Golden Peaks signs deal to acquire East Indonesia gold projects

Vancouver-based firm Golden Peaks Resources Limited reported on Tuesday it has signed a Letter of Intent (the LOI) to acquire 100% of Reliance Resources Limited, an unlisted Australian public company, which holds the rights to five advanced gold exploration permits on the islands of Sulawesi and Halmahera in eastern Indonesia.

The Reliance portfolio comprises three exploration projects on Sulawesi Island, with a JORC inferred resource, defined targets and the potential for near-term resource development and production; and two areas on the island of Halmahera, North Maluku, 70km north of Newcrest Mining's Gosowong gold mine. Reliance has the second largest landholding behind Newcrest on Halmahera.

Reliance holds a majority (75-90%) interest in these five gold tenements, covering 30,000 hectares. All five projects are within close proximity to operating gold mines or defined resources with similar geological settings. Importantly, all projects have been converted to IUP tenements as required under the new Indonesian Mining Law, it said. (alex)