Golden Peaks Resources Ltd. Drills 15.5 Metres at 3.1 (g/t) Gold, Sulawesi Indonesia

VANCOUVER, July 19, 2011 /CNW/ --
TSX: GL July 19, 2011

    --  Zone shows increasing grade as well as width at depth, results
        include:
  o 15.5 metres at 3.1 g/t Au
  o 19.8 metres at 1.6 g/t Au
    --  Extends gold mineralisation at Tanoyan
    --  Round-the-clock drilling continues with 2 diamond drill rigs
    --  Program designed to extend Tanoyan's initial NI43-101 resource
        of 91,100 ounces of gold

VANCOUVER, July 19, 2011 /CNW/ - Golden Peaks Limited (TSX: GL) (the
company) is pleased to announce that it has begun to receive assay
results from its initial 5,000 metre drill program at its Tanoyan Gold
Project, Sulawesi, Indonesia.

Results have been received for the first seven drill holes at Tanoyan,
with six holes cutting mineralised structures from the Sondana Vein
system. Highlight results include intersections from holes TND 049 and
TND 050:

TND 049: 19.8 metres at 1.6 g/t Au from 10.9m (Interpreted true
thickness 18.9m)

TND 050: 15.5 metres at 3.1 g/t Au from 55.6m (Interpreted true
thickness 13.5m)

TND 050 is particularly significant (Figure 1) (http://www.goldenpeaks.com/i/maps/Sondana-Vein-Drill-Section.jpg) as it shows that the mineralisation in this section of the main
Sondana Vein is increasing in both width and gold-grade with depth.
Figure 1 also shows the position of the drill hole designed to follow
up the positive result in TND 050 and extend the zone to greater
depths.

The Tanoyan property hosts an extensive set of gold-bearing quartz
vein systems which have been mapped over a strike length of about 5,600
metres. Historical drilling comprised of 44 widely-spaced holes in 2
programs testing portions of vein systems. As previously reported, CSA
Global Resource Industry Consultants (CSA Global) estimated a NI 43-101
compliant inferred mineral resource of 2.22 Mt at 1.3 g/t for 91,100
ounces of contained gold.

The company is confident that it will be able to significantly
exceed the initial resource estimate in both tonnage and grade. This
first set of results confirms the strength of our strategy.

Golden Peaks' President Scott Emerson commented: 'This is a pleasing
start to our initial drilling program at Tanoyan and confirms our
confidence in the potential for this project.  With a resource in place
of 91,100 ounces of gold, we have every confidence that we will
increase this figure.

To date, we have completed 18 holes as part of the initial drilling
program planned for Tanoyan. Exploration work is ongoing with two rigs
operating around the clock. We expect to report additional drilling
results in the near future as well as updating shareholders on progress
at our four other Indonesian projects.'

Table 1: Tanoyan Project Drilling Results

 ___________________________________________________________________
|      |Zone 51 N UTM|       |From |  To |Interval|  Au |Interpreted|
|DH No.|_____________|  Vein |_____|_____|________|_____|___________|
|      | East |North |       | (m) | (m) |   (m)  |(g/t)|True Width |
|      |      |      |       |     |     |        |     |    (m)    |
|______|______|______|_______|_____|_____|________|_____|___________|
|TND045|639202|66883 |Sondana|   0 |16.1 |   16.1 | 0.8 |    15.5   |
|______|______|______|_______|_____|_____|________|_____|___________|
|TND046|639152|66827 |Sondana|  77 |  78 |     1  | 0.7 |     0.9   |
|______|______|______|_______|_____|_____|________|_____|___________|
|TND047|639223|66813 |Sondana|            did not intersect vein    |
|______|______|______|_______|______________________________________|
|TND048|639146|66872 |Sondana|44.2 |49.2 |     5  | 2.9 |     4.9   |
|______|______|______|_______|_____|_____|________|_____|___________|
|TND049|639184|66875 |Sondana|10.93|30.7 |   19.8 | 1.6 |     18.9  |
|______|______|______|_______|_____|_____|________|_____|___________|
|      |      |      |Sondana|132.1|134.5|   2.4  | 0.9 |      2.3  |
|______|______|______|_______|_____|_____|________|_____|___________|
|      |      |      |Sondana|144.5|145.4|   0.9  | 0.9 |      0.9  |
|______|______|______|_______|_____|_____|________|_____|___________|
|TND050|639247|67005 |Sondana|55.6 |71.1 |   15.5 | 3.1 |     13.5  |
|______|______|______|_______|_____|_____|________|_____|___________|
|      |      |      |  Incl |  63 |63.9 |   0.9  |12.4 |      0.8  |
|______|______|______|_______|_____|_____|________|_____|___________|
|      |      |      |   And |69.1 |70.1 |     1  |23.2 |      0.9  |
|______|______|______|_______|_____|_____|________|_____|___________|
|TND051|639284|66979 |Sondana|14.6 |22.3 |   7.7  | 0.9 |      6.7  |
|______|______|______|_______|_____|_____|________|_____|___________|

The company currently owns two drill rigs and they are being operated by
PT Maiwadrill Resources Antarnusa. 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 Peak's 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.

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.

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