Golden Peaks Resources Ltd. (TSX: GL) has reported that it has received conditional acceptance for the acquisition of Indonesian-focused gold exploration company Reliance Resources Limited.
CONDITIONAL TSX ACCEPTANCE RECEIVED FOR RELIANCE RESOURCES ACQUISITION
- Final closing subject to standard closing conditions
- Transaction completion expected shortly
- Initial 5,000m drill program to commence next month
Reliance holds the rights to five advanced gold exploration permits, covering 30,000 hectares, on the islands of Sulawesi and Halmahera in eastern Indonesia. All projects have been converted to IUP tenements as required under the new Indonesian Mining Act (2009).
The Reliance portfolio comprises three exploration projects on Sulawesi Island, and two areas on the island of Halmahera, 70km north of Newcrest Mining's high-grade, world-class Gosowong gold mine. Reliance has the second largest landholding behind Newcrest on Halmahera.
All five projects are within close proximity to operating gold mines or defined resources with similar geological settings.
As reported November 23, 2010, a 5,000 metre drilling program is expected to commence in mid-December at the Tanoyan project on Sulawesi.
Golden Peaks' Chairman Scott Emerson added: "Receiving conditional acceptance for the acquisition of Reliance is an important milestone in completing this transaction. We expect the acquisition to be finalised shortly.
"Also encouraging is the progress Reliance is already making in Indonesia. Drilling at Tanoyan is on-track to commence shortly".
Source: Golden Peaks Resources Ltd.