Golden Peaks Limited - Tanoyan Continues to Deliver Positive Drilling Results

VANCOUVER, Sept. 7, 2011 /CNW/ --
TSX: GL

    --  Sondana Vein diamond drilling results include:
  o 7.3 metres at 7.2 g/t Au including 1.3 metres at 38.2 g/t Au
  o 12.3 metres at 1.7 g/t Au
  o 10.7 metres at 1.6 g/t Au
    --  Sondana drilling progressing north shows trend of increasing
        gold grades with depth
    --  Phase 2 program of 10,000 metres in planning stage

VANCOUVER, Sept. 7, 2011 /CNW/ - Golden Peaks Limited (TSX: GL) (the
company) is pleased to announce drilling results from 11 holes into the
Sondana Vein system on the Tanoyan Gold Project, Sulawesi, Indonesia
(see Table 1 and Figure 1). http://www.goldenpeaks.com/i/maps/SondonaVeinDP.jpg

These holes are part of the company's systematic evaluation of the
project with an aim of increasing the size and improving the
classification of the existing 43-101 Inferred Mineral Resource of 2.22
Mt at 1.3 g/t for 91,100 ounces of contained gold.

Highlights of the drilling include a high-grade intersection at shallow
depth in hole TND063:

    --  TND 063: 7.3 metres at 7.2 g/t Au from 17.3m including 1.3
        metres at 38.2 g/t Au from 22.3m

The intersection in hole TND 073 is significant as it is the
northern-most result the company has yet obtained from its drilling on
the Sondana Vein. Follow-up drilling in the Phase 2 program will test
the down-dip extensions of this zone.

Golden Peaks' President Scott Emerson commented: 'Drilling at Tanoyan
continues to provide consistently strong results and the high hit-rate
is an indication of the persistent nature of the gold-bearing vein
system. In view of the positive results to date, our technical staff
are currently planning the next stage (Phase 2) of drilling of
approximately 10,000 which is aimed at delineating a mineral resource
sufficient to form the basis of a mineral reserve and technical and
economic feasibility study.

Table 1: Tanoyan Project Drilling Results

 _____________________________________________
| DH No. |  Vein |From |  To  |Interval | Au  |
|        |       | (m) |  (m) |   (m)   |(g/t)|
|________|_______|_____|______|_________|_____|
| TND053 |Sondana|  18 | 30.3 |   12.3  | 1.7 |
|________|_______|_____|______|_________|_____|
|TND054-R|Sondana|38.1 | 42.1 |    4.0  | 0.6 |
|________|_______|_____|______|_________|_____|
|        |       |49.3 | 50.5 |    1.2  | 1.5 |
|________|_______|_____|______|_________|_____|
| TND057 |Sondana|126.1|131.55|   5.45  | 2.3 |
|________|_______|_____|______|_________|_____|
| TND059 |Sondana|54.9 | 62.0 |    7.1  | 0.3 |
|________|_______|_____|______|_________|_____|
|        |       |137.8|144.15|   6.35  | 1.0 |
|________|_______|_____|______|_________|_____|
| TND061 |Sondana|60.3 |79.65 |   19.35 | 0.9 |
|________|_______|_____|______|_________|_____|
| TND063 |Sondana|17.3 | 24.6 |    7.3  | 7.2 |
|        | incl  |22.3 | 23.6 |    1.3  |38.2 |
|        |       |27.6 | 28.6 |     1   | 0.9 |
|________|_______|_____|______|_________|_____|
| TND065 |Sondana|no significant intersections|
|________|_______|____________________________|
| TND067 |Sondana|10.55|11.55 |      1  | 0.4 |
|________|_______|_____|______|_________|_____|
| TND069 |Sondana|11.2 | 13.5 |    2.3  | 0.5 |
|________|_______|_____|______|_________|_____|
| TND071 |Sondana|14.65| 21.7 |   7.05  | 0.3 |
|________|_______|_____|______|_________|_____|
| TND073 |Sondana| 149 |159.7 |   10.7  | 1.6 |
|________|_______|_____|______|_________|_____|

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

The company currently owns two drill rigs and they are being operated by
PT Maiwadrill Resources Antarnusa. Rig 1 is drilling the Sondana Vein
system, rig 2 has concentrated on the Modupola Vein system which is
located approximately 1 Km to the east of Sondana Vein. Both veins
systems are part of an extensive system of auriferous quartz veins,
hosted by andesitic volcanics, which have been traced over a strike
length of approximately 5,600 metres.

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.

Figure 1: Sondana Vein Drill  Plan show location of new and historical
drilling results

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