Golden Peaks Terminates Cerro Delta Option

VANCOUVER, BC - Golden Peaks Resources Ltd. Reported that it has terminated the option agreement on the Cerro Delta project, La Rioja province, Argentina.
The Company recently obtained its environmental permits for the previously announced drill program. Following receipt of the environmental permits and selection of a drill contractor, it was discovered that there is a number of unresolved concerns relating to the precise position of the property boundary. Over the past several weeks, the Company had expected these concerns to have been resolved prior to the start of the drill program but this has not happened. The Company is continuing to deal with the vendors to see if an extension can be obtained on terms acceptable to the Company in light of current markets.
The Company will continue to advance the La Fortuna gold project in Argentina and will be proceeding with a planned program to test the high grade, high impact gold targets immediately below the T-11 and G deposits. High grade gold-rich quartz vein systems intrude the broader zones of gold mineralization. Composite intersections (high grade veins & lower grade sulphides) include:
LF-11: 38 meters @ 5.72 g/t gold (T-11 deposit)
LF-7: 50 meters @ 3.65 g/t gold (T-11 deposit)
LF-70: 22 meters @ 3.65g/t gold (G deposit)
The roots (?) of these high grade vein systems have been identified by a CSAMT survey and in part by drilling. High impact targets under the T-11 and G deposits will be tested at depths of between 200m to 400m.
The company’s address is Suite 505, 1166 Alberni Street, Vancouver, BC V6E 3Z3,
604-689-4006, fax: 604-689-4026