VANCOUVER, March 5 /CNW/ - Golden Peaks Resources Ltd. (TSX: GL) 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.