Golden Peaks Resources Ltd. closes private placement

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VANCOUVER , Nov. 26 /CNW/ - Golden Peaks Resources Ltd. (TSX: GL) (the "Company") is pleased to announce that it has successfully closed its previously announced brokered private placement (the "Financing") consisting of 4,000,000 units (each, a "Unit") for gross proceeds to the Company of $2,041,690 . An aggregate of 3,831,000 Units were sold to arm's length investors at a purchase price of $0.51 per Unit and an aggregate of 169,000 Units were sold to non-arm's length investors at a purchase price of $0.52 per Unit. Each Unit consists of one common share and one common share purchase warrant. Each warrant is transferable and entitles the holder to purchase an additional common share of the Company at any time until May 19, 2011 . Warrants issued to arm's length investors are exercisable at a purchase price of $0.64 per share and warrants issued to non-arm's length investors are exercisable at a purchase price of $0.65 per share.

Canaccord Capital Corporation acted as the agent (the "Agent") in connection with the Financing. In consideration for the services provided to the Company by the Agent, the Company issued to the Agent 75,000 corporate finance units - each unit consisting of one common share and one non-transferable common share purchase warrant exercisable at a price of $0.65 per share until May 19, 2011 . The Agent also received non-transferable warrants that entitle it to purchase up to 268,710 common shares exercisable at a price of $0.65 per share until May 19, 2011 . The Agent also received a cash commission of $136,766.60 and an administration fee of $5,000 .

All securities issued in conjunction with the Financing have a hold period expiring on March 20 ,2010.

The net proceeds of this Financing will be used to fund exploration and development activities on the Company's La Fortuna gold project in Argentina and for general corporate 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, [email protected]; Investor Information, contact: Mike Kordysz, Investor Communications, [email protected]