Golden Peaks Resources Ltd. closes private placement

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, SE@goldenpeaks.com; Investor Information, contact: Mike
Kordysz, Investor Communications, MK@goldenpeaks.com/ 
 
 
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