Vancouver, British Columbia, October 19, 2007 ? Peak Gold Ltd. (PIK:TSX-V) (?Peak Gold?) is pleased to announce a resource and exploration update for its Mineração Pedra Branca do Amapari gold mine (the ?Amapari Mine?) in Brazil.  

Mineral Resource Update

Peak Gold is pleased to announce an updated mineral resource estimate for the Amapari Mine as of September 30, 2007.  The updated estimate was completed in connection with the preparation of a National Instrument 43-101 (?NI 43-101?) compliant technical report for the Amapari Mine, expected to be filed with the Canadian securities regulatory authorities and be available on SEDAR at www.sedar.com shortly.

The Measured and Indicated Mineral Resources estimated as of September 30, 2007 were 1.047 million contained ounces of gold compared to 1.156 million contained ounces of gold estimated as of December 31, 2006.  In addition, Inferred Mineral Resources have increased to 1.351 million contained ounces of gold estimated as of September 30, 2007 compared to 0.152 million contained ounces of gold estimated as of December 31, 2006.  The increase of approximately 1.2 million contained ounces of gold in the Inferred Mineral Resource category is largely attributable to the Urucum and Tapereba AB deposits.  The following table sets forth the estimated mineral resources for the Amapari Mine as of September 30, 2007:

Measured, Indicated and Inferred Mineral Resources as of September 30, 2007 ^(1)(2)(3)(4)

(1)   The mineral resources are classified as measured, indicated and inferred, and are based on the current (2004) version of the Australasian Code for Reporting of Mineral Resources and Ore Reserves (the ?JORC Code?).  The JORC Code has been accepted for current disclosure rules in Canada under NI 43-101.

(2)   Based on a gold price of US$600 per ounce.

(3)   Based on a cut-off grade of 0.5 grams per tonne for the open pit and 2.1 grams per tonne for the underground.

(4)   Mineral resources that are not mineral reserves do not have demonstrated economic viability.

The Resource statement includes all drilling results in the immediate mining areas up to March 31, 2007.  A total of 38 drill holes were completed since the previous estimate of December 31, 2006. The method of estimation used was ordinary kriging. Resource depletion from production at the Amapari Mine from January 1, 2007 to September 30, 2007 was 1.915 million tonnes at 2.00 grams of gold per tonne for a total of 123,997 ounces of gold.

The geological model was prepared under the supervision of Mr. Jones, MAIG at Amapari Mine. The updated mineral resource estimate was prepared under the supervision of Mr. Henry, CP AusIMM from AMEC International (Chile) S.A., who is an independent qualified person as defined by NI 43-101.  Mr. Henry has reviewed and approved the contents of the above resource statement.

Exploration Update

Peak Gold has been focusing its exploration efforts at the Amapari Mine around existing open pits and the Vila do Meio deposit near the mine.  A total of 2,700 metres of diamond drilling was completed in 18 holes in the Vila do Meio deposit to infill and extend the high grade zone that was discovered in 2006.  Infill holes have been drilled at approximately 20 metre spacing along 100 metres of strike length.  The Vila do Meio deposit represents a good open pit opportunity for the mine.  The information below highlights some of the significant results of the new drill holes and major target areas (all true width):

Peak Gold is continuing efforts in its cost reduction program at the Amapari Mine which is expected to improve the overall financial performance of the mine.  ?There is tremendous growth opportunity at Amapari and management is confident that we will deliver on key strategies to reduce cash cost, extend the mine life, and create greater shareholder value,? said President and Chief Executive Officer of Peak Gold, Julio Carvalho.

Peak Gold is a new intermediate gold producer with a strong foundation for growth.  With a solid approach to acquisition and a commitment to value, Peak Gold?s goal is to significantly increase production by 2008.  To learn more about us, please visit our website at www.peakgold.com.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This News Release contains ?forward looking statements?, within the meaning of applicable Canadian Securities legislation.  Forward-looking statements include, but are not limited to, statements with respect to the future price of gold and copper, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage.  Generally, these forward looking statements can be identified by the use of forward-looking terminology such as ?plans?, ?expects?, or ?does not expect?, ?is expected?, ?budget?, ?scheduled?, ?estimates?, ?forecasts?,  ?intends?, ?anticipates?, or ?does not anticipate?, or ?believes?, or variations of such words and phrases or state that certain actions, events or results ?may?, ?could?, ?would?, ?might? or ?will? or ?will be taken?, ?occur? or ?be achieved?.  Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Peak Gold to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the integration of acquisitions; risks related to international operations; actual results of current exploration activities; actual results of current reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold and copper; possible variations in ore reserves, grade or recovery rates; failure of plant; equipment or processes to operate as anticipated; accidents; labor disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled ?Risk Factors? in Peak Gold?s Filing Statement dated April 2, 2007, available at www.sedar.com.  Although Peak Gold has attempted to identify important factors that would cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated, or intended.  There can be no assurance that such statements will prove to be accurate.  As actual results and future events could differ materially from those anticipated in such statements.  Accordingly, readers should not place undue reliance on forward-looking that are incorporated by reference herein, except in accordance with applicable securities laws.

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