(via Thenewswire.ca)

Vancouver, BC / TheNewswire / December 2, 2015 / Golden Arrow Resources Corporation (TSX-V: GRG, FRA: GAC (WKN: A0B6XQ), "Golden Arrow") is pleased to announce the results from the first eight holes of the Phase V drilling program at the Chinchillas Silver Project in Jujuy Province, Argentina. The drilling program is part of the Chinchillas Project pre-development activities, funded by Silver Standard, which are being undertaken to evaluate the feasibility of creating a combined mining business with Silver Standard's Pirquitas mine, as announced October 1st, 2015.

Selected highlights from these drill holes include:

• -66 m @ 278 g/t silver and 2.4% lead in CGA-184

  • -including 10 m @ 1,069 g/t silver and 10.2% lead

  -26 m @ 159 g/t silver and 1.0% lead in CGA-184

  -18 m @ 184 g/t silver and 1.1% lead in CGA-185

  • -including 2 m @ 646 g/t silver and 2.2% lead

  -10 m @ 196 g/t silver and 3.1% lead in CGA-185

  -87 m @ 112 g/t silver and 0.9% lead in CGA-186

  • -including 3 m @ 985 g/t silver and 2.7% lead

  -15 m @ 183 g/t silver and 2.0% lead in CGA-188

  • -including 2 m @ 471 g/t silver and 5.1% lead

"These results continue to support our view of Chinchillas as an exceptional project with the potential for significant silver production. The successful integration of people and assets from Silver Standard with our project team is aiding the rapid advancement of the Chinchillas project." commented Golden Arrow VP Exploration and Development, Brian McEwen.

The Phase V drill program started on October 19th 2015. To date, over 7,100 metres of drilling in 42 core holes has been completed, comprised mainly of infill holes in the Silver Mantos and Mantos Basement zones to upgrade the Mineral Resource categories, plus five geotechnical holes to support slope angle recommendations for the potential future pits. The program is on-going and will include additional infill drilling focused in the Silver Mantos area and drilling to characterize ground waters in the project area.

Table 1 below includes the results from eight drill holes totaling 1,384 metres in length. A map of the drill hole locations is available on the Chinchillas map page on the Golden Arrow website at http://www.goldenarrowresources.com/i/pdf/2015-12-02_NRM_GRG_MQx42K.pdf .

Chinchillas Deposit Geology

The Chinchillas deposit is a volcanic vent system in which explosive volcanic activity produced diatreme breccias and tuffs in the upper part of the vent and brecciated the underlying Ordovician basement metasediments. Silver-lead-zinc mineralization in the tuff and tuff breccia units is disseminated within thick mantos (layers), and in the basement is mainly within the fractures of the breccias. Mineralization occurs in four main zones: to the west is situated the Silver Mantos tuff-hosted zone and the Mantos Basement zone; to the east is situated the Socavon del Diablo ("Socavon") tuff-hosted zone and the Socavon Basement zone. The zones are described in detail in the most recent NI 43-101 Technical Report, filed under Golden Arrow's SEDAR profile dated November 2nd 2015.

Drill Hole Details

Mineralized intercepts are reported in Table 1. All holes reported in Table 1 were collared in the western part of the deposit to infill the Silver Mantos or Mantos Basement zones, and test the limits of mineralization.

Holes CGA-183 through CGA-188 were drilled from south to north along the western side of the deposit, targeting the central part of the Mantos Basement as infilling holes. These holes successfully confirmed the mineralization in the previously-reported nearby holes. Galena, associated with silver, is hosted in breccia fracture fillings and crackle breccias as is typically seen in this zone, including some intense occurrences. There was lesser sphalerite reported, and in hole CGA-184, minor chalcopyrite.

Holes CGA-189 and CGA-190 targeted the north edge of the Silver Mantos resource area, close to the west-east to northwest-southeast oriented creek. The creek is interpreted as the fissure-style throat of the volcanic event, making the basement contact deep and hence the basement has not been encountered in drilling.

Table 1. Drill Intercepts >20g/t for Ag and >0.5% for Pb and Zn

Notes to Table 1:

1. 1.The reported intervals are downhole lengths and are believed to approximate true width; this will be confirmed with geologic modeling.

2. 2.All grades are uncut

Table 2. Drill hole location and orientation data

Methodology and QA/QC

Analyses of the drill core were performed by Alex Stewart Assayers, in Mendoza, Argentina, an internationally recognized assay service provider. All samples were analyzed by method ICP-MA-39 that consists of a four acid digestion followed by ICP-OES detection. Silver results >200 Ag g/t were re-analyzed by fire assay with a gravimetric finish on 50-gram samples. Lead and zinc results >10,000 ppm were re-analyzed by a 3 acids and ICP-OES detection. The Company follows industry standard procedures for the work carried out on the Chinchillas Project, with a quality assurance/quality control (QA/QC) program. Blank, duplicate and standard samples were inserted into the drill core sample sequence sent to the laboratory for analysis. Golden Arrow detected no significant QA/QC issues during review of the data.

Qualified Persons

The results of the Company's drilling program have been reviewed, verified (including sampling, analytical and test data) and compiled by the Company's geological staff under the supervision of Brian McEwen, P.Geol., VP Exploration and Development to the Company. Mr. McEwen is a Qualified Person as defined in National Instrument 43-101, and has reviewed and approved the contents of the news release.

About Golden Arrow:

Golden Arrow Resources is a Vancouver-based exploration company focused on creating value by making precious and base metal discoveries and advancing them into exceptional deposits. The Company is currently focused on its Chinchillas Silver Project located in the mining-friendly Province of Jujuy, Argentina. Exploration has progressed rapidly since the acquisition of the project in late 2011. The innovative transaction announced October 1st 2015, positions the Company to maximize shareholder value by fast-tracking Chinchillas to production and becoming a 25% owner of the world-class Pirquitas silver mine.

ON BEHALF OF THE BOARD

"Joseph Grosso"

_______________________________

Mr. Joseph Grosso

Executive Chairman, President, CEO and Director

For further information please contact:

Corporate Communications
Tel: 1-604-687-1828
Toll-Free: 1-800-901-0058

Email: [email protected]