Golden Arrow Options Chinchillas Silver Project 

VANCOUVER - Golden Arrow Resources Corporation reported it has entered into an option agreement with a private group to acquire a 100% interest in the advanced-stage 979ha Chinchillas Silver Project located in Jujuy Province, Argentina. Chinchillas is an advanced stage project with 14 drill holes completed of which 11 holes cut potentially economic mineralized intercepts. The Company has started to advance the permitting process to commence a drilling program on the project.

Highlight intercepts from the previous drilling at Chinchillas include: 112m at 85.5 g/t AgEQ* (silver equivalent), including 44m at 110 g/t AgEQ* in CH-1; 14m at 8.06% Zn in CH-6; 20m at 183.1 g/t Ag and 8m at 228.8 g/t Ag in CHD-15.

The Chinchillas project is located in the prolific Bolivian silver-zinc-tin belt which extends into northern Argentina. The Company believes that Chinchillas has the potential to host a large silver+/- zinc+/-lead deposit.

The company's address is Suite 709, 837 West Hastings Street, Vancouver, BC V6C 3N6, 604.687.1828, fax: 604.687.1858, email: [email protected].