VANCOUVER, Nov. 29 /PRNewswire-FirstCall/ -- Golden Peaks Resources Ltd. (TSX: GL) (the "Company") is pleased to announce the acquisition of a strategic mineral property position in the Maricunga Belt, in the northwest corner of La Rioja Province, Argentina, and adjacent to the Chilean border. The 30,700 hectare property package lies on the same major east-west trending structural zone that hosts the Cerro Casale project (Barrick Gold Corp. 51%; Kinross Gold Corp. 49%) and the Quebrada project (Kinross Gold Corp. 100%). On October 29, 2007, Barrick Gold Corp. announced that it had acquired a 51% interest in the Cerro Casale project through its purchase of Arizona Star Resource Corp. for CDN $773 million.
The Cerro Delta Project, optioned from a private owner, covers 16,800 hectares and contains drill ready targets. In addition, the Company has acquired cateos in its own name covering 13,900 hectares immediately adjacent to the optioned ground. The Company now controls a commanding land position in this critical area. Access to the project is by four-wheel drive vehicle on a gravel road from the highway linking Argentina and Chile.
The Cerro Delta Project was discovered by Eldorado Gold Corporation in 1995 and last explored in 1997. Geological mapping and sampling identified quartz vein stockworks and disseminated free gold mineralization hosted within silicified and bleached granite (porphyry), and gold bearing breccias hosted within argillically altered volcanics (epithermal veins). An induced polarization and magnetic survey identified a 1 km(2) anomaly coincident with a strong gold-in-soil/gold-in-rock. The project has lain fallow since 1997 and has never been drilled.
The Cerro Casale Project is located in Chile, approximately 18 kilometers to the west. The Quebrada project covers the 10 km of ground between Cerro Casale and the Argentina/Chile border. The Cerro Delta project immediately adjoins the Quebrada project on the Argentina side of the border. The Quebrada Seca Project, on the Quebrada project, contains an inferred resource of one million ounces of gold (Bema Gold Corp. Annual Information Form dated March 30, 2006). The Cerro Casale deposit contains 22.9 million ounces of gold and 5.8 billion pounds of copper (Barrick Gold Corp. news release dated October 29, 2007).
Under the terms of the option agreement the company can acquire a 100% interest in the Cerro Delta Project by making escalating option payments totaling US $4,000,000 over five years, of which a total of US $300,000 is payable by March 30, 2008 and a further US $300,000 is payable by March 30, 2009, and granting to the optionor a 0.8% NSR.
Said Chairman, Scott Emerson, "The strategic acquisition of the Cerro Delta Project, complements our current focus in Argentina and our ability to acquire properties which may demonstrate large potential".
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 TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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.
CONTACT: Media Information contact: Scott Emerson, Chairman and Director,
