Vancouver, British Columbia, November 12, 2007 ? Peak Gold ltd. (PIK:TSX-V) (?Peak Gold?) announces that it  had been in discussions regarding a potential acquisition of producing gold mines but that such discussions have now terminated as the vendor has decided not to sell the assets given the current strong price of gold. As a result of this development, those persons who were going to participate in the proposed offering of Special Warrants, announced on October 30, 2007 and as per the amended terms announced on November 6, 2007, will be contacted by the agents early this week to reconfirm their orders.

A further news release will be issued by Peak Gold providing a financing update after all of the prospective purchasers have been contacted.

Peak Gold is a new intermediate gold producer with a strong foundation for growth. 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.

For further information, please contact:

Mélanie Hennessey
Vice President, Investor Relations
Peak Gold Ltd.
3110-666 Burrard Street
Vancouver, British Columbia, V6C 2X8
Telephone: (604) 696-4100
Toll-free: (888)220-2760
Fax: (604) 696-4110
Email: info@peakgold.com
Website: www.peakgold.com

Vanguard Shareholder Solutions
1205-1095 West Pender Street
Vancouver, British Columbia, V6E 2M6
Telephone: (604) 608-0824
Toll Free: (866) 398-1088
Email: ir@vanguardsolutions.ca