Golconda Announces Update on its South Monitor Project in Nevada

Calgary, Alberta – December 4 , 2008 Golconda Resources Ltd. (TSX-V: GA) (the Company) is pleased to provide an update on the exploration of its South Monitor/Monitor Flats projects which now includes 215 claims and covers approximately 4,300 acres. The South Monitor/Monitor Flats projects is a gold exploration joint venture between Golconda Resources and Kinross Gold USA Inc., a wholly owned subsidiary of Kinross Gold Corp. (TSX Symbol: K, NYSE Symbol: KGC). Kinross may earn an undivided sixty percent (60%) interest in both projects by expending a cumulative total of $4 million US dollars of earn-in expenditures within a period of 5 years from the date of the joint venture agreement, April 24, 2007. At such a time when Kinross completes the earn-in obligation, Golconda will have an undivided 32% interest in the South Monitor and a 40% interest in the Monitor Flat Properties.

The South Monitor/Monitor Flats properties are situated within the Walker Lane tectonic province, a broad northwest trending regional, structural zone located in the southwest portion of Nevada. Gold mineralization is associated with pervasive silicification and argillic alteration within a large, hydrothermal, paleo-hot spring system. Gold mineralization appears to be hosted in structural zones, as well as in broad, strata-bound horizons.

During its initial phase of exploration activities to date, Kinross has spent approximately $520,000 which included flying an aerial survey, geologic mapping, rock chip sampling, 110-line km magnetic survey and completed 21 reverse circulation drill holes for a total of 12,945 feet. Anomalous gold values were encountered in most of the 21 drill holes and significant gold mineralization intercepted in the drilling includes: KSM08-12 (135 feet of 0.025oz/t) and KSM08-17 (35 feet of 0.018oz/t).

All surface samples were analyzed for gold (30g FA/AA finish) and 13 trace elements. All reverse circulation drill samples submitted by Kinross to the laboratory of Inspectorate America Corporation were analyzed for gold (30g FA/AA finish) and approximately 20% of the drill samples were analyzed for 13 trace elements. The samples were collected and split in the field using a standard rotary, wet splitter and then picked up in the field by Inspectorate laboratory and transported to and analyzed in Inspectorate’s laboratory in Reno, Nevada. In addition to laboratory’s quality control program, a rigorous on-site, quality assurance and control program was implemented involving the insertion of blanks, standards and splits.

With the positive exploration results, Kinross is in preparation for commencing its next phase of drilling. All data, as reported to the Company by Kinross and disclosed in this press release including sampling, analytical and test data have been reviewed and verified by Mr. Thomas E. Callicrate, B. S. Geology, the Company’s qualified person as defined by National Instrument 43-101. Mr. Callicrate is a Certified Professional Geologist (CPG #10363) with the American Institute of Professional Geologists, a Registered Professional Geologist in Wyoming (PG-2719, a Registered Professional Geologist in Wisconsin (PG-468) and a Registered Professional Geologist in Washington (PG-1365). It is anticipated that Mr. Callicrate will be appointed as a director of the Company following the completion of the acquisition (the "Acquisition") by the Company of all of the issued and outstanding securities of Lyncorp Drilling Services Inc. Please refer to the Company’s news release dated November 21, 2008 for additional information regarding the Acquisition. Closing of the Acquisition is subject to a number of conditions, including TSX-V approval and approval by the shareholders of the Company.

For inquires contact:

Email: irina@golconda.ca

Web: www.golcondaresources.com

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.