is pleased to announce results from the first six holes of its Phase IV drill program at the Chinchillas silver, lead, zinc deposit in Jujuy Province, Argentina. Results from these holes indicate that the resource continues to expand in several directions, and the deposit edges have not yet been reached.

Highlights from these drill holes include:

• 178 g/t silver and 1.6% lead (230 g/t silver equivalent) over 15 metres in CGA-132
• 91 g/t silver and 2.8% lead (281 g/t silver equivalent) over 32 metres in CGA-133
  • Including 1002 g/t silver, 10.6% lead, 1.1% zinc (1379 g/t silver equivalent) over 2 metres
• 86 g/t silver and 1.3% lead (128 g/t silver equivalent) over 26 metres in CGA-133
  • Including 333 g/t silver and 5.5% lead (510 g/t silver equivalent) over 3 metres
• 409 g/t silver and 2% lead (473 g/t silver equivalent) over 15 metres in CGA-135
• 286 g/t silver and 1.4% lead (331 g/t silver equivalent) over 12 metres in CGA-136

"We are very pleased with these results, which include thick intersections of mineralization that show continuity between holes in some cases stepping out significantly from the existing resource and in others filling in the hole spacing," commented Golden Arrow VP Exploration and Development, Brian McEwen. "We are confident that these results and the rest of the drill program will continue to expand the resources at Chinchillas as we move the project towards feasibility."

The program will include up to 16,000 metres of Diamond drilling to contribute to the planned feasibility study. The program goals include: testing the limits of the deposit in all directions, including at depth; in-filling drill hole spacing to facilitate the upgrade of the resource categories to Measured and Indicated, and; drilling for infrastructure and geotechnical studies.
Table 1 below includes the results of 1281 metres of drilling from six holes. A map of the drill hole locations will be posted to the Chinchillas map page on the Golden Arrow website at http://www.goldenarrowresources.com/i/maps/chinchillas/2015-01-06_DPIVD.jpg.

Drilling Details

Mineralized intercepts are reported in Table 1 for six drill holes that targeted several zones throughout the deposit. The western portion of the deposit includes the upper Silver Mantos zone and lower Mantos Basement zone. The eastern portion of the deposit includes the upper Socavon del Diablo ("Socavon") zone, with the lower Socavon Basement zone. The zones are all part of a volcanic vent system in which explosive volcanic activity produced diatreme breccias in tuffs in the central part of the vent (Silver Mantos and Socavon) and brecciated the underlying Ordovician basement schists (Mantos Basement and Socavon Basement). The zones are described in detail in the recent NI 43-101 Technical Report, filed on SEDAR on December 3rd, 2014. Drill core from these holes was subject to visual inspection and qualitative analysis using a hand-held X-ray fluorescence (XRF) spectrometer for silver, lead and zinc. Intervals of the core deemed prospective for mineralization were prioritized and sent to the laboratory for analysis, as indicated below. The remainder of the core will be analyzed in subsequent batches.

Holes CGA-130 targeted expansion of resources to the north of the Socavon zone. The hole included the characteristic coarse tuff breccia with clasts of dacite. Mineralization fills open spaces in the tuff breccia and includes pyrite and sphalerite, with occurrences of chalcopyrite, which is uncommon on the property. In addition to the intercepts of silver, lead and zinc reported in Table 1, the three metre interval from 71 to 74 metres depth returned an average of 0.26 gold g/t and also 0.27 % copper. These values are anomalous in the project and may indicate proximity to the magmatic source of the hydrothermal solutions. The entire hole was sent for analysis.

Holes CGA-132 and CGA-133 were infill holes collared in the west side of the deposit. CGA-132 encountered silver, lead and zinc mineralization in a tuff bed or dike, with only samples from 112 to 163 meters assayed. CGA-133 intercepted mineralization in brecciated basement units starting below the tuff contact. The hole was analyzed from 100 metres to the bottom. Results are expected to add to resources in this area.

Drill holes CGA-134 and 135 tested the western extent of mineralization. CGA-134 was analyzed from 80 metres to the bottom of the hole, and CGA-135 from was tested from 45 metres to the bottom. Both holes intercepted significant intervals of mineralization in sheeted veinlets and minor crackle breccias, indicating that the resource can continue to expand in this direction.
Hole CGA-136 is collared 60 metres north of Phase III hole CGA-129, and was assayed starting at 50 metres depth. The new silver-lead intercepts returned represent a significant northward expansion of the Mantos Basement zone.

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

TARGET	HOLE	Note	From (metres)	To (metres)	Length (metres)	Ag (g/t)	Pb (%)	Zn (%)	Ag Eq (g/t)
Socavon del Diablo	CGA-130		14	19	5	42	42
			36	37	1	29			29
			38	39	1			2.3	74
			44	45	1	34			34
			54	66	12	33			33
			69	74	5	143		0.7	166
			92	95	3	109			109
Silver Mantos	CGA-132		131	146	15	178	1.6		230
			148	149	1	43			43
			158	160	2	35			35
Mantos Basement	CGA-133		114	146	32	91	2.8		281
		including	125	127	2	1002	10.6	1.1	1379
			152	178	26	86	1.3		128
		including	169	172	3	333	5.5		510
			180	181	1	34	1.0		66
			184	185	1	25	0.8		51
			208	210	2.0	42	0.6		61
			217	218	1.0	23			23
Mantos Basement	CGA-134		105	106	1.0	23			23
			122	128	6.0	40	0.6		59
			138	143	5.0	33	0.8		59
			147	148	1.0	36			36
			150	152	2.0	114	2.3		188
			159	160	1.0	21	0.6		40
Mantos Basement	CGA-135		53	55	2.0	52			52
			83	85	2.0	23			23
			111	120	9.0	81	0.5		97
			124	125	1.0	21			21
			127	142	15.0	409	2.0		473
		including	130	131	1.0	966	1.7		1021
		and	136	137	1.0	1467	9.2		1763
			144	145	1.0	72	0.7		95
			148	156	8.0	105	1.3		147
			158	159	1.0	32	0.6		51
			169	171	2.0	37			37
		174	178	4.0	23			23
			243	244	1.0	26			26
			266	267	1.0	40			40
Mantos Basement	CGA-136		60	72	12.0	286	1.4		331
		including	62	63	1.0	912	3.0		1009
			77	78	1.0	92	2.6		176
			80	91	11.0	130	1.4		175
			110	113	3.0	145	0.6		164
The reported intervals are believed to approximate true width and will be confirmed with geologic modeling. Silver equivalent grades (Ag Eq) were calculated using US$22/oz for silver, US$1.00/lb for lead and US$1.00/lb for zinc.

The reported intervals are believed to approximate true width and will be confirmed with geologic modeling. Silver equivalent grades (Ag Eq) were calculated using US$22/oz for silver, US$1.00/lb for lead and US$1.00/lb for zinc.

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 3 acids and ICP-OES detection. The Company followed 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.

Table 2. Drill hole location and orientation data

Hole ID	Easting	Northing	Elevation (m)	Azimuth	Inclination	Length (m)
CGA-130	3473645	7512344	4068	0	-90	112.5
CGA-132	3472638	7512653	4106	0	-90	211.5
CGA-133	3472603	7512601	4106	0	-90	250.5
CGA-134	3472501	7512604	4122	150	-90	202.5
CGA-135	3472511	7512556	4119	180	-90	298.5
CGA-136	3472531	7512716	4120	0	-90	205.5

Qualified Persons

The contents of the news release have been reviewed and approved by Brian McEwen, P.Geol., VP Exploration and Development to the Company, and a Qualified Person as defined in National Instrument 43-101.

About Golden Arrow:

Golden Arrow is a Vancouver-based explorer focused on identifying, acquiring and advancing precious and base metal projects in Argentina with the goal of achieving a world class discovery. The main focus is on advancing the flagship Chinchillas Silver Project located in Jujuy, Argentina. Golden Arrow is a member of Grosso Group, a management company specialized in resource exploration, and working in Argentina where it is highly regarded and trusted since 1993.

ON BEHALF OF THE BOARD

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

For further information please contact:

Corporate Communications
Tel: 1-604-687-1828
Toll-Free: 1-800-901-0058
Email: [email protected]

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.

FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. Such forward-looking statements concern the Company's anticipated results and developments in the Company's operations in future periods, planned exploration and development of the Chinchillas project, plans related to its business and other matters that may occur in the future. These statements relate to analyses and other information that are based on expectations of future performance as outlined in the PEA, including silver, lead and zinc production and planned work programs at Chinchillas. Statements concerning reserves and mineral resource estimates may also constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if the Chinchillas property is developed and, in the case of mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation: risks related to precious and base metal price fluctuations; risks related to fluctuations in the currency markets (particularly the Argentinean peso, Canadian dollar and United States dollar); risks related to the inherently dangerous activity of mining, including conditions or events beyond our control, and operating or technical difficulties in mineral exploration, development and mining activities; uncertainty in the Company's ability to raise financing and fund the development of the Chinchillas project pursuant to the PEA; uncertainty as to actual capital costs, operating costs, production and economic returns, and uncertainty that development activities will result in a profitable mining operation at Chinchillas; risks related to mineral resource figures being estimates based on interpretations and assumptions which may result in less mineral production under actual conditions than is currently estimated and to diminishing quantities or grades of mineral resources as properties are mined; risks related to governmental regulations and obtaining necessary licenses and permits; risks related to the business being subject to environmental laws and regulations which may increase costs of doing business and restrict our operations; risks related to the Chinchillas property being subject to prior unregistered agreements, transfers, or claims and other defects in title; risks relating to inadequate insurance or inability to obtain insurance; risks related to potential litigation; risks related to the global economy; risks related to the Chinchillas property being located in Argentina, including political, economic, social and regulatory instability. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking statements. The Company's forward-looking statements are based on beliefs, expectations and opinions of management on the date the statements are made. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.

The information provided in this news release addresses the Chinchillas PEA and is not intended to be a comprehensive review of all matters and developments concerning the Company. It should be read in conjunction with all other disclosure documents of the Company. The information contained herein is not a substitute for detailed investigation or analysis. No securities commission or regulatory authority has reviewed the accuracy or adequacy of the information presented. The Company undertakes no obligation to publicly update or revise any forward-looking statements.

We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.

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