is pleased to announce an updated estimate of mineral resources for the Chinchillas Silver Deposit in Jujuy Province, Argentina, incorporating the results from more than 11,000 metres of new diamond core drilling.

Highlights of the Mineral Resource Estimate

• Indicated Mineral Resource of 104 million ounces of silver equivalent (AgEq) at 125g/t AgEq grade (25.9 million tonnes grading 77.2g/t silver, 0.66% lead, 0.66% zinc at a 45g/t AgEq cut-off)
• Inferred Mineral Resource of 140 million ounces of AgEq at 92 g/t AgEq grade (47.1 million tonnes grading 50.2 g/t silver, 0.52 g/t lead and 0.64 g/t zinc at a 45g/t AgEq cut-off)
• Deposit remains open to expansion

"We are very pleased with this new resource estimate, which shows a 25% increase in silver and more than double the previous amount of zinc compared to the previous estimate." commented Golden Arrow VP Exploration and Development, Brian McEwen. "In addition to the increase in the size of the deposit, the latest drill campaign has added new drill targets."

A NI 43-101 Technical Report supporting disclosure of this mineral resource will be filed by Golden Arrow on SEDAR within 45 days of this press release. Golden Arrow plans to incorporate the resource into new economic studies as it continues its advancement of the project to feasibility.

Chinchillas Geology Overview

Golden Arrow holds a 100% interest in the Chinchillas project, located in the prolific Bolivian silver-zinc-tin belt which extends into northern Argentina.

Chinchillas is a Tertiary aged volcanic complex that has erupted through the Paleozoic basement schists. The resulting depression or basin, filled with volcanic tuffs and tuff breccias. Shallow disseminated silver, lead and zinc mineralization occurs in thick layers or "mantos" within the tuffs and breccias. A second style of silver, lead and zinc mineralization occurs within the fractures of the brecciated Ordivician basement pelite and sandstone schists beneath.

Silver-lead-zinc mineralization included within the resource model occurs in four units which are differentiated based on host rock and geometry. The Silver Mantos and Socavon del Diablo ("Socavon") zones are the upper tuff units in the western and eastern halves of the deposit respectively, with the Socavon zone also including some mineralization hosted in dacite intrusions. The Mantos Basement and Socavon Basement units are hosted by the basement schists that lie generally beneath their respective tuff units.

Resource Estimate

Table 1 summarizes the Mineral Resources for the Chinchillas Project.

Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. The quantity and grade of reported Inferred resources are uncertain in nature and there has been insufficient exploration to classify these inferred resources as Indicated or Measured, and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured category.

Due to the polymetallic nature of the deposit, mineral resources were calculated on a silver-equivalent basis (AgEq) using the formula: AgEq = Ag g/t + (Pb% * 36.09) + (Zn% * 36.09). Silver equivalents are determined in model blocks using the contributions of silver, lead and zinc and include adjustments for metallurgical recoveries. There are no adjustments for mining losses or dilution. Silver equivalents (AgEq) are calculated in model blocks, for use in the floating cone algorithm, using the contributions of silver, lead and zinc and include adjustments for metallurgical recoveries. There are no adjustments for mining losses or dilution. Since this is a resource limiting pit shell, and the fact that mineral resources must show reasonable prospects for eventual economic extraction, an elevated silver price of $25 per ounce is used to generate the pit shell.

The following technical and economic parameters were used (all prices are in US dollars):

• Metal prices for Silver Equivalent calculation: silver $19/oz, lead $1/lb, zinc $1/lb
• Metal price used to generate resource limiting pit shell: silver $25/oz
• Recoveries: 90% silver equivalent.
• Mining cost: $2.45/t
• Process cost: $16/t
• G&A: $8.30/t
• Pit slope: 45 degrees

Based on a $19/oz silver price, the base cut-off grade for the resource is estimated to be 45 g/t silver equivalent.

Table 1. Mineral Resource Statement for the Chinchillas Project, July 31, 2015.

Zone	Mtonnes	AgEq	Ag	Pb	Zn	AgEq	Ag	Pb	Zn
		(g/t)	(g/t)	(%)	(%)	(Moz)	(Moz)	(Mlbs)	(Mlbs)
Indicated
Silver Mantos	12.9	122.3	79.7	0.56	0.62	51	33	158	177
Silver Mantos Basement	7.7	151.0	107.0	0.94	0.28	38	27	160	49
Socavon	5.3	93.6	27.3	0.52	1.32	16	5	60	154
Total	25.9	125.0	77.2	0.66	0.66	104	64	379	379
Inferred
Silver Mantos	8.0	96.7	49.2	0.57	0.75	25	13	101	132
Silver Mantos Basement	9.8	132.1	92.7	0.87	0.22	41	29	187	48
Socavon	7.8	76.4	32.3	0.36	0.86	19	8	62	148
Socavon Basement	21.6	77.7	37.88	0.41	0.7	54	26	193	333
Total	47.2	92.0	50.2	0.52	0.64	140	76	544	661

Notes to Tables 1 and 2:

• Totals may not add correctly due to rounding
• Mineral resources are contained within a pit shell generated using a silver price of $25/oz.
• Silver equivalent grades, and the base case cut-off grade of 45g/t AgEq, are based on metal prices of $19/oz silver and $1/lb for Lead and Zinc.
• Mineral resources, which are not mineral reserves, do not have demonstrated economic viability.
• The quantity and grade of reported Inferred resources are uncertain in nature and there has been insufficient exploration to classify these inferred resources as Indicated or Measured, and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured category.

Table 2. Sensitivity of Resources to Cut-Off Grade

Cut-off AgEq (g/t)	Mtonnes	AgEq (g/t)	Ag (g/t)	Pb (%)	Zn (%)	AgEq (Moz)	Ag (Moz)	Pb (Mlbs)	Zn (Mlbs)
Indicated
20	30.5	110.6	68.0	0.59	0.59	108	67	395	399
30	27.8	119.2	73.4	0.63	0.64	106	66	388	390
40	26.6	122.9	75.7	0.65	0.66	105	65	383	384
45	25.9	125.0	77.2	0.66	0.66	104	64	379	379
50	25.0	127.7	79.1	0.68	0.67	103	64	373	371
60	23.0	134.2	83.8	0.71	0.69	99	62	359	349
70	20.8	141.5	89.3	0.75	0.70	95	60	342	321
80	18.5	149.7	95.9	0.79	0.70	89	57	320	287
90	16.2	159.1	103.9	0.83	0.70	83	54	295	250
100	14.1	168.2	111.7	0.87	0.70	77	51	271	217
Inferred
20	63.4	75.8	41.1	0.43	0.53	154	84	602	740
30	53.0	86.1	46.7	0.49	0.60	147	80	570	703
40	49.5	89.7	48.7	0.51	0.63	143	77	555	682
45	47.2	92.0	50.2	0.52	0.64	140	76	544	661
50	44.1	95.0	52.3	0.54	0.65	135	74	526	628
60	37.0	102.7	57.7	0.59	0.66	122	69	480	539
70	29.7	112.0	64.6	0.65	0.67	107	62	423	438
80	22.0	124.9	74.7	0.72	0.67	88	53	351	324
90	16.3	139.0	86.2	0.81	0.66	73	45	291	236
100	12.5	152.4	97.4	0.89	0.63	61	39	247	174

Methodology and QA/QC

The resource estimate was based on data from 167 diamond core drill holes comprising a total length of 30,309 metres of drilling, with sample data dating to 2007. The majority of drilling on the property has been conducted by Golden Arrow since 2012. A total of 55 new drill holes were added to the database since the previous resource estimate was generated in August 2014.

The samples were collected and analyzed in accordance with industry standard practice. Analyses of the drill core were performed by Alex Stewart Assayers, in Mendoza, Argentina, an ISO 9001:2008 and ISO14001: 2004 certified laboratory. All samples were analyzed by method ICP-MA-39 that consists of a four acid digestion followed by ICP-OES detection. Silver results greater than 200 Ag g/t were re-analyzed by fire assay with a gravimetric finish on 50-gram samples. Lead and zinc results greater than 10,000 ppm were re-analyzed by a 3 acid digestion and ICP-OES detection. A quality assurance/quality control (QA/QC) program following industry standard practices was incorporated with the assay program. It consisted of blank, duplicate and standard samples inserted into the drill core sample sequence sent to the laboratory for analysis.

The mineral resource has been estimated in conformity with generally accepted CIM Estimation of Mineral Resources and Mineral Reserves Best Practices Guidelines (November, 2003) and reported according to the CIM Definition Standards for Mineral Resources and Mineral Reserves, (May, 2014) in accordance with the Canadian Securities Administrators' (CSA) National Instrument 43-101 (NI 43-101).

Estimations are made from 3D block models based on geostatistical applications using commercial mine planning software (MineSight(r) v10.0-2). The model uses a nominal block size of 10 x 10 x 5 m (LxWxH).

The resource estimate has been generated from drill hole sample assay results and the interpretation of a geologic model which relates to the spatial distribution of silver, lead and zinc. Interpolation characteristics were defined based on the geology, drill hole spacing, and geostatistical analysis of the data. The resources were classified according to their proximity to sample data locations.

A NI 43-101 Technical Report supporting disclosure of this mineral resource will be filed by Golden Arrow on SEDAR within 45 days of this press release.

Qualified Persons

The mineral resource estimate and associated information in this news release was prepared under the direction of Robert Sim, P.Geo, SIM Geological Inc. (SGI), with the assistance of Bruce Davis, FAusIMM, BD Resource Consulting, Inc. and Bruce Smith, MAusIMM CP(Geo). Based on education, work experience relevant to this style of mineralization and deposit type, and membership in a recognized professional organization, both Mr. Sim and Mr. Davis are independent Qualified Persons (QP) and Mr. Smith is a non-independent QP, within the requirements of NI 43-101 for the purpose of the mineral resource estimate contained in this release.

The contents of the news release has been reviewed and approved by Brian McEwen, P.Geol., VP Exploration and Development to the Company, and a QP under the requirements of NI 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, 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 Resource Estimate 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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