is pleased to announce the results from eight additional drill holes in the Phase IV drilling campaign at the Chinchillas silver-lead-zinc deposit in Jujuy Province, Argentina. All holes encountered mineralization, and of particular note is a 107 metre (353 ft) intersection of silver, lead and zinc averaging 89 g/t silver equivalent which, together with previous drill results, may indicate a significant extension to the Socavon Basement zone on the eastern side of the deposit.

"We are very pleased with these results, in particular hole 166, which along with our previously released hole 160, appears to be delineating an extension to the Socavon Basement zone that could increase the size of the deposit." commented Golden Arrow VP Exploration and Development, Brian McEwen. "We have drilled several more holes in this area and anticipate those results will further expand this zone".

In regard to the planned Phase IV 16,000 metre drill program, approximately 11,000 metres have been completed. The deposit remains open in many directions and the Company is awaiting assay results in order to evaluate the best targets with which to complete the program. 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 1,183.5 metres of drilling from eight 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/2015-04-15_NRM_89YArX.jpg. Interactive 3-D models of the drill holes are also available on the Golden Arrow website and at www.corebox.net.

Drill Hole Details

Mineralized intercepts are reported in Table 1. The western portion of the Chinchillas 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, and the lower Socavon Basement zone. The zones are all part of a volcanic vent system in which explosive volcanic activity produced diatreme breccias and tuffs in the central part of the vent (Silver Mantos and Socavon zones) and brecciated the underlying Ordovician basement schists (Mantos Basement and Socavon Basement zones). Silver-lead-zinc mineralization in the upper zones is disseminated within thick mantos (layers), and in the lower zone is mainly within the fractures of the breccias. The zones are described in detail in the most recent NI 43-101 Technical Report, filed on SEDAR on February 15th, 2015. 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. Based on these results, intervals deemed to have low or no mineralization had pulps composited by the laboratory prior to analysis, using equal masses, with the resulting composite samples representing 2 to 6 metre intervals.

Socavon Targets

Hole CGA-168 was drilled to test the southwest limit of the Socavon zone. Limited zinc mineralization was found close to surface and the resource is not expected to expand in this direction.

Socavon Basement Targets

Hole CGA-166 was collared 56 metres southeast of hole CGA-160, (reported April 1st, 2015) which was in turn 100 metres south of the Socavon Basement zone. At 164 metres depth hole CGA-166 intersected six metres averaging 189 g/t silver, 1.5% lead and 0.6% zinc. From 210 metres to the end of the hole at 317 metres, there is continuous mineralization averaging 41 g/t silver, 0.4% lead and 1.1% zinc. Mineralized zones are brecciated or include veinlets filled with galena-sphalerite-siderite. Both holes (CGA-160 and CGA-166) confirmed the presence of a thick subhorizontal zone of brecciated basement rocks with silver-lead-zinc mineralization of more than 100 metres thick. Additional holes were drilled in this new zone and assays are expected next month. It is anticipated that this area will extend the Socavon Basement zone and significantly increase resources.

Hole CGA-167 was collared 30 metres southeast of holes CGA-145 and CGA-157, which both encountered high grade mineralization (see news releases dated January 19th, 2015 and April 1st 2015). This hole encountered zinc mineralization in both tuffs and basement rocks, and from 46 to 155 metres averaged 0.6% zinc, with individual intercepts shown in Table 1.

North Slope Targets

The North Slope of the basin offers several targets to expand the known resources. Previous drilling north of the known resource identified mineralization in basement rocks just below or at the contact with the upper tuffs and close to dacite dikes.

Hole CGA-169 was collared in the same location as hole CGA-107 (reported May 22, 2014) but dipping -55° to the northeast (N20°E). Assays confirmed silver mineralization in the tuff unit close to surface with a best intercept of 11 metres averaging 94 g/t silver and 0.6% lead starting at 52 metres deep. Additionally, the basement rocks below the tuffs had some high grade intervals including two metres averaging 136 g/t silver and 1% lead. These results together with hole CGA-161 are expected to contribute to an expansion of the resource.

Four holes were collared on the eastern side of the North Slope, approximately 175 metres north/northwest of the drill hole CGA-157 (reported April 1, 2015) and the Socavon Basement area. Previous chip channel sampling in this area targeted a stockwork zone of iron oxide-galena-silver veinlets in an area of 50 by 50 metres, which returned values of up to 236 g/t silver in a one metre sample. Holes CGA-162, CGA-163 and CGA-164 were collared in the same location but drilled in different directions with a final depth of close to 100 metres for each. All the three holes encountered several one metre intervals with silver-lead mineralization starting at surface as shown in Table 1. Mineralization is related to the outcropping stockwork. Hole CGA-165 was located 62 metres to the southwest and showed similar values as the previous three holes. Further drilling is required in this area to connect this mineralization with the existing resources.

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

TARGET	HOLE	Note	From (m)	To (m)	Length (m)	Ag (g/t)	Pb (%)	Zn (%)	AgEq (g/t)
North Slope	CGA-162	3	4	1	23	23
		6	7	1	1.0	32
		10	11	1	23	0.5	39
		13	14	1	1.9	61
		16	17	1	87	87
		19	23	4	23	1.0	55
		28	33	5	0.7	23
		50	54	4	1.0	32
		60	61	1	0.5	16
North Slope	CGA-163	0	1	1	36	1.0	68
		9	13	4	28	28
		15	16	1	0.5	16
		26	28	2	26	0.9	55
		28	30	2	0.8	26
		35	36	1	0.5	16
		62	64	2	0.5	16
		70	72	2	22	22
North Slope	CGA-164	3	4	1	61	1.2	100
		7	9	2	49	0.8	75
North Slope	CGA-165	21	22	1	34	34
		29	33	4	77	77
Socavon Basement	CGA-166	88	90	2	0.8	26
		90	102	12	32	0.6	51
		108	111	3	26	26
		123	132	9	0.5	16
		132	134	2	59	0.8	0.6	104
		137	139	2	46	0.9	75
		139	146	7	0.5	16
		149	153	4	26	26
		158	164	6	0.5	16
		164	170	6	189	1.5	0.6	257
		including	165	167	2	500	3.4	0.9	639
		170	171	1	0.6	19
		180	181	1	0.6	19
		184	185	1	0.6	19
		198	210	12	0.7	23
		210	317	107	41	0.4	1.1	89
		including	210	220	10	62	1.3	104
		and	220	230	10	0.8	26
		and	230	241	11	42	2.1	110
		and	241	245	4	0.6	19
		and	245	317	72	44	0.5	0.9	89
Socavon Basement	CGA-167	11	13	2	1.1	35
		21	24	3	0.9	29
		46	56	10	0.7	23
		including	53	54	1	25	0.7	48
		66	70	4	25	0.5	0.8	67
		73	79	6	29	0.5	0.7	68
		79	89	10	0.5	16
		89	95	6	36	1	1.7	123
		95	97	2	1.0	32
		105	119	14	0.5	16
		119	123	4	31	31
		127	155	28	0.6	19
		193	195	2	30	0.6	49
Socavon del Diablo	CGA-168	22	28	6	0.5	1.3	58
		142	146	4	0.7	23
North Slope	CGA-169	29	35	6	63	1.5	0.5	127
		52	63	11	94	0.6	113
		including	60	61	1	206	2.1	0.7	296
		67	75	8	38	0.7	1.9	122
		97	104	7	1.0	32
		106	114	8	46	46
		116	118	2	136	1	168

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 follows 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	Easting	Northing	Elevation (m)	Azimuth (deg)	Inclination (deg)	Final Depth (m)
CGA-162	3473691	7512576	4169	190	-59	101
CGA-163	3473691	7512576	4169	112	-55	97
CGA-164	3473691	7512576	4169	25	-55	91.5
CGA-165	3473637	7512546	4149	9	-53	58.5
CGA-166	3473832	7512225	4075	0	-90	317
CGA-167	3473774	7512389	4068	0	-90	197
CGA-168	3473450	7512050	4098	0	-90	158
CGA-169	3473418	7512543	4116	20	-55	163.5

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.

View PDF