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Golden Peaks - Update on Cease Trade Order

October 21, 2011

Vancouver, BC, October 21, 2011 - Golden Peaks Resources Ltd. (TSX: GL) (the "Company" or "Golden Peaks") announced that on October 14, 2011 it completed the filing of 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 (collectively, the "Annual Filings"). The Company is pleased to announce that as a result of completing the Annual Filings, the cease trade order issued by the British Columbia Securities Commission on October 6, 2011 was subsequently revoked on October 18, 2011 and the temporary cease trade order issued by the Ontario Securities Commission on October 11, 2011 is expected to expire at 12:01 am on October 26, 2011.

It is expected that trading in the Company's shares on the Toronto Stock Exchange will resume on October 26, 2011.

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


Media Information, contact
Scott, Emerson,
President 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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