Bullvestor empfiehlt Golden Peaks

Macquarie Private Wealth Inc. (the "Agent") was engaged by the Company as the agent in connection with the Financing. In consideration for the services provided by the Agent to the Company in connection with the Financing, the Company has paid to the Agent a corporate finance fee of $25,000 and, upon closing of the Acquisition, the Company will pay to the Agent a cash commission of $140,000. Upon completion of the Acquisition, the Company will also issue to the Agent non-transferable warrants that will entitle the Agent to acquire up to 250,000 common shares of the Company at an exercise price of $0.65 per common share, expiring 12 months after the closing of the Financing.

The subscription receipts and all of the securities issuable upon exercise of the subscription receipts are subject to resale restrictions expiring on July 2, 2011.

Upon completion of the Acquisition, the gross proceeds of the Financing will be released from escrow and the net proceeds will be used by the Company for the current drill programs on the Tanoyan and Palopo Gold Properties, Indonesia and for general working capital purposes.

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.

Media Information, contact:
Scott Emerson, Chairman and Director
SE@goldenpeaks.com   Investor Information, contact:
Mike Kordysz, Investor Communications
MK@goldenpeaks.com

twitter.com/#!/Goldenpeaksltd

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.

To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/June2011/21/c8071.html

SOURCE: Golden Peaks Resources Ltd.

Media Information, contact: Scott Emerson, Chairman and Director SE@goldenpeaks.com Investor Information, contact: Mike Kordysz, Investor Communications MK@goldenpeaks.com
Copyright (C) 2011 CNW Group. All rights reserved.

A base camp is currently being prepared at the Akelamo prospect to support a program of systematic exploration comprising surveying, mapping, soil sampling and channel sampling. This program is designed to further define the extent, style and intensity of the Akelamo hydrothermal mineralisation in preparation for drilling. This prospect is underexplored and has never been tested by drilling



Fig 1 - Akelamo Prospect - sample locations (grab samples are selective by nature and are unlikely to represent future average grades on the property)


Halmahera is host to Newcrest Mining Limited's Gosowong Mine, one of the highest-grade underground gold mines currently operating anywhere in the world (28 g/t gold average). Golden Peaks Resources has the second largest landholding for gold exploration on Halmahera after Newcrest Mining.

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.

This press release has been reviewed and approved by Mr. John Levings, B.Sc., FAusIMM, director 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.

Media Information, contact:
Scott Emerson, President and Director
SE@goldenpeaks.com

Investor Information, contact:
Mike Kordysz, Investor Communications
MK@goldenpeaks.com

The TND 076 intersection is the widest and highest grade gold so far drilled within the Modupola vein system and the potential for further mineralisation is open at depth. Follow-up drilling is planned. Intersections of gold mineralisation 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.(Fig. 1 Modupola Vein Drilling Results ) http://www.goldenpeaks.com/i/maps/Modulopa-Vein-Drill-Results.jpg

Table 1: Summary of Tanoyan Drilling

DH No. Vein From
(m) To
(m) Interval
(m) Au
(g/t)
TND064 Modupola
Incl 79.25 90.75 11.50 1.9
79.25 81.35 2.10 8.7
138.30 139.30 1.00 1.0
TND066 Modupola
Incl 29.70 43.55 13.85 1.0
40.00 41.90 1.90 3.5
TND068 Modupola 77.70 81.95 4.25 2.0
TND070 Modupola
Incl
Incl 51.10 65.00 13.90 0.8
51.10 55.95 4.85 1.0
62.20 64.00 1.80 2.4
TND072 Modupola 57.15 58.55 1.40 1.0
TND074   Modupola 63.30 67.10 3.80 0.5
78.20 87.80 9.60 1.1
100.40 107.00 6.60 1.3
TND076 Modupola
Incl 69.85 87.50 17.65 3.8
81.10 87.50 6.40 7.8
Drill hole data for the holes reflect down hole core lengths. True widths cannot be reliably estimated at this time

Golden Peaks' President Scott Emerson commented: "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 prioritise and plan the next 10,000m phase 2 drilling program."

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 kilometres.
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.

All samples were assayed by Intertek Indonesia; a division of the global Intertek Group PLC.

Core is collected and initially logged at Tanoyan Base Camp at the project area. The core is then securely transported in closed core boxes to Golden Peaks' Exploration Office in Kotamobagu, North Sulawesi. Here the core is logged in detail, cut longitudinally into 2 equal halves and half-core is sampled at 1 meter intervals; except where the geology dictates a lesser sampling interval. Half core is permanently retained, as a reference, in the secure Kotamobagu core-storage facility. All QC samples are introduced before the bagged samples are trucked to PT Intertek Laboratory's sample preparation facility in Manado. Prepared samples are then couriered by PT Intertek to their analytical facility in Jakarta for analyses.

Gold is fire assayed using a 50.0 gram aliquot sample with an AA finish. Multi-element analysis is by Four Acid Digestion using an Induced Coupled Plasma (ICP) finish.

The Company's QA/QC program now includes the regular insertion of blanks, multiple certified assay standards into the sample shipments. Locally-sourced blank samples are inserted in every assay batch of 10 samples. Commercial standards are inserted in every assay batch of 25 samples. Sludge samples are also collected and assayed on a 1 metre interval from the drilling fluid circulation return. Regular monitoring of these QC samples is a critical part of Golden Peaks' QA/QC protocols.

This press release has been reviewed and approved by Mr. John Levings, B.Sc., FAusIMM, director of Golden Peaks Resources Limited and a Qualified Person as defined by National Instrument 43-101, under whose direction the exploration programs are being carried out.

Media Information, contact:
Scott Emerson,President
SE@goldenpeaks.com

Investor Information, contact:
Mike Kordysz, Investor Communications
MK@goldenpeaks.com