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Golden Peaks Signs Definitive Agreement For Acquisition of Indonesian Gold Company

December 22, 2010

December 22, 2010, - Vancouver - Golden Peaks Resources Ltd. (TSX:GL) (the "Company" or "Golden Peaks") is pleased to report that it has completed a definitive agreement with Reliance Resources Limited ("Reliance") ( November 2, 2010) and its principal shareholders pursuant to which the Company will acquire all of the outstanding shares of Reliance. Final closing is subject to normal conditions precedent for these types of transactions.

Media Information, contact
Scott, Emerson, Chairman and Director
SE@goldenpeaks.com

Investor Information, contact:
Mike Kordysz, Investor Communications
MK@goldenpeaks.com

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.

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