Golden Peaks Resources Ltd. Exploration Update Palopo Gold Project, Indonesia by 24hgold

News Release - Friday, February 24, 2012
Exploration Update Palopo Gold Project, Indonesia

February 24, 2012 - Reliance Resources Resources Limited (the Company) (TSX:RI) is pleased to update exploration activities at its Palopo Gold Project located on Sulawesi Island, Indonesia.

The Company recently conducted reconnaissance rock chip sampling at the Mangkaluku North and Siguntu Gold Prospect within its Palopo property. (Figure 1). Sampling at Mangkaluku North was designed to test for extensions to quartz-sulphide veins with gold mineralisation intersected by historical diamond drilling at the Mangkaluku Prospect. Sampling at Siguntu took place to locate the source of alluvial gold being worked by local villagers in Lattupa Valley.

These two prospects have the least amount of historical exploration activity with Mangkaluku North defined by a single rock sample which assayed 25 g/t Au.

Exploration is planned to continue along this zone to the north of Mangkaluku and to the south towards the Balantungan Prospect, in preparation for drilling.

Figure 1: Palopo Tenement, Structures and Prospects

http://www.relianceresources.com/i/maps/Palopo/Palopo-Structures-and-Prospects.jpg

At Mangkaluku North (figure 2) a total of 23 reconnaissance rock chip samples were collected from various rock-types over an area 1.5 to 2 kilometres north of Mangkaluku along a major NNW-trending structural zone. Results show that 17 samples contained weak to moderately anomalous levels of gold; 8 samples were strongly gold mineralised >0.5 g/t Au, and three samples returned very high gold values of: 18.9, 21.0 and 29.1 g/t Au.

Gold mineralisation that has been identified to date at the Siguntu prospect (Figure 1) consists of thin but high-grade mesothermal veins along the banks of the Lattupa River. Three rock chip samples were taken and all returned significant gold values with a highest value of 70 g/t Au from altered volcanic rocks cut by numerous quartz veinlets.

Work at the Mangkaluku North prospect at this stage although preliminary and of a reconnaissance nature clearly shows there is potential to find Mangkaluku-style qtz-sulphide veins along the northern extensions of the NNW-trending regional structure.
Exploration is planned to continue along this zone to the north of Mangkaluku and to the south towards the Balantungan Prospect.

Figure 2: Selected rock chip sample locations and values

http://www.relianceresources.com/i/maps/Palopo/Palopo-Rock-Chip-Samples.jpg

Historical exploration at Palopo outlined a series of quartz-sulphide vein prospects hosted by hydrothermally altered igneous and sedimentary rocks. The prospects appear to lie along major regional structures (fig 1). Mineralisation exhibits similarities to the Awak Mas deposit (1.7M ozs Au) approximately 40 km to the south of Palopo.

The majority of historical activity has focused on the Mangkaluku Prospect. Previous work identified three principal mesothermal gold-bearing vein zones: Western, Central and Eastern Zones. Each zone contains multiple gold brearing quartz-sulphide veins with individual veins having strike-lengths up to 500m and varying between 0.5 and 5 metres in width.

Historical trenching intersected wide zones of significant gold mineralisation including;

18.1m @ 13.9 g/t Au
3.1m @ 8.2 g/t Au
18.0m @ 6.8 g/t Au
36.0m @ 6.8 g/t Au
9.0m @ 40.7 g/t Au

18m @ 9 g/t Au

Previous explorers completed 22 diamond drillholes widely spaced along each vein system (Figure 2). Significant intersections include:

8.4m @ 7.5 g/t Au
2.0m @ 9.7 g/t Au
6.0m @ 3.9 g/t Au
2.0m @ 115.0 g/t Au
11.0m @ 2.7 g/t Au
12.0m @ 3.5 g/t Au

2.0m @ 18.3 g/t Au

Currently, the company is active on four of its five Indonesian gold projects; drilling on the Tanoyan Gold Project, surface exploration programs on the Palopo Gold Project, the Kapa Kapa Gold Project and the Roko Gold Project. All the projects have easy access via paved and/or gravel roads and the regional infrastructure is good.

This technical information contained in this release has been reviewed and approved by Mr. John Levings, B.Sc., FAusIMM, director of Reliance Resources Ltd. and a Qualified Person as defined by National Instrument 43-101, under whose direction the exploration programs are being carried out.

Media Information, contact:
Scott Emerson, President
and Director
se@relianceresources.com

Investor Information, contact:
Mike Kordysz, Investor
Communications
mk@relianceresources.com

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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