Mr. Joseph Grosso reports

GOLDEN ARROW CHAIRMAN'S UPDATE

Golden Arrow Resources Corp. has provided an update from its chairman, Joseph Grosso.

I would like to update our investors that Golden Arrow is currently on track to deliver exceptional growth in value for our shareholders. Despite the current softness in the mining markets, our company has been busy executing on a strategy that is delivering value on two fronts: production and exploration.

Production -- Puna Operations Inc.

After successfully completing the combination of our Chinchillas silver deposit with SSR Mining Inc.'s production plant into a new entity, Puna Operations, I am proud to report that Chinchillas remains on track to go into full-scale commercial production before the end of this year. This combination that utilizes the existing operation plant represents tremendous savings in capex (capital expenditures) and time to production.

The Chinchillas integration remains on budget (see SSR Mining's news release dated Nov. 8, 2018), as most of the capex has already been paid. For Golden Arrow's 25-per-cent share, this represents a contribution of approximately $13-million (out of a total of $20.1-million). For the balance of costs, Golden Arrow is fully financed to meet this obligation through our credit agreement with SSR Mining.

Exploration -- New Golden Explorations Inc.

Golden Arrow's 100-per-cent-owned exploration subsidiary, New Golden Explorations, has been focused on acquiring advanced-stage exploration projects with the potential to deliver sizable added share value. After extensive review of many prospects, we have recently announced the acquisition of the Indiana gold-copper and the Atlantida copper-gold projects. Both of these projects are capable of quickly defining and increasing their respective resources.

Financing to advance New Golden is being sought through venture capital and private equity funds. This financing would be directly into New Golden. Because of our recent acquisitions and our plan to continue reviewing potential additional projects, we are reviewing Golden Arrow's future financing requirements.

Exploration pipeline

This update is intended to reiterate to our shareholders that Golden Arrow represents outstanding value for growth both through our imminent cash flow and through exploration discovery. I feel the market does not fully appreciate the potential embedded in our company. But as we embark on this two-pronged strategy, Golden Arrow is poised to be a standout winner.

About Golden Arrow Resources Corp.

Golden Arrow is an exploration company earning production income. The company has a successful record of creating value by making precious metal and base metal discoveries and advancing them into exceptional deposits. Golden Arrow owns a 25-per-cent share of Puna Operations, a joint venture operated by SSR Mining, with more than eight years of forecast production and upside potential at the Pirquitas-Chinchillas silver mining project. Golden Arrow is actively exploring a new portfolio of advanced projects in Chile as well as other targets within its portfolio of more than 200,000 hectares of properties in Argentina.

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