional zonation in the styles of mineralization from north to south within the district.

To date, three gold deposits have been discovered (T-11, G and Amphitheatre). A deep penetrating resistivity survey (CSAMT) identified large resistive bodies, possibly gold mineralized quartz veins/breccias, lying immediately beneath the T-11 and G deposits. These resistive bodies may also be the roots of the high grade gold veins - changes in the character and grade of the gold mineralization can be expected deeper in the mineralizing system. These high impact targets beneath the T-11 and G deposits will be tested, at depths of between 200m to 400m.

Since the initial gold discovery in 2006 a total of 244 diamond drill holes have been drilled on 20 of the 21 gold deposits/zones in the La Fortuna gold project on a broad spacing (to size the project). The wide spaced drilling intersected gold mineralization in every zone and indicates significant potential in every zone

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.

For further information

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

 

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