Golconda Resources Ltd. (the "Corporation" or "Golconda") (TSX VENTURE:GA) is
pleased to provide the following update in respect of the operations of the Cold
Lake First Nations Joint Venture. 


Well licences have been issued for the next three wells of the ten well program
that the Joint Venture will drill on Cold Lake First Nation lands. A drilling
rig has been contracted for these three wells and drilling of the first well is
planned to begin during the week of January 20, 2014 following the construction
of the well site. The Joint Venture plans to have all three wells drilled by
mid-February. 


The 12-31 well continues to produce approximately 65 barrels (16 net) of oil per
day with a sand cut of approximately 19 barrels per day. The sand content is
expected to continue to decrease over time as the well cleans up. Sales of
produced oil, as first announced on October 16, 2013, continue in the normal
course of operations.


The 11-30 well is shut in at present pending further evaluations due to limited
and inconsistent production rates. The Joint Venture is currently evaluating
work-over options for the 11-30 well but will defer further operations until
following the completion of the next three wells.


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 rates and sand cut of wells on joint venture lands
improving over time. 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.


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
President
(403) 539-4440
dorr@golconda.ca
www.golcondaresources.com
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