Mr. Joseph Grosso reports

GOLDEN ARROW COMPLETES STEP-OUT DRILLING FROM THE DISCOVERY HOLE ON PONCHA GOLD PROJECT

Golden Arrow Resources Corp. has completed the diamond drill program on the Poncha gold project in San Juan province, Argentina. Drilling of 50-metre step-out holes, totalling 2,175 m, targeted extensions to the strong mineralized zone, intersected by reverse-circulation discovery hole RCPC13 (266 metres of 1.2 grams per tonne Au (gold), including 61 m averaging 3.04 g/t Au and 7.16 g/t Ag (silver), as announced in Stockwatch on March 27, 2008) within the two-by-two-by-two-kilometre south target epithermal precious metal anomaly. The discovery hole (RCPC13) intersected mineralization over a 266-metre interval, between 129 m and 395 m of depth, and ended in anomalous mineralization. A drill rig capable of reaching greater depths than drills used in previous programs was utilized to test for depth extensions to the mineralized zone with the deepest hole reaching 598 m. Assays are expected to be received in the next several weeks.

Golden Arrow is earning up to a 100-per-cent interest in the Poncha project from Teck Resources Ltd.'s subsidiary, Teck Cominco Argentina Ltd. (Teck), by fulfilling expenditure and tenure maintenance requirements, subject to Teck's option to re-earn up to a 65-per-cent interest in the Poncha property (see news release in Stockwatch dated April 10, 2007).