Golden Peaks completes Indonesian gold projects acquisition

Canadian minnow Golden Peaks Resources Ltd. announced Monday that is has completed the acquisition of Reliance Resources Ltd. as part of a strategic shift in focus to Indonesia.

The acquisition provides Golden Peaks with a diversified portfolio of five highly prospective gold projects covering 30,000 hectares in eastern Indonesia and a foothold in a region that hosts some of the world's largest gold projects, the company claimed.

Golden Peaks' Indonesian portfolio comprises three exploration projects on Sulawesi Island, and two on Halmahera Island.

Golden Peaks now controls the second largest land exploration package on Halmahera behind Newcrest Mining, which operates the Gosowong Mine that has a reported resource of 5.1 million ounces of gold to date. The five projects, with working interest of 75% to 90%, are valid licenses, as required under current Indonesian mining regulations.

"The acquisition of these properties provides Golden Peaks with a diversified portfolio of five highly prospective gold projects, including two at advanced stages of exploration," commented Scott Emerson, President of Golden Peaks. "Reliance's board and exploration team has a track record of success in Indonesia and they have done an excellent job in advancing these projects. By maintaining the continuity of this team, we can leverage the historical work completed by Reliance in pursuing our goal of building significant gold resources in Indonesia. In light of the completion of the acquisition of reliance and the Company's current focus its newly acquired Indonesian properties the Company has determined to record an impairment charge on its La Fortuna property". (Romel)