Additional Drill Results At Chinchillas Project

VANCOUVER, BC - Golden Arrow Resources Corporation reported additional results from the 8000 meter Phase III drill program at the Chinchillas Silver Project in Jujuy province, Argentina. Of particular interest is hole CGA-107, which intercepted 105 meters with average grades of 1.6% zinc and 54 g/t silver starting at 127 meters depth. On a silver-equivalent basis this intercept is 105 meters grading 106 g/t silver equivalent. This hole is located in the North Slope area, 320 meters northwest of the main Socavon del Diablo Zone of the resource.

"These new holes have identified additional mineralization which will increase the silver resources at Chinchillas," commented Golden Arrow VP Exploration and Development Brian McEwen. "Furthermore, with the current positive market outlook for zinc we believe that results like those of hole 107 will enhance the value of the deposit, and provide us with another target type to explore on the property."

The Phase III drill program is designed to expand the existing resource at Chinchillas and explore new areas of the property. The results reported below indicate that drilling has successfully intersected significant new silver, lead and zinc mineralization that will contribute to the expansion of the project's current NI 43-101 resource estimate1. Based on these positive results, management is considering an increase to the Phase III drill program for a second time.

Highlights of the results include: 29 m averaging 107 g/t silver and 0.6% lead at 3 meters depth in CGA-100; Including 6 m averaging 315 g/t silver and 0.8% lead; 19 m averaging 151 g/t silver and 0.9% lead at 107 meters depth also in CGA-100; 9 meters averaging 201 g/t silver and 0.6% lead at 41 meters depth in CGA-103; 105 meters averaging 54 g/t silver and 1.6% zinc at 127 meters depth in CGA-107; Including 18 meters averaging 179 g/t silver, 1.3% lead and 1.1% zinc; And including 18 meters averaging 81 g/t silver and 3.7% zinc; 71 meters averaging 120 g/t silver and 1.5% lead in CGA-108; Including 6 meters averaging 335 g/t silver and 3.8% lead; And including 4 meters averaging 446 g/t silver and 3.1% lead.

The Phase III program plan initially included a minimum of 6000 meters of diamond drilling, and this was recently increased to 8000 meters, based on the positive results to date. Over 6500 meters has now been drilled, and holes represented in Table 1 below include 2204 meters of the completed drilling.

Drilling is expected to add resources at the Chinchillas deposit, which remains open in most directions and at depth, and where there are areas within the deposit that were not drilled at sufficient spacing to be included in the 2013 resource estimate.

The remaining holes in the program target several new areas throughout the property that were identified by the 2013 geophysics and surface mapping program, including an area over a kilometer to the southeast of the main resource zones.