Mr. Joseph Grosso reports

GOLDEN ARROW ANNOUNCES EXERCISE OF OPTION AT THE SAN PIETRO IOCG PROJECT

Golden Arrow Resources Corp. optionee Sociedad de Servicios Andinos SpA (SSA) has exercised the previously announced option to acquire 333 shares in the capital of New Golden Explorations Chile SpA (NGE), equivalent to approximately 25 per cent of the issued and outstanding shares, pursuant to the terms of the option agreement between the parties. The shares are not convertible or otherwise exchangeable for common shares of the company.

To exercise the option, SSA contributed $5-million (U.S.) (in the equivalent amount of Chilean pesos) to NGE as follows:

1. $2-million (U.S.) in cash;
2. Performing drilling services, heavy machinery services, truck rental, as well as other goods or necessary services for the development of field activities at the San Pietro project (as described below) with an aggregate value of $3-million (U.S.);
3. Issuing to NGE a promissory note for the sum of $18,078.97, representing the balance to be used from the services.

SSA is arm's length to the company and no finders' fees were payable for this transaction.

San Pietro project

NGE holds a 100-per-cent interest in the company's San Pietro iron oxide-copper-gold-cobalt project in Chile. The San Pietro project covers nearly 18,500 hectares, approximately 100 kilometres north of Copiapo. Situated between and adjacent to Capstone Copper's Manto Verde mine property and Santo Domingo project, the San Pietro project is in the centre of a potential new copper-cobalt region within an active, well-developed mining district that is home to all the major iron oxide copper-gold (IOCG) deposits in Chile. The proximity of the San Pietro project to other mining projects in the area does not provide any assurances with respect to the prospects at the San Pietro project.

About Golden Arrow Resources Corp.

Golden Arrow Resources is a mining exploration company with a successful record of creating value by making precious metal and base metal discoveries and advancing them into exceptional deposits.

Golden Arrow is actively exploring its flagship property, the advanced San Pietro iron oxide-copper-gold-cobalt project in Chile, and a portfolio that includes nearly 125,000 hectares of prospective properties in Argentina.

The company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.

We seek Safe Harbor.