Drilling Significantly Expands Mineralized Zone Phase II Program Ongoing

VANCOUVER - Golden Arrow Resources Corporation reported initial results for the 6,500 metre Phase II drill program at its Chinchillas Silver Project in Jujuy, Argentina. Results for the first 7 drill holes at the Silver Mantos zone have greatly expanded the surface footprint of known silver-lead-zinc mineralization by a factor of 2.5 (from 9 to 23 hectares), as well as encountering new mineralization at depth.

"The results from the drilling program to date are very encouraging. We are encountering new mineralization from the exploration holes at depth and in the periphery of the area, the step out holes appear to be adding tonnages, and the infill holes are confirming earlier geological interpretations. With the metallurgical testing underway we will have an initial sense of the economics of the project in the coming months." stated Brian McEwen, VP Exploration and Development.

Golden Arrow continues its aggressive exploration of the Chinchillas property. The Phase II drill program is ongoing, with additional infill and step-out drill holes pending from the Silver Mantos zone, as well as from the Socavon del Diablo zone located approximately 500 metres to the east. The Company anticipates incorporating these results into the initial NI 43-101 resource estimate for the property in the first half of the year. ╩Metallurgical testing has been initiated to aid in the economic modeling of the project moving forward.

The Company's Phase II drill program at Chinchillas includes up to 6,500 metres of drilling. Results from the program, along with the results from the previous 41 holes, will be used to define a NI 43-101 compliant silver-lead-zinc resource in the first half of 2013.

The company's address is Suite 709, 837 West Hastings Street, Vancouver, BC V6C 3NG.