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Gold/Mining/Energy : A to Z Junior Mining Research Site -- Ignore unavailable to you. Want to Upgrade?

To: 4figureau who wrote (2560)	1/11/2003 12:03:11 AM
From: akpirate	Respond to of 5423

Golden Peaks drills three holes at Sierra de las Minas 2003-01-09 12:37 PT - News Release Mr. Kieran Downes reports PROJECT UPDATE Golden Peaks Resources has provided an update on the progress on the Sierra de las Minas project in northwest Argentina. The project is a joint venture between the company and Mitsubishi Materials Corporation. A geological crew mobilized to the joint venture prospect site on Nov. 13 to lay out drill holes, secure water, and prepare access roads and drill pads. The drill program began on Nov. 22 and was completed on Dec. 19. Three diamond drill holes (JVDH-37, 38 and 39 -- 415.94 metres) were drilled to complete reconnaissance testing of the JV-13 and JV-14 zones. In addition, a suite of samples was collected from the principal showings in the joint venture district and adjacent areas to establish the limits and character of the epithermal signature of the gold and/or silver mineralization. Final assays and analyses are awaited. On the completion of the drill program all of the drilling equipment, as well as the camp, were demobilized by Connors Argentina S.A. to service and maintain the equipment. The campsite was reclaimed and cleaned. Future drilling will be conducted from a new drill camp located closer to the JV-14 zone. The company has met its budget requirements of the phase IV program and is currently planning the exploration program for the next phase. A joint venture meeting is scheduled for mid-January to review the progress and approve the next phase of exploration. Golden Peaks is well financed with in excess of $2-million in cash. In November and December, 2002, the company conducted extensive data reviews and field visits in Argentina on possible property acquisitions and staking. The company is currently awaiting assays/analytical results and expects to pursue certain acquisitions to compliment its existing advanced gold exploration play in Argentina.