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Golconda Resources to Commence Drilling at Cold Lake

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Golconda Resources Ltd. (GA.V) announced 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.

The 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.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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