Golconda Resources Ltd.: Corporate Update- Drilling to Commence

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 following consultations with members of the Cold Lake
First Nation a land lease and a well license have been issued to the
Corporation's joint venture with Tri-Rez Ebay Energy Ltd. and a Calgary-based
private oil and gas company allowing for the drilling by the joint venture of
its first well on Cold Lake First Nation lands. This well is expected to spud on
March 23, 2013. A land lease for a second well has been issued and it is
anticipated that the associated well license will be issued in the coming days
so that a second well can be drilled prior to April 1, 2013.


"This is a very exciting time for Golconda, and for our joint venture partners
at Cold Lake First Nation. It is very gratifying to see lease construction and
site preparation with 100% Cold Lake First Nation joint venture companies on
site. We look forward to a long and mutually beneficial relationship," said
David Orr, President of Golconda. 


"Cold Lake First Nation is delighted to announce this joint venture with
Golconda Resources. We are creating independence through these economic
development partnerships so our future generations will have opportunities. Cold
Lake believes in environmentally sound and sustainable development and applying
these principals as we move forward with the development of our natural
resources with Golconda Resources," said Chief Cecil Janvier of the Cold Lake
First Nation.


Reader Advisory 

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. In
particular, this press release contains forward-looking statements, pertaining
to the timing of the drilling of the first two wells on Cold Lake First Nation
lands. 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. In particular, with respect to forward-looking
statements contained in this press release, the Corporation has made assumptions
regarding, among other things the timing for receipt regulatory approvals. The
Corporation does not undertake to update any forward-looking information except
in accordance with applicable securities laws. 


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


Golconda Resources Ltd.
Nicole Robertson
Communications Advisor
[phone]
[e-mail]
www.golcondaresources.com