Golconda Resources Ltd.: Corporate Update- Drilling to Commence
Published : March 22, 2013
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Keywords :   Market | Oil | Silver |

CALGARY, ALBERTA--(Marketwire - March 22, 2013) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Golconda Resources Ltd. (the "Corporation" or "Golconda") (News - Market indicators) is pleased to announce that following consultations with members of the Cold Lake First Nation a land lease and a well license have been issued to the Corporation's joint venture with Tri-Rez Ebay Energy Ltd. and a Calgary-based private oil and gas company allowing for the drilling by the joint venture of its first well on Cold Lake First Nation lands. This well is expected to spud on March 23, 2013. A land lease for a second well has been issued and it is anticipated that the associated well license will be issued in the coming days so that a second well can be drilled prior to April 1, 2013.

"This is a very exciting time for Golconda, and for our joint venture partners at Cold Lake First Nation. It is very gratifying to see lease construction and site preparation with 100% Cold Lake First Nation joint venture companies on site. We look forward to a long and mutually beneficial relationship," said David Orr, President of Golconda.

"Cold Lake First Nation is delighted to announce this joint venture with Golconda Resources. We are creating independence through these economic development partnerships so our future generations will have opportunities. Cold Lake believes in environmentally sound and sustainable development and applying these principals as we move forward with the development of our natural resources with Golconda Resources," said Chief Cecil Janvier of the Cold Lake First Nation.

Reader Advisory

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. All statements included herein, other than statements of historical fact, constitute forward-looking information and such information involves various risks and uncertainties. In particular, this press release contains forward-looking statements, pertaining to the timing of the drilling of the first two wells on Cold Lake First Nation lands. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of certain assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Corporation's disclosure documents on the SEDAR website at www.sedar.com. In particular, with respect to forward-looking statements contained in this press release, the Corporation has made assumptions regarding, among other things the timing for receipt regulatory approvals. The Corporation does not undertake to update any forward-looking information except in accordance with applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Golconda Resources Ltd.
David Orr
(403) 539-4440
dorr@golconda.ca
or
Golconda Resources Ltd.
Nicole Robertson
Communications Advisor
(403) 616-4999
nicole.robertson@muskwaproductions.com
www.golcondaresources.com

Golconda Resources Ltd

EXPLORATION STAGE
CODE : GA.V
ISIN : CA38046F1027
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Golconda Res. is a silver and gold producing company based in Canada.

Golconda Res. holds various exploration projects in Canada.

Its main exploration properties are SOUTH MONITOR, 4 ACES, SHULIN LAKE, RALSTON VALLEY, MERGE, MONITOR FLAT, WAPAWEKKA, ENNIS LAKE, SHULIN LAKE and WAPAWEKKA WEST in Canada.

Golconda Res. is listed in Canada and in United States of America. Its market capitalisation is CA$ 85.4 millions as of today (US$ 67.5 millions, € 59.6 millions).

Its stock quote reached its lowest recent point on July 10, 2015 at CA$ 0.01, and its highest recent level on June 04, 2021 at CA$ 1.18.

Golconda Res. has 133 509 992 shares outstanding.

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Financings of Golconda Resources Ltd
9/19/2012Provides Update Regarding Debt Financing
5/18/2011Announces the Issuance of a Secured Debenture and Operations...
Nominations of Golconda Resources Ltd
2/22/2011Appoints Mr. David Orr as New President
2/22/2011Appoints New President
Project news of Golconda Resources Ltd
5/14/2013Announces Asset Sale and Production Update
10/24/2012Announces Reserves Results and Resumption in Trading
Corporate news of Golconda Resources Ltd
7/22/2015Goldonda Resources Ltd. transfers to NEX
4/1/2015Golconda Resources Ltd.: Corporate Update
2/23/2015Golconda Resources Ltd. Completes Sale of Cold Lake Joint Ve...
1/23/2015Golconda Resources Ltd. Announces Meeting Results
1/5/2015Golconda Announces Disposition
12/23/2014Golconda Resources Ltd. Announces Additional Cold Lake Joint...
12/12/2014IIROC Trading Resumption - GA
12/12/2014Golconda Resources Ltd. Agrees to Sell Cold Lake Joint Ventu...
12/12/2014IIROC Trading Halt - GA
4/30/2014Golconda Resources Ltd.: Cold Lake First Nations Joint Ventu...
10/16/2013.: Initial Sale of Oil Production by Cold Lake First Nations...
8/26/2013. Provides Status Report on Cold Lake First Nations Joint Ve...
5/24/2013Announces Closing of Asset Sale
3/27/2013.: Corporate Update- Drilling Completed
3/22/2013.: Corporate Update- Drilling to Commence
9/6/2012Provides Update Regarding Joint Venture and Announces Propos...
6/15/2011Announces Limited Partnership With Birch Narrows First Natio...
6/7/2011Provides Update to Annual General and Special Meeting Matter...
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