VANCOUVER, Jan. 9, 2012 /CNW/ - Golden Peaks Resources Ltd. (TSX: GL) (the "Company") is pleased to announce that it has changed its name to Reliance Resources Limited. The shareholders of the Company approved the name change at the Company's Annual and Special Meeting held on November 17, 2011. Subject to the Toronto Stock Exchange's (the "Exchange") acceptance, the common shares of the Company will commence trading on the Exchange under the new name and ticker symbol "RI" at the opening of business on Thursday, January 12, 2012.
The name change aligns the Company and its operating subsidiaries in three continents under the Reliance Brand.
Holders of the Company's share and warrant certificates do not need to take any action as a result of the name change.
The Company has a portfolio of five mineral tenements covering 68,000 acres on the islands of Sulawesi and Halmahera in East Indonesia. The projects offer both exploration potential and an existing resource base. All five projects are adjacent to or along strike from operating gold mines or identified gold resources with similar geology and structural feature. Importantly, all projects have been converted to IUP tenements as required under the new Indonesian Mining Act (2009).
The Company is active on four of its five Indonesian gold projects; currently drilling on the Tanoyan Gold Project and conducting surface exploration programs on the Palopo Gold Project, the Kapa Kapa Gold Project and the Roko Gold Project. All of the projects have easy access via paved and/or gravel roads and the regional infrastructure is good.
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.
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