Golden Peaks Resources HUB - AGORACOM

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

Golden Peaks Resources Profile

There are approximately 50 million shares outstanding fully diluted and funding in place to handle the current LF drill program.

Of this 50 million shares there are approximately 4 million warrants exerciseable at $.65

At present (29-Nov-2010) the company maintains a single project in Argentina - La Fortuna and has entered into an agreement to acqure an Australian company with a sizeable and highly prospective portfolio of 5 gold projects.

  • La Fortuna until recently was the company's flagship property, containing multiple independent target zones, multiple high-grade intercepts, nearly 300 holes drilled at an aggregate length in excess of 20,000 meters. The company has 4 holes with results still pending and has penetrated 2 large breccia structures. There is, however, a significant issue politically in Chubut Province in Argentina, where the property lies and until the mining law amendments that have been promised by the government are passed, very little is happening in Chubut. The one exception at present is Pan American, who have scaled back investment in the Navidad, but have not pulled the plug "yet". Should the amendments be enacted, La Fortuna will very quickly return to its status as a core "high profile" asset.
  • Reliance is the name of the company that Golden Peaks is acquiring; a provate company based out of Australia, but with 5 projects. 1 of which has a JORC resource calculation already completed (and the 43-101 already submitted for approval) and could apparently be production capable within 12 months. Reliance currently has the largely the same management team as has been responsible for Robust Resources and has extensive experience in Indonesia. It should be noted that all 5 projects have already completed their conversion to IUP tenements. As of today Golden Peaks has received their approval from the exchange for the acquisition. Drilling is also scheduled to commence by mid-December.

The company has a very strong insider shareholder base (positions have increased subtantially over the past couple of years). There had been a strong European hedge fund participation as well; however, the melt down of that financial sector very definitely caused the company SP issues.

The company has a solid reputation outside of the retail community (where it is almost unknown);
- they have maintained solid ties with the majors in the industry since their days with Mitsubishi Minerals as a JV partner on the Sierra de las Minas
- Kieran Downes (CEO / President / Chief Geologist) comes with an excellent reputation as a no-frills straight-shooter who stands in good stead within the industry.

A report from Dundee (Oct-2007) indicated that they believe the company was well worth considering and that doing so "before the North American market wakes up to the company" would be a wise move. Dundee has also since made multiple property visits and has been in regular communication.

Last changed at 03-Sep-2011 12:45AM by AGORACOM-GT