Mr. Joseph Grosso reports

GOLDEN ARROW CLOSES FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT FOR $3.3 MILLION

Golden Arrow Resources Corp. has closed the first tranche of a non-brokered private placement through the issuance of 11,051,611 units at a subscription price of 30 cents per unit for total gross proceeds to the company of $3,315,483.

Each unit will consist of one common share and one transferrable common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share in the capital of the company at 40 cents per share for two years from the date of issue.

Finder's fees of $112,184 are payable in cash on a portion of the private placement to parties at arm's length to the company. In addition, 373,948 non-transferable finder warrants are being issued. Each finder warrant entitles a finder to purchase one common share at a price of 40 cents per share for two years from the date of issue, expiring on June 25, 2021.

The proceeds of the financing will be used for general working capital.

Certain insiders of the company participated in the first tranche of the private placement for $467,400 in units. Such participation represents a related party transaction under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, but the transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the subject matter of the transaction, nor the consideration paid, exceeds 25 per cent of the company's market capitalization.

This financing is subject to regulatory approval, and all securities to be issued pursuant to the financing are subject to a four-month hold period expiring on June 25, 2021.

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 and base metal discoveries and advancing them into exceptional deposits. Golden Arrow owns a 25-per-cent share of Puna Operations Inc., 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 on its more than 200,000 hectares of properties in Argentina.

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