April 04, 2007 08:01 ET

Roberts Mountain Thrust With Gold Values in Lower Plate Discovered in Golconda's Ralston Valley

CALGARY, ALBERTA--(CCNMatthews - April 4, 2007) - Golconda Resources Ltd. (TSX VENTURE:GA): During the recent drill program on the Ralston Valley property in Nevada, Golconda Resources' initial plan was to test four gold-mineralized areas on two NW Walker Lane structures. The outcropping rock targeted was Ordovician siltstone and limey siltstone and it was expected that, at a depth of 1300-1500 ft, a sequence with higher limestone content would produce a more favourable host rock for gold mineralization.

Drill hole BX-1 was drilled with a dip of 80 degrees to the west. Instead of the expected limey siltstone, the Roberts Mountain Thrust was encountered from 920-1140 ft, with Lower Plate younger laminated silty limestone below. Encountering this sequence of Roberts Mountain Thrust followed by Lower Plate younger laminated silty limestone is the most promising discovery yet, with far-reaching implications for Golconda. This host rock is the most favourable in Nevada and, in the Carlin area alone, contains over 200 million ounces of gold.

At 1380 ft the laminated limestone became completely replaced to silica with faint lamination still recognizable in places. Complete silica replacement is a prerequisite for Carlin-type gold deposits. At 1420 ft the drill pipe became stuck and the hole had to be abandoned. But due to the exciting discovery of the Roberts Mountain Thrust sequence, hole BX-2 was begun 3 metres from BX-1 to continue investigating the rock below 1420 ft. Hole BX-2 was drilled with a dip of 75 degrees to the west. Down to 1420 ft the hole encountered an identical rock sequence as that of BX-1. The following describes the rock encountered in the Roberts Mountain Thrust and the Lower Plate:

Roberts Mountain Thrust

- From 920-990 ft - pulverized limestone with small pieces of breccias and rubble zones.

- From 990-1140 ft - limestone pieces in pulverized limestone with heavy calcite veining; thin layers of black shale consisting mainly of carbon. Shale part shows heavy slickensides.

Lower Plate

- From 1140-2050 ft - Consisting of banded and laminated limestone (possible Roberts Mountain Formation).

- From 2050-2180 ft - Grey fine-grained quartzite.

- From 2180-2310 ft - Alternating thin sequences of limestone, mudstone, siltstone and quartzite.

- From 2310-2390 ft (end of hole) - Coarse-grained intrusive with chloritized mica.

Alteration and Mineralization

Typical Carlin-type decalcification and silicification occurs from 1380-1450 ft and from 1500-1775 ft. Both zones have been totally replaced by silica.

Apart from the near-surface mineralization, gold values are found in the decalcified and totally silicified laminated limestone of the Lower Plate. Average gold values are about 30 ppb with two 10 ft intervals as high as 171 ppb and 531 ppb gold. The thick sequence of silica replacement from 1380-1775 ft indicates a very strong system which has been intersected at the periphery. Higher gold grades are expected to occur where this favourable host rock has been shattered by a major structure, two of which are visible on the air photo.

Sampling was done by Guenter Liedtke on 10 ft intervals. From 1500-2390 ft the hole was drilled with BQ size and 8 ft of every 10 ft interval (about 7 kg of material) was sent to the laboratory for assay, while 2 ft of representative core was kept as reference. Following the discovery of the Roberts Mountain Thrust and Lower Plate future sampling techniques will have to be more elaborate and thorough.

Golconda owns 60 claims 100% (the Ralston Valley claims) and has an option to earn 60% on 35 adjoining claims (BX claims) by spending US $400 000 and an additional 15% by producing a bankable feasibility study.

The Ralston Valley prospect contains a large area of Carlin-type gold mineralization in what are now known Upper Plate Ordovician sediments. Major fault structures crossing several gold-mineralizing Walker Lane structures have presumably shattered the underlying favourable host rocks of the Lower Plate limestone sequence. These areas with enormous potential to contain high-grade ore bodies are the prime targets for a major drilling program planned for the spring/summer 2007.

Golconda's CEO Guenter J. Liedtke, P.Geol. is the designated qualified person for the purposes of National

Instrument NI 43-101 Standards of Disclosure and all assays were carried out by ALS Chemex of Vancouver and Reno, Nevada.

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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