Golconda Announces Cold Lake Lease and Closing of Senior Secured Credit Facility

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 July 31, 2012, in
accordance with the terms of the joint venture agreement (the "JV Agreement")
between the Corporation, a Calgary-based private oil and gas company and Tri-Rez
Ebay Energy Ltd. ("TRE") (collectively, the "Farmees") with respect to oil and
gas exploration and development (the "Joint Venture"), TRE has acquired from
Indian Oil and Gas Canada ("IOGC") a lease (the "Lease") covering approximately
1,600 acres of Cold Lake First Nation lands (the "Lands"). 


Pursuant to the JV Agreement, the Farmees have agreed to a ten well working
program over a period of three years, which shall consist of the Farmees
drilling a minimum of three wells prior to October 1, 2013, a minimum of four
additional wells prior to October 1, 2014 and a minimum of three additional
wells prior to October 1, 2015. The Farmees will each earn a 25% working
interest in each successfully drilled or abandoned well.


Golconda is also pleased to announce that it has entered into the previously
announced senior secured credit facility (the "Facility") in the maximum amount
of $5 million with First "M" Investments Ltd. The Corporation has determined
that there are exemptions available from the various requirements of TSXV Policy
5.9 and Multilateral Instrument 61-101 for the Facility (Formal Valuation -
Issuer Not Listed on Specified Markets; Minority Approval - Loan to Issuer, No
Equity or Voting Component).


The Facility has a three year term and bears interest at the rate of 12% per
annum, calculated annually in arrears, commencing on the date of the initial
drawdown and shall be due and payable on a quarterly basis with the first
interest payment due six months after the date of the initial drawdown. As
security for the Facility, Golconda granted the lender a first charge against
Golconda's assets to rank pari passu with the first charge held by Lyncorp
International Corp. 


The Facility will be used by Golconda for general working capital purposes and
to fund its participation in the Joint Venture. The previously announced
unsecured loans advanced to Golconda by First "M" Investments Ltd. in the
aggregate amount of $600,000 will be converted into borrowed amounts under the
Facility. 


The TSX Venture Exchange has granted the Corporation its final approval for both
the Joint Venture and the Facility.


Forward Looking Statements

This press release contains forward-looking statements and forward-looking
information within the meaning of applicable securities laws. The use of any of
the words "expect", "anticipate", "continue", "estimate", "may", "will",
"should", "believe", "plans", "intends" and similar expressions are intended to
identify forward-looking information or statements. All statements included
herein, other than statements of historical fact, constitute forward-looking
information and such information involves various risks and uncertainties. There
can be no assurance that such information will prove to be accurate, and actual
results and future events could differ materially from those anticipated in such
information. A description of certain assumptions used to develop such
forward-looking information and a description of risk factors that may cause
actual results to differ materially from forward-looking information can be
found in the Corporation's disclosure documents on the SEDAR website at
www.sedar.com. The Corporation does not undertake to update any forward-looking
information except in accordance with applicable securities laws.


The intended use of the aggregate proceeds of the Facility might change if its
board of directors determines that it would be in the best interests of Golconda
to deploy the proceeds for some other purpose.


This news release is not an offer of securities for sale in the United States.
Securities may not be offered or sold in the United States or to or for the
account or benefit of U.S. persons (as such terms are defined in Regulation S
under the United States Securities Act of 1933, as amended (the "U.S. Securities
Act")), absent registration or an exemption from registration. The securities
offered have not been and will not be registered under the U.S. Securities Act
or any state securities laws and, therefore, may not be offered for sale in the
United States, except in transactions exempt from registration under the U.S.
Securities Act and applicable state securities laws.


The TSXV has in no way passed upon the merits of the proposed Facility and has
neither approved nor disapproved the contents of this press release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Golconda Resources Ltd.
David Orr
[phone]
[e-mail]
www.golcondaresources.com