Golden Peaks Resources HUB - AGORACOM

Drilling about to restart at La Fortuna, 1st resource calc being worked on

Message: Cerro Delta option agreement terminated (Apr 16th, 2009)

Cerro Delta option agreement terminated (Apr 16th, 2009)

posted on May 25, 2009 09:54AM

April 16, 2009, - Vancouver - Golden Peaks Resources Ltd. (TSX: GL) (the "Company") reports that it has terminated the option agreement on the Cerro Delta project, La Rioja province, Argentina.

The Company recently obtained its environmental permits for the previously announced drill program. Following receipt of the environmental permits and selection of a drill contractor, it was discovered that there is a number of unresolved concerns relating to the precise position of the property boundary. Over the past several weeks, the Company had expected these concerns to have been resolved prior to the start of the drill program but this has not happened. The Company is continuing to deal with the vendors to see if an extension can be obtained on terms acceptable to the Company in light of current markets.

The Company will continue to advance the La Fortuna gold project in Argentina and will be proceeding with a planned program to test the high grade, high impact gold targets immediately below the T-11 and G deposits. High grade gold-rich quartz vein systems intrude the broader zones of gold mineralization. Composite intersections (high grade veins & lower grade sulphides) include:

LF-11: 38 meters @ 5.72 g/t gold (T-11 deposit)
LF-7: 50 meters @ 3.65 g/t gold (T-11 deposit)
LF-70: 22 meters @ 3.65g/t gold (G deposit)

The roots (?) of these high grade vein systems have been identified by a CSAMT survey and in part by drilling. High impact targets under the T-11 and G deposits will be tested at depths of between 200m to 400m.

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.

New Message
Please login to post a reply