SOURCE: Geocom Resources Inc.

April 10, 2006 09:30 ET

Lands Underlying Iliamna Project Transferred to State Ownership -- Geocom's Drilling Permits Still in Effect

BELLINGHAM, WA -- (MARKET WIRE) -- April 10, 2006 -- Geocom Resources Inc. ("Geocom" or "The Company") (OTC BB: GOCM), with its partners TNR Gold Corp. and BHP Billiton, is pleased to advise that the state-select lands underlying the Iliamna Project in western Alaska have been transferred from federal ownership to the state of Alaska.

The Company is pleased to report this change of title, because the permit process for mineral exploration at the state of Alaska is thorough but timely. The state is largely pro-development, which should aid future activities at Iliamna. Further, it is unlikely that Geocom and its partners will experience the sort of delays at the state level that impacted last year's entire field season due to the federal Bureau of Land Management ("BLM") permit delays of several months.

The BLM was notified in late 2005 by the state, and transfer was consummated on March 30, 2006. Geocom's permits for drilling, which had been granted by the BLM, were acknowledged and transferred as well. Accordingly, the lands at Iliamna will now be managed by the state of Alaska Department of Natural Resources. Future permits for exploration and development activities will be approved through state agencies rather than the federal government.

As part of a land distribution agreement between the federal government, the native corporations, and the state of Alaska dating back to statehood in 1959, the Prudhoe Bay oil discoveries in 1968, and the Alaska Native Claims Settlement Act of 1971, the state of Alaska was permitted to identify and select certain lands that were considered to have future value to the state. Lands thus selected by the state were held in trust and managed by the federal government pending selection by the state for transfer to state ownership. The state makes its elections based on perceived use or future value.

Geocom management is pleased by the recognition of the apparent mineral potential at Iliamna by the state of Alaska. Planning is in progress for the upcoming drill program on the D claims at Iliamna.

On behalf of the Board of Directors

John E. Hiner, President & CEO

About Geocom Resources Inc.

Geocom Resources Inc. (OTC BB: GOCM) is a U.S.-based mineral exploration company focused on acquiring and developing mineral resources in geologically acceptable and politically stable countries of the world. The Company is presently active in Alaska, Argentina, Nevada, and Chile. The Company focuses on development of projects that are or will be of interest to mid-size or major producers with the goal to form joint ventures on such projects. Geocom expects to grow and maintain an interest in mines operated by its partners, allowing it to build value through continued exploration. To find out more about Geocom Resources Inc. please visit www.geocom-resources.com.

Forward-Looking Statements:

Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management, including, but not limited to, statements regarding the Company's intention to continue its exploration of the Iliamna project in Alaska, including the proposed upcoming drilling program on the D claims, and that less delays in permitting are anticipated as a result of the state acquiring ownership of the lands underlying the property . Factors that could cause actual results to differ materially include risks and uncertainties of such as the Company's inability to continue working in Alaska, the inability to finance or continue to finance the planned exploration, drilling and work programs, as required from time to time, and any unforeseen difficulties or delays in obtaining permits, commencing or completing such programs, or the results of the programs not showing any commercially feasible grades of minerals, any of which could, among other things, delay, impede or prevent the planned explorations and harm the viability of the Company. Actual results may also differ materially from those currently anticipated due to a number of other factors beyond the reasonable control of the Company. Additional information on risks and other factors that may affect the business and financial results of the Company can be found in filings of the Company with the U.S. Securities and Exchange Commission.

WARNING: The Company relies on litigation protection for "forward-looking" statements.

Contact Information

  • For further information please contact
    Samantha Haynes
    604.805.4653
    or via e-mail at Email Contact

    GEOCOM RESOURCES INC.
    (the "Company" and/or "Geocom")
    Suite 413 - 114 West Magnolia Street
    Bellingham, Washington 98225
    Tel (360) 392-2898