GOLCONDA RESOURCES LTD.
TSX VENTURE : GA

GOLCONDA RESOURCES LTD.

May 24, 2013 13:39 ET

Golconda Announces Closing of Asset Sale

CALGARY, ALBERTA--(Marketwired - May 24, 2013) -

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

Golconda Resources Ltd. (the "Corporation" or "Golconda") (TSX VENTURE:GA) is pleased to announce that further to its press release dated May 14, 2013 and subsequent TSX Venture Exchange approval, its wholly-owned subsidiary, Lyncorp Drilling Services Inc. ("Lyncorp Drilling") has successfully closed the sale of four hard-rock drilling rigs and related inventory and equipment to Lyncorp International Ltd. ("Lyncorp International") in consideration of Lyncorp International reducing the amount owed to it by Lyncorp Drilling by $750,000. The total indebtedness of Lyncorp Drilling to Lyncorp International as at December 31, 2012 and prior to giving effect to the Transaction was $3,192,773.

Lyncorp International is controlled by David Mullen, a director of the Corporation. Together, David Mullen and Lyncorp International hold approximately 48.5% of the outstanding common shares of the Corporation.

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.

Contact Information