(via Thenewswire.ca)

Vancouver, BC / TheNewswire / January 20, 2016 - Golden Arrow Resources Corporation (TSX-V: GRG, FRA: GAC (WKN: A0B6XQ), "Golden Arrow") is pleased to announce the results of assaying of an additional 17 drill holes in the Phase V drilling program at the Chinchillas Silver Project in Jujuy Province, Argentina. Previous results from the program were reported in news releases dated December 2nd 2015, December 16th, 2015 and January 11th, 2016. 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. The program is on-going and additional results will be announced as assays are received.

Selected highlights from these drill holes include:

-210 g/t silver and 0.9% lead over 52 metres in CGA-237

-Including 1,024 g/t silver and 3.1% lead over 3 metres

-And including 1,324 g/t silver and 4.8% lead over 4 metres

-255 g/t silver over 27 metres in CGA-235

-Including 733 g/t silver over 5 metres

-192 g/t silver over 26 metres in CGA-232

-Including 1,100 g/t silver in 1 metre

The Phase V drill program started on October 19th 2015 and since then over 10,800 metres of drilling has been completed. The program is 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, drilling to characterize ground waters in the project area, and condemnation drilling around the deposit.

Table 1 below includes the assay results from 17 drill holes totaling 1,364 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/maps/2016-01-20_NRM_GRG_PVDH_TVG8vS.jpg.

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 greater than 20g/t silver and 0.5% lead and 0.5% zinc are reported in Table 1, and all holes reported were collared in the western area of the deposit. (Note that assay results from CGA-231 and 232 were included in Table 1 of the news release dated January 11th, 2016, however their collar data and descriptions were erroneously excluded from that release. Therefore the results are repeated here with the corresponding information included.)

The seventeen holes reported herein were drilled to infill the approximately 100 metre thick Silver Mantos zone, with hole CGA-246 drilled to 212 metres to also test the deep mantos horizon.

All holes encountered silver mineralization in the first 50 to 80 metres, with many showing thick intervals of significant grades as is characteristic of this zone. The most outstanding result is in hole CGA-237, where 52 metres averaged 210 g/t silver starting from surface, including intervals of three and four metres with greater than 1,000 g/t silver each. CGA-246 intercepted the deep mantos horizon, returning an interval of 19 metres averaging 68 g/t silver starting at 181 metres below surface.

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

Notes to Table 1:

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

-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 three acid digestion 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: 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.