Gold 50 Limited announced that the Notice of Intent (NOI) has been received and is the final permit required for maiden drilling program at Golconda. The NOI was required for the upgrading of access infrastructure to the property while drilling at Golconda will be on patented mining claims. Two drilling contractors have been short listed and expect to begin drilling in the current quarter subject to rig availability. Golconda will be the third project to be drilled in Gold 50's exploration portfolio and the first systematic modern drilling in almost two decades at Golconda.

Final arrangements are being made on the ground for access and drill pad preparation ahead of drilling. The primary objective of Gold 50's Golconda exploration program is to delineate a near-surface gold- silver deposit amenable to open-pit mining. Such deposits are likely to occur within structurally permissive zones such as fault intersections and fault bends and jogs.

The ores historically mined at the Golconda Project have been confined to narrow, steeply dipping, vein-type deposits. These veins typically occupy strong north-northwest trending faults and fractures cutting through the Precambrian metamorphic complex. The veins host gold-silver mineralisation with variable amounts of zinc, lead, and copper mineralisation.

Prior drilling has not targeted structural zones that hold the greate potential for mineralisation. Gold 50's field work indicates that structural intersections control the locus of mineralisation. Where cross- structures exist, individual veins are wider and there are multiple unnamed smaller veins stacked up along the cross structure.

Gold 50's initial drilling will primarily target structural intersections along the Tub Vein at depths of 100m to 150m. This campaign is planned to comprise approximately 4,500m of drilling in 14 reverse circulation ("RC") drill holes. The targeting is based on extensive historical data and work carried out by Gold 50 including surface geochemical sampling, magnetic surveys, geological mapping and structural analysis.

The drilling program will be on patented mining claims which are private lands granted by the Federal government in perpetuity and, in Gold 50's case, the patented mining claims include full rights to the surface and to the minerals below. Activities on patented lands are not subject to oversight by the State or Federal land offices; however, they are subject to County zoning ordinances and to other Federal and State laws. There are currently no royalties payable to any government entity for mineral production from private lands; however, an annual property tax to the County is payable.

The NOI was required for the upgrading of access infrastructure to the patented claims.