Golden Peaks - Cease Trade Order
Vancouver, BC, October 6, 2011 - Golden Peaks Resources Ltd. (TSX: GL) (the "Company" or "Golden Peaks") announces that the securities commissions in the Canadian jurisdictions in which it is a reporting issuer (collectively, the "Commissions") have issued a cease trade order suspending the trading of common shares of the Company effective immediately, as a result of the delay in filing the Company's audited consolidated annual financial statements (the "Annual Financial Statements") for its financial year ended June 30, 2011 (and annual management discussion and analysis related thereto) and its annual information form (the "AIF") by the required filing date under applicable Canadian securities laws.
The delay in the filing of the Annual Financial Statements and AIF was brought about primarily due to the Company's acquisition of Reliance Resources Limited, an Australian company which owns mineral properties located in Indonesia, and the challenge of amalgamating Canadian, Australian and Indonesian accounting systems to prepare financial statements in accordance with International Financial Reporting Standards ("IFRS"). The Company is working diligently to prepare the Annual Financial Statements and AIF and expects to be able to file them by early next week. The Company will concurrently apply to the Commissions for a revocation of the cease trade order. The Company apologizes for the imposition of the cease trade order and wishes to assure its shareholders that, after this initial hurdle of amalgamating accounting systems and its early adoption of IFRS.
Media Information, contact
Scott, Emerson, Chairman and Director
Investor Information, contact:
Mike Kordysz, Investor Communications
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.