July 13, 2005 08:30 ET

Golconda Resources Ltd.: Shulin Lake- Diamond and Wapawekka- Massive Sulphide Updates

CALGARY, ALBERTA--(CCNMatthews - July 13, 2005) - Golconda Resources Ltd. (TSX VENTURE:GA) is pleased to provide an update on the Shulin Lake, Alaska diamond and the Wapawekka, Saskatchewan base metal programs.

Shulin Lake, Alaska

One white, transparent diamond fragment has been recovered from sample B3 - drillhole 25. The dimensions of the diamond are 0.46 x 0.26 x 0.14 mm.
Nine samples obtained from drilling of three different magnetic anomalies had been sent to SGS Lakefield Research Ltd. The other 8 samples did not contain any diamonds. The samples had a total weight of 2400 kg and consisted of volcanic tuffs. The results thus far indicate that different phases of tuff exist, of which at least one phase is closely associated with diamonds.

Golconda, as operator of the joint venture, is currently devising a program that will determine the origin of the diamondiferous tuff phase, which the company believes is not more than two or three km from the tested areas. Three different anomalies could potentially be the origin of the diamondiferous tuffs.

The Shulin Lake project is a joint venture between Golconda (51%), Shulin Lake Mining Inc., a private company (39.8%), and Shear Minerals Ltd. (9.2%).

Wapawekka, Saskatchewan

Golconda is drill-testing three conductive zones outlined by an airborne Geotem survey. These zones are being drilled to determine if the conductors are caused by graphitic horizons or by more extended horizons associated with volcanic-hosted massive sulphide mineralization. The first anomaly tested by holes WW-1 and WW-2 showed a 2 m - wide zone containing about 15 to 20% sulphides; pyrrhotite, pyrite, chalcopyrite (copper sulphide) and sphalerite (zinc sulphide) were observed. The highest part of this anomaly, indicating the potential occurrence of a thicker massive sulphide zone, lies about 3km to the south. This area cannot be reached at this time due to swampy conditions, but the area could dry up later in the year.

The second conductive zone has also been found to be caused by a sulphide exhalative zone (hole WW-3). The area of the highest anomaly along this zone, about 1.9 km to the south of WW-3, has sufficiently dried out and is being drill-tested by hole WW-4 - which is currently in progress.

Exploration is being financed by a private party which can earn a 30% interest in the property by spending $1 million in exploration.

Guenter Liedtke is the designated qualified person responsible for exploration on the projects under NI 43-101

On behalf of Golconda Resources Ltd.,

Guenter J. Liedtke, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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