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VANCOUVER, March 1 /CNW/ - Golden Peaks Resources Ltd. (TSX: GL) ( the "Company") is pleased to announce that it has successfully closed
its previously announced (February 2, 2011) brokered private placement
(the "Financing") consisting of 4,000,000 subscription receipts at a
purchase price of 50 cents per subscription receipt for gross proceeds
to the Company of $ 2,000,000. The gross proceeds of the Financing will
be held in escrow pending completion of the Acquisition (as defined
below).


Each subscription receipt will entitle the holder to acquire one unit
("Unit") of the Company for no additional consideration upon the
closing of the acquisition (the "Acquisition") of Reliance Resources
Limited ("Reliance") (see the Company's press releases dated November 2
and December 22, 2010). Each Unit will consist of one common share
("Common Share") in the capital of the Company and one-half of one
common share purchase warrant ("Warrant"). Each whole Warrant will
entitle the holder to acquire one common share of the Company at an
exercise price of $0.65 for a period of 12 months from the closing of
the Financing.


Macquarie Private Wealth Inc. (the "Agent") was engaged by the Company
as the agent in connection with the Financing. In consideration for the
services provided by the Agent to the Company in connection with the
Financing, the Company has paid to the Agent a corporate finance fee of
$25,000 and, upon closing of the Acquisition, the Company will pay to
the Agent a cash commission of $140,000. Upon completion of the
Acquisition, the Company will also issue to the Agent non-transferable
warrants that will entitle the Agent to acquire up to 250,000 common
shares of the Company at an exercise price of $0.65 per common share,
expiring 12 months after the closing of the Financing.




The subscription receipts and all of the securities issuable upon
exercise of the subscription receipts are subject to resale
restrictions expiring on July 2, 2011.


Upon completion of the Acquisition, the gross proceeds of the Financing
will be released from escrow and the net proceeds will be used by the
Company for the current drill programs on the Tanoyan and Palopo Gold
Properties, Indonesia and for general working capital purposes.


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