Golconda Resources Ltd. Provides Status Report on Cold Lake First Nations Joint Venture

Golconda Resources Ltd. (the "Corporation" or "Golconda") (TSX VENTURE:GA) is
pleased to provide an update on its Cold Lake First Nations Joint Venture. The
first of the ten oil wells to be drilled on Cold Lake First Nations Lands
pursuant to our Joint Venture was drilled in March, 2013. This well was
completed in the prospective Lloydminster formation in April 2013. Refer to our
release of March 27, 2013 for additional details. The production test of the
Lloydminster zone concluded that the zone was too heavy to be a primary recovery
candidate. In July, 2013 the Lloydminster zone was plugged back, and the Sparky
zone was completed. Based on field estimates, the well is now producing
approximately 25 barrels of heavy oil per day with a sand cut of approximately 9
barrels per day. The production rate and sand cut are anticipated to improve
over the course of the next three to six months based on production from
offsetting wells in the area.


The Joint Venture drilled and cased the second well of the program earlier in
August, 2013 and encountered the potential of several productive zones. The well
has been completed in the Sparky formation and placed on production test.


The Joint Venture has received preliminary approval from Indian Oil and Gas
Canada (IOGC) for the next three wells of the program, and it is expected that
these three wells will be drilled in late summer/early fall of 2013.


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. In
particular, this press release contains forward-looking statements pertaining to
the expected production rate and sand cut of the well improving over the course
of the next three to six months and the expected drilling schedule of the next
three wells. 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 comparability of its well to offsetting wells
in the area. The Corporation does not undertake to update any forward-looking
information except in accordance with applicable securities laws.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.


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