October 16, 2007, –Vancouver– Golden Peaks Resources Ltd. (TSX: GL). The Company is pleased to report that, after one of the harshest winters in recent history in Patagonia, Southern Argentina, the work program at the Company's flagship La Fortuna property has resumed. At this time new drill rigs and related equipment are being mobilized to the La Fortuna site and drilling will resume once mobilization is complete. While work is ongoing at its flagship La Fortuna Gold Project the Company is also taking steps to advance its earlier stage projects. In this regard the Company is pleased to report that it has commenced a diamond drill program at the Lonco Project, Nequen Province, Argentina. A diamond drill program has commenced on the Lonco Project at the Pino Andino prospect targeting a series of west-trending structures, associated with precious metal mineralization, over a horizontal distance (north to south) of approximately 1,600 meters. The individual structures appear to be components of a major, regional east-west shear zone. Reconnaissance sampling in selected areas returned highly anomalous gold, silver, mercury and antimony values suggestive of hitherto unrecognized epithermal precious metal mineralization. The anomalous values are associated with quartz veining and silicification in a sedimentary sequence intruded by Cretaceous-Tertiary aged diorite intrusives. The Pino Andino prospect, which hosts a medium sized porphyry copper-gold system associated with potassicaly altered diorite porphyry, has never been explored for epithermal gold mineralization.