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Wednesday, November 01, 2006

Golden Peaks Resources Ltd. - La Fortuna Field Up-Date

Golden Peaks Resources Ltd. - La Fortuna Field Up-Date

VANCOUVER, Oct. 31 - Golden Peaks Resources Ltd. (TSX: GL) updates progress on the La Fortuna project in Patagonia, Argentina. The Company's regional drilling program on the A, CR and E Structures has identified several areas of high grade gold mineralization all of which are open along strike and to depth.

The Company has budgeted 12,000 meters of diamond drilling to complete detailed drilling of the discovery T-11 zone, the No.16 and No.14 structures (Amphitheatre zone), and the mineralized portions of the CR Structure, as well as reconnaissance drilling of as yet untested parts of the A, CR, E, CB and ML Structures. A structure map is available on the company website, http://www.goldenpeaks.com/i/maps/StructureMap-nocap.jpg

A second drill has been added to the project to accelerate the testing of targets and the new exploration camp and core storage areas are complete.

One drill is working on the CB Structure where twelve holes have been drilled along strike of and down dip of old mine workings located on the structure. The second drill has started work on the No.16 structure (Amphitheatre zone) where it is continuing the step out drilling around hole LF-16.

Core is currently being logged and sampled for assay. Assays will be released once received, checked and evaluated. Split/sawn core samples are being 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 will be check assayed at a different laboratory. The drill contractor is Connors Argentina S.A.
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