FOR ACQUISITION OF INDONESIAN GOLD COMPANY

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VANCOUVER, Dec. 22 /CNW/ - 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.




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 Investor Information, contact:
Scott, Emerson, Chairman and Director Mike Kordysz, Investor Communications
SE@goldenpeaks.com MK@goldenpeaks.com