(via Thenewswire.ca)

Vancouver, BC / TNW-ACCESSWIRE / December 22, 2014 / Golden Arrow Resources Corporation (TSX-V: GRG, FRA: GAC (WKN: A0B6XQ), "Golden Arrow" or the "Company") is pleased to announce it has closed the first tranche of the non-brokered private placement announced in its news releases dated December 15, 2014, and December 19, 2014. The first tranche consists of aggregate gross proceeds of $1,016,000. The Company will issue 5,080,000 Units at a price of $0.20 per Unit in the first tranche.

Each Unit consists of one common share of Golden Arrow ("Share") and one warrant ("Warrant"). Each Warrant will entitle the holder thereof to purchase one additional Share at a price of $0.25, exercisable until December 18, 2016. Golden Arrow will be entitled to accelerate the expiry date (the "Accelerated Expiry") of the Warrants if Golden Arrow's 15-day volume weighted average stock price trades $0.35 or higher, then, on notice from the Company, the Warrant holders will have 20 days to exercise their Warrants; otherwise, the Warrants will expire on the 21st day. One insider subscribed for a portion of the financing.

The Company paid finder's the aggregate sum of $26,640 in payment of the 8% cash finder's fee. In addition, the Company issued to the finder's an aggregate of 133,200 finder's warrants (the "Finder's Warrants") to acquire that number of Shares equal to 8% of the eligible Units sold under the private placement. Each Finder's Warrant will be exercisable at $0.25 per Share until December 18, 2016, and is subject to the Accelerated Expiry terms above.

All securities issued in the closing of the first tranche will be subject to a hold period expiring April 20, 2015.

The proceeds of this financing will be used to advance exploration for the Company's flagship Chinchillas Silver Project and for general working capital. This financing is subject to regulatory approval and the placement securities will be issued subject to a four-month hold period.

-NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO OR THROUGH US NEWSWIRE SERVICES-

About Golden Arrow:

Golden Arrow is a Vancouver-based explorer focused on identifying, acquiring and advancing precious and base metal projects in Argentina with the goal of achieving a world class discovery. The main focus is on advancing the flagship Chinchillas Silver Project located in Jujuy, Argentina. 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.

ON BEHALF OF THE BOARD

"Joseph Grosso"

_______________________________

Mr. Joseph Grosso, Executive Chairman, President and CEO

For further information please contact:

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

Email: info@goldenarrowresources.com