ACQUISITION OF INDONESIAN GOLD COMPANY

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VANCOUVER, Jan. 25 /CNW/ - Golden Peaks Resources Ltd. (TSX:GL) (the
"Company" or "Golden Peaks") further to the Company's press release
dated December 22, 2010 in which it announced that it had executed a
definitive agreement with Reliance Resources Limited ("Reliance") to
acquire (the "Acquisition") all of the issued and outstanding shares of
Reliance, the Company is pleased to report that, pursuant to the
policies of the Toronto Stock Exchange, and specifically section 604 d)
of the TSX Company Manual, it has received written consent from a
majority of its shareholders to the issuance of 62,667,713 common
shares from its treasury (representing an aggregate of 144.221% of the
Company's current issued and outstanding share capital) to the
shareholders of Reliance in exchange for 41,725,337 common shares of
Reliance, and to the issuance of up to $2,000,000 of securities of the
Company either through the exercise of existing share purchase warrants
or by conducting a private placement. In the event that the Company
decides to conduct a private placement, it will issue a further press
release prior to the closing of the Acquisition to disclose the terms
of the private placement.


At the annual general meeting of the shareholders of Reliance held on
January 21, 2011, all Reliance shareholders voting in person or by
proxy, at the meeting, unanimously voted in favor of the Acquisition.


Following the completion of the Acquisition, the shareholders of Golden
Peaks will hold approximately 40.95% of the outstanding Golden Peaks
Shares and former shareholders of Reliance will hold approximately
59.05% of the outstanding Golden Peaks Shares. Current insiders of
Golden Peaks have no ownership interests in Reliance and will not
receive any common shares of the Company in connection with the
Acquisition of Reliance.


Upon the completion of the Acquisition, the board of directors of Golden
Peaks will be comprised of six members, consisting of three
representatives from each of Golden Peaks and Reliance as follows:








Golden Peaks Representatives on the Board

Scott Emerson

Gilyeard Leathley

Nick DeMare


Reliance Representatives on the Board

Gary Lewis

John Levings

Ian Mitchell





Upon completion of the Acquisition, the management of Golden Peaks will
be as follows:








Gary Lewis

Scott Emerson

John Levings

Harvey Lim


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-

-

-


Chairman and Chief Executive Officer

President

Vice President, Exploration

Chief Financial Officer and Corporate Secretary





Upon completion of the Acquisition, Golden Peaks will indirectly hold
the rights to five advanced gold exploration permits covering 30,000
hectares, on the islands of Sulawesi and Halmahera in eastern
Indonesia. All projects have been converted to IUP tenements as
required under the new Indonesian Mining Act (2009). The Reliance
portfolio comprises three exploration projects on Sulawesi Island, and
two areas on the island of Halmahera, 70km north of Newcrest Mining's
high-grade, world-class Gosowong gold mine. Reliance has the second
largest landholding behind Newcrest on Halmahera. All five projects
are within close proximity to operating gold mines or defined resources
with similar geological settings.


Closing of the Acquisition is expected to be completed on or before
February 1, 2011, or such later dates as may be agreed upon by the
parties. The Company will issue a further press release subsequent to
the closing.


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.




For further information:

Media Information, contact Scott, Emerson, Chairman and Director [email protected] Investor Information, contact: Mike Kordysz, Investor Communications [email protected]