Golden Peaks Resources Ltd. Update

VANCOUVER, Nov. 12 /CNW/ - Golden Peaks Resources Ltd. (TSX:GL) (the "Company") reports that pursuant to it's La Fortuna Gold Project ( located in Chubut, Argentina ) amended property agreement dated November 19,2009, the Company has notified the vendor that the Company will not be making an option payment on November 19, 2010 and has initiated negotiations to amend the agreement. Chairman Scott Emerson comments "In light of the Company's agreement to acquire Reliance Resources (News Release November 2, 2010) it was felt it would be prudent to defer this payment to a later date".

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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