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Golden Peaks - Files Annual Financial Statements

October 17, 2011

Vancouver, BC, October 17, 2011 - Golden Peaks Resources Ltd. (TSX: GL) (the "Company" or "Golden Peaks") announces that on October 14, 2011 the Company filed on SEDAR its consolidated annual financial statements for its financial year ended June 30, 2011 (together with annual management discussion and analysis related thereto) and its annual information form. Trading in the Company's shares on the Toronto Stock Exchange ("TSX") was halted on October 6, 2011 as a result of cease trade orders issued on October 6, 2011 by the British Columbia Securities Commission and on October 11, 2011 by the Ontario Securities Commissions for failing to file these documents within the time prescribed under applicable Canadian securities laws.

The Company is working diligently to have the cease trade orders revoked by the securities commissions and to have its common shares reinstated for trading on the TSX. The Company expects that trading of its shares will resume imminently.

The Company would like to confirm that the cease trade orders are in no way related to the financial condition of the Company, and we apologize for any concerns that this has caused our shareholders.

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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