Mr. Joseph Grosso reports

GOLDEN ARROW CHAIRMAN'S UPDATE TO SHAREHOLDERS

Golden Arrow Resources Corp.'s Joseph Grosso, executive chairman, president and chief executive officer, has provided an update through a shareholders letter.

Dear shareholders,

I am pleased to update you on our plans to continue building on Golden Arrow's strong record of making discoveries and selling them to major producing companies for cash and a royalty option for the life of the project when it becomes a mine.

The company's property portfolio has generated three major discoveries: the Gualcamayo gold deposit, the Navidad silver deposit and the Chinchillas silver deposit, which was recently sold to SSR Mining Inc.

Golden Arrow's property portfolio has been developed over the past 26 years and constitutes an aggressive and exceptional pipeline with the potential to generate shareholder value. The portfolio currently includes multiple projects with discovery potential, including our newly acquired properties in Chile and Paraguay.

Our focus is to advance and develop these assets in our portfolio concurrently, while seeking to acquire additional highly discounted advanced assets. The company's strategy is to capitalize on opportunities created by the company and the market by:

• Engaging our highly experienced management team;
• Building on our extensive property portfolio with identified value that can be further advanced;
• Taking advantage of the current mining market that has yielded many advanced geological opportunities that can be acquired at a substantial discount;
• Monitoring the current global state of dwindling deposits, combined with the rapidly growing developing countries, that is generating an increasing demand for natural resources.

Golden Arrow, debt-free and financially strong, is now able to develop our key target projects to unlock the value contained in our portfolio. The sale of Chinchillas for $45-million netted the company $28-million after payment of all outstanding company obligations.

Golden Arrow's going-forward strategy is to:

• Limit early-stage exploration to only high-potential locations identified by Golden Arrow's technical team;
• Accelerate timelines for discoveries by concentrating on advanced targets with already established value;
• Convert discoveries into streams of long-term income.

We are positioned to build on our record of generating new discoveries and leave production to the producers. Our expertise is exploration, and we aim to make more new discoveries that can be sold for cash and royalties.

As the president and chairman of the board, I would like to conclude by saying that I am proud of our very committed professional management team, stellar board of directors and our advisers. Our team is highly respected in our industry, has collectively helped the company to reach its goals and is committed to continue to build additional value for our shareholders.

Sincerely,

Joseph Grosso, executive chairman, president and chief executive officer

About Golden Arrow Resources Corp.

Golden Arrow Resources is a mining exploration company with a successful record of creating value by making precious and base metal discoveries and advancing them into exceptional deposits. The company is well leveraged to the price of gold, having monetized its Chinchillas silver discovery into a significant holding in precious metals producer SSR Mining.

Golden Arrow is actively exploring a portfolio that includes advanced projects in Chile, a district-scale frontier opportunity in Paraguay and more than 185,000 hectares of properties in Argentina.

We seek Safe Harbor.