VANCOUVER, July 22 /CNW/ - Golden Peaks Resources Ltd. (TSX: GL) is
pleased to provide this update report on the progress being made during the
current exploration and drilling program at the La Fortuna gold project, in
Patagonia, Argentina. The La Fortuna project covers a large mineral district
in which eight zones of structurally controlled gold mineralization have been
identified. The structures, which host the various gold zones, total in
aggregate a lineal distance of approximately 20 kilometers.
    Drill results continue to demonstrate potential for the discovery of
significant gold deposits on the various gold-bearing structures. Significant
lengths of the A, CR, and CB Structures have only been tested with shallow
reconnaissance drilling. Deeper holes have been drilled on the Hill and HS
zone. The ML Structure has not yet been drilled.
    A review of the work completed and the planned activities follows.

    <<
    Drilling

    The location, meters and number of holes drilled between October 2007 and
June 2008 are.
    -  35 holes (4,962 meters) on the Hill zone & T-11 extensions
    -  35 holes (1,259 meters) on the SE & NW extensions of the G zone
    >>

    The Company is currently expecting assays and these will be released once
received, compiled and evaluated.

    Resource Estimate

    A National Instrument 43-101 compliant resource estimate is scheduled for
completion by year end.

    Environmental

    Monthly environmental baseline monitoring is now ongoing in anticipation
of a future development on the project.

    CSAMT Survey

    A reconnaissance CSAMT survey was completed over the T-11, G, Hill and HS
zones. The survey, which mapped the structures to vertical depths of
approximately 500 meters, indicted the presence of resistive bodies within the
structures, which may be gold mineralized breccias. These possible Breccias
have not yet been drill tested.

    Prospecting

    Prospecting between Mina Bagual and ML zones identified approximately 5
kilometers of extensions to the CB, Portrero, and ML Structures. Assays are
awaited. Diamond drilling of the ML Structure is planned.

    New Exploration Terrain

    Recently completed fieldwork indicates the alteration and gold
mineralization persist beneath overlying basaltic rocks in the west and south
of the project with the result that the area prospective for gold
mineralization has now doubled.

    PIMA

    Recent PIMA and petrographic work indicates that gold mineralization of
the La Fortuna project is epithermal in character. Preliminary work indicates
there is a distinct zonation in the styles of mineralization southwards from
the A Structure to the ML Structure.
    The drill contractor is Boart Longyear Latin America. Split/sawn core
samples are assayed by Alex Stewart (Assayers) Argentina S.A., a certified ISO
9002 laboratory. In accordance with the Company's QC/QA policy all high grade
samples are being check assayed at a different laboratory. Quantec Geoscience
Argentina S.A. completed the CSAMT survey.

    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.