Golconda Resources Ltd. ("Golconda") is pleased to announce that it has entered into an option agreement with Lyncorp Mining Services Inc. ("Lyncorp") pursuant to which it acquired, for nominal consideration, the option to purchase a 100% interest in certain placer claims located in the Mitchell Creek area of northern British Columbia. The placer claims comprise approximately 1,375 hectares. The option expires on December 9, 2010. David Mullen, the sole shareholder of Lyncorp, presently holds an aggregate of 7,740,000 common shares of Golconda which represents 13.7% of the issued and outstanding shares of Golconda; therefore, the option is a non arm’s length transaction. The exercise of the option will be subject to acceptance by the TSX Venture Exchange.