Golden Arrow Resources Corporation: Drilling Commences at Chinchillas Silver Project

Golden Arrow Resources Corporation (TSX-V: GRG, FSE: GAC (WKN:

A0B6XQ), "Golden Arrow" or the "Company") is

pleased to announce that a 3,000 m drill program is now underway at

its Chinchillas Silver Project, in Jujuy, Argentina. The Phase 1

program will include infill and expansion drilling around the

historically defined mineralized zones as well as new mineralized

zones.

The target at Chinchillas is a bulk tonnage silver-lead-zinc deposit

located within the southern extension of the well-known Bolivian

silver-zinc-tin belt. Examples of similar projects in the district

include Silver Standard's Pirquitas silver mine, 148 Moz Proven and

Probable reserves at 140.6 g/t Ag from which 7.1 Moz silver was

produced in 20111, located 30 km southwest of Chinchillas and Golden

Mineral's El Quevar project, with a Measured and Indicated Resource of

59.9 Moz grading 310 g/t Ag2, located 200 km south.

(see map:

http://www.goldenarrowresources.com/i/pdf/Chinchilla_location.pdf)

New Surface Sampling Results

Highlights from recently completed rock chip sampling within

mineralized breccia zones by the Company?s team include:

-5,040 grams per tonne (g/t) Ag and 1.6% Pb over 1 m

-99.7 g/t Ag over 0.6 m

-251.1 g/t Ag, 3.1% Pb and 2.1% Zn over 0.5 m

-530 g/t Ag and 4.3% Pb over 1 m

Previous Drilling Results

14 drill holes were completed previously of which 11 holes cut

potentially economic mineralized intercepts. Highlights include:

-112 m at 86 g/t AgEQ* (silver equivalent), 38.9 g/t Ag, 0.80% Pb,

1.6% Zn including 44 m at 111 g/t AgEQ* in CH-1 Socavon del Diablo

-14 m at 8.06% Zn in CH-6 Zinc Zone

-20 m at 183.1 g/t Ag and 8 m at 228.8 g/t Ag in CHD-15 Silver Manto

*Silver Equivalents (AgEQ) were calculated using US$ 31.70/oz for

Silver, US$ 0.93/lb for lead and US$0.91/lb for Zn; metallurgical

recoveries and net smelter returns are assumed to be 100%.

Additional project information can be viewed at the Company's web site

at www.goldenarrowresources.com.

Royalty

The Company has also received a quarterly royalty payment of

US$608,451 from its 1% NSR on Yamana Gold Inc.'s Gualcamayo Gold mine

in San Juan, Argentina.

The technical information contained in this release has been prepared

by Bruce Smith, Chartered Professional MAusIMM Geologist and Golden

Arrow's Exploration Manager and has been reviewed by Dr. Gerald G.

Carlson, Ph.D., P.Eng., Head of Exploration for Golden Arrow, both

Qualified Persons as defined in National Instrument 43-101., and the

work is believed to have been carried out in a professional manner.

Analyses of the surface samples were performed by Alex Stewart

Assayers, in Mendoza, Argentina, an internationally recognized assay

service provider. The Company followed industry standard procedures

for the work carried out on the Chinchillas Project with a quality

assurance/quality control (QA/QC) program. Golden Arrow detected no

significant QA/QC issues during review of the data.

About Golden Arrow:

Golden Arrow is a Vancouver-based explorer and prospect generator

focused on identifying, acquiring and advancing precious and base

metal projects in Argentina with the goal of achieving a world class

discovery. The Company is well positioned for growth of shareholder

value with a royalty income from its 1% NSR on Yamana Gold Corp.'s

Gualcamayo Gold mine in San Juan, Argentina, a joint-venture with Vale

on two properties, an attractive portfolio of highly prospective

exploration projects and a pipeline of new opportunities under review.

Golden Arrow will continue to execute its strategy to leverage the

Company's exploration exposure by attracting partners to fund work on

its portfolio of high quality mineral projects. Golden Arrow is a

member of Grosso Group, a management company specialized in resource

exploration, and working in Argentina where it is highly regarded and

trusted since 1993. Golden Arrow offers exceptional exposure to

Argentina's vast mining potential.

1Pirquitas Mine Reserves from Silver Standard Resources Inc.'s

website.

2El Quevar Mine Resources from Golden Mineral's website.

ON BEHALF OF THE BOARD

"Joseph Grosso"

_______________________________

Mr. Joseph Grosso, President & CEO

For further information please contact:

Corporate Communications

Tel: 1-604-687-1828

Toll-Free: 1-800-901-0058

Email: info@goldenarrowresources.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as

that term is defined in policies of the TSX Venture Exchange) accepts

responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements including but

not limited to comments regarding the timing and content of upcoming

work programs, geological interpretations, receipt of property titles,

potential mineral recovery processes, etc. Forward-looking statements

address future events and conditions and therefore involve inherent

risks and uncertainties. Actual results may differ materially from

those currently anticipated in such statements. Readers are encouraged

to refer to the Company's public disclosure documents for a more

detailed discussion of factors that may impact expected future

results. The Company undertakes no obligation to publicly update or

revise any forward-looking statements. We advise U.S. investors that

the SEC's mining guidelines strictly prohibit information of this type

in documents filed with the SEC. U.S. investors are cautioned that

mineral deposits on adjacent properties are not indicative of mineral

deposits on our properties.

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