VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 4, 2016) - Golden Arrow Resources Corporation (TSX VENTURE:GRG)(FRANKFURT:GAC)(WKN:A0B6XQ) ("Golden Arrow") is pleased to announce the results of assaying of an additional 14 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, January 11th, and January 20th, 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 drilling program is on-going and additional results will be announced as assays are received.

Selected highlights from these drill holes include:

• 151 g/t silver, 2.0% lead and 1.3% zinc over 61 metres in CGA-258
  • Includes 675 g/t silver, 4.4% lead and 3.4% zinc over 1 metre
  • And 403 g/t silver, 3.7% lead and 1.2% zinc over 3 metres
  • And 640 g/t silver, 8.6% lead over 2 metres
• 186 g/t silver, 1.1% lead and 0.5% zinc over 38 metres in CGA-259
  • Including 347 g/t silver, 0.8% lead and 0.6% zinc over 5 metres
  • And 420 g/t silver, 5.5% lead and 0.7% zinc over 2 metres
• 203 g/t silver, 1.6% lead and 1.0% zinc over 21 metres in CGA-249
  • Including 388 g/t silver, 2.6% lead and 1.4% zinc over 6 metres
• 245 g/t silver, 0.5% lead and 0.5% zinc over 20 metres in CGA-255
  • Including 853 g/t silver and 0.6% zinc over 2 metres

The Phase V drill program started on October 19th, 2015 and since then over 13,000 metres of drilling has been completed, with approximately 2,000 metres of the program remaining. 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 14 diamond drill holes totaling 1,550 metres in length, including one hole drilled to characterize ground water. 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/4-NR5-Map-Feb-4-2016.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 meta-sediments. 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.

Holes CGA-248, CGA-249, CGA-250, CGA-251, CGA-252, CGA-254 and CGA-255 were drilled to infill the central-south part of the Silver Mantos zone. Assays from these holes confirmed near-surface mineralization with several intersections of substantial grade and widths, similar to those reported from earlier holes in the vicinity.

Holes CGA-253 and CGA-256 were drilled to infill the northern portion of the Silver Mantos and test for an extension of high grade mineralization from hole CGA-193 (reported on December 16, 2015). CGA-253 returned no significant intercepts and those from CGA-256 were minor.

Holes CGA-258, CGA-259 and CGA-261 were drilled to infill the Mantos Basement and all encountered mineralization at the expected depth, just below the contact with the tuff unit.

Hole CGA-257 was a twin hole to CGA-40 and confirmed the mineralization with similar widths and grades.

Holes CGA-260W and CGA-262W were located in the Socavon del Diablo area adjacent to the main creek and were drilled to allow the installation of piezometers to monitor ground water. Hole CGA-260W was drilled with a diamond drill and samples were therefore sent for analysis, with the results reported in Table 1. CGA-262W was drilled with a rotary drill and no samples were recovered or sent for analysis.

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

Notes to Table 1:

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

Mr. Joseph Grosso, Executive Chairman, President, CEO and Director

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.