Golden Peaks Resources Ltd. (TSX: GL) (the "Company") is pleased to report the results of 24 holes from the La Fortuna gold project, Chubut province, Argentina. The T-11 structure has now been drill tested over a length of 900 meters (98 holes to date). These 24 holes were drilled on a 181 meter portion along the structure of the T-11 zone. 23 of the holes intersected gold mineralization. http://www.goldenpeaks.com/i/pdf/Table1PRJanuary10.pdf

These results along with previously announced T-11 results demonstrates the T-11 gold zone now extends over a minimum distance of 250 meters at shallow depths, has an overall dip to the north, and plunges to the northwest. Further results from the T-11 zone are pending.

High grade gold mineralization was intersected in holes LF-39, LF-51, LF-63, LF-73, which were drilled to extend the T-11 zone to the northwest of discovery hole LF-7 (reference news release February 21, 2006). The Company believes the main T-11 gold zone lies at a deeper level in the northwest. The Company is currently drilling deep holes in this area to verify our interpretation that the mineralization gets better at depth.

High grade gold mineralization was also intersected in holes LF 76 and LF-103, which have identified a new zone of mineralization. The gold mineralization is similar to the gold mineralization found at the G zone. The intercepts in holes LF-76 and LF-103 are located approximately 54 and 100 meters respectively south of the T-11 zone http://www.goldenpeaks.com/s/Image.asp?i=maps/T-11DrillPlan.jpg&id=280215e. Additional drilling is being undertaken in this area.

The high grade drill results are detailed below.

Hole #		From (m)	To (m)	Interval (m)	Gold (g/t)
LF-39		36.50	70.50	34.00	1.11
	incl	50.00	61.00	11.00	2.39
	and	50.00	54.50	4.50	3.19
	and	52.50	58.00	5.50	2.91
	and	52.50	54.50	2.00	4.86
LF-51		38.30	70.00	31.70	1.96
	incl	43.00	59.00	16.00	2.79
	and	50.00	57.00	7.00	4.76
	and	54.00	59.00	5.00	5.94
	and	54.00	57.00	3.00	8.66
	and	54.00	55.00	1.00	11.07
LF-63		9.00	20.00	11.00	2.60
	incl	11.50	15.50	4.00	6.29
	and	11.50	12.50	1.00	17.00
	and	12.00	12.50	0.50	22.53
LF-73		53.80	62.00	8.20	1.42
	incl	57.30	62.00	4.70	2.12
	incl	58.80	59.80	1.00	5.20
Hole #		From (m)	To (m)	Interval (m)	Gold (g/t)
LF-76		97.00	104.00	7.00	1.45
	incl	97.00	99.00	2.00	4.56
	and	97.00	98.00	1.00	7.77
LF-103		15.00	18.00	3.00	0.48
		22.00	26.00	4.00	2.46
	incl	24.00	25.00	1.00	7.15

Note: Drill hole data for the holes reflect down hole core lengths. True widths cannot be reliably estimated at this time.

Said Chairman Scott Emerson: "The T-11 style of gold mineralization has now been found in three areas and is probably more widespread than currently recognized. We are developing resources in this area at a rapid pace. T-11 type deposits quickly add resources."

The drill contractor is Connors Argentina S.A. Split/sawn core samples are 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 are being check assayed at a different laboratory.

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.

Media Information, contact:
Scott Emerson, Chairman and Director
[email protected]

Investor Information, contact:
Mike Kordysz, Investor Communications
[email protected]

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.