CALGARY, ALBERTA--(Marketwired - Dec 23, 2014) - Golconda Resources Ltd. (the "Corporation" or "Golconda") (TSX VENTURE:GA) announces that it has entered into a joint venture agreement (the "JVA") with Kasten Energy Inc., a Calgary based private oil and gas company ("Kasten"), and Tri Rez Legoff Energy Ltd. ("TRL"), the Cold Lake First Nation ("CLFN") oil and gas company, with respect to the conduct of oil and gas exploration and development of approximately one section of CLFN lands. Pursuant to the JVA, TRE has agreed with Golconda and Kasten to acquire from Indian Oil and Gas (IOGC) a lease covering the lands. The JVA provides that Golconda and Kasten shall spud or re-enter the earning well prior to August 31, 2015 in order to earn the section of the lands.

Golconda's interest in the JVA will be assigned to Kasten for no additional consideration in accordance with the terms of the previously announced asset sale transaction between Golconda and Kasten. For further information regarding the asset sale transaction, please refer to the press release of the Corporation dated December 12, 2014, which is available under Golconda's profile on SEDAR at www.sedar.com.

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 respect of the forward-looking statements and information set out in this press release, the Corporation has provided such in reliance on certain assumptions that they believe are reasonable at this time. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. 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.