Golden Peaks says drill results from Tanoyan gold prospect positive

Vancouver-based metal exploration firm Golden Peaks Resources Ltd has announced additional results from its Phase 1 drilling program on its Tanoyan property, which is located on the "Gold Arm" of Sulawesi Island.

The Modupola vein is located approximately 1 kilometer east of the Sondana vein and runs sub-parallel to it. Gold mineralization was intersected in all seven holes and includes the following strong intersections of gold-bearing veins at relatively shallow depth:

? TND 076: 17.65 meters at 3.8 g/t Au from 69.85 meters including 6.4 meters at 7.8 g/t Au from 81.1 meters
? TND 064: 11.50 meters at 1.9 g/t Au from 79.25 meters including 2.1 metres at 8.7 g/t Au from 79.25 meters
? TND 074: 9.6 metres at 1.1 g/t Au from 78.2 meters

The company said the TND 076 intersection is the widest and highest grade gold so far drilled within the Modupola vein system and the potential for further mineralization is open at depth.

The company plans for follow-up drilling.

It said intersections of gold mineralization have now been obtained over a strike length of 400 meters along the Modupola vein and mineralisation is open to the north, to the south and at depth.

"It is particularly pleasing to receive such strong results as TND 076, from the Modupola vein. The combination of the positive results obtained to date from the Sondana vein, which has several zones of high-grade gold, and the results from the Modupola Vein, allow the company to confidently prioritize and plan the next 10,000m phase 2 drilling program," said Golden Peaks ' President, Scott Emerson.

The company currently owns two drill rigs: Rig 1 is drilling the Sondana vein system and rig 2 has concentrated on the Modupola vein system which is located approximately 1 Km to the east of Sondana vein. Both veins are part of an extensive system of auriferous quartz veins, hosted by andesitic volcanics, which have been traced over a strike length of approximately 6 kilometers.

Currently, the company is active on four of its five Indonesian gold projects; drilling on the Tanoyan Gold Project, surface exploration programs on the Palopo Gold Project, the Kapa Kapa Gold Project and the Roko Gold Project. All the projects have easy access via paved and/or gravel roads and the regional infrastructure is good.

The company said all samples were assayed by Intertek Indonesia, a division of the global Intertek Group PLC. (romel)