is pleased to announce results from ten additional holes of its Phase IV drill program at the Chinchillas silver, lead, zinc deposit in Jujuy Province, Argentina. As with the first set of results from this program, released January 6th 2015, data from these latest holes indicate that the resource will continue to expand. In particular, hole CGA-139 steps out 48 metres, extending the Mantos Basement zone mineralization to the west, while hole CGA-146 extends a zone of mineralization on the North Slope by 40 metres, also to the west. Hole CGA-143 is an infill hole that confirms the continuity of a deep body of mineralization between several previously drilled holes.

Highlight intercepts from these drill holes include:

• 207 g/t silver and 1.9% lead (268 g/t silver equivalent "AgEq") over 14 metres in CGA-139, including:
  • 493 g/t silver and 4.1% lead (625 g/t AgEq) over 4 metres
• 109 g/t silver, 1% lead and 0.9% zinc over 20 metres in CGA-146, including:
  • 299 g/t silver, 1.8% lead and 1.5% zinc over 4 metres
• 127 g/t silver, 0.5% lead and 1.7% zinc over 25 metres in CGA-143, including:
  • 327 g/t silver and 0.7% lead over 3 metres

"The Company is extremely pleased with the continued success of this drilling campaign. Additional multiple intersections of good grade and thickness that are continuous with known mineralization demonstrate the potential to further expand the resource laterally and at depth," commented Golden Arrow VP Exploration and Development, Brian McEwen.

The planned program includes up to 16,000 metres of diamond drilling designed to contribute to the eventual 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 1932 metres of drilling from ten 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/pdf/02-JAN-19-Phase-IV-NR2-V1-3-MAP.pdf

Drilling Details

Mineralized intercepts are reported in Table 1 for ten 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-137, 138, 140, 141 and 142 stepped out from the Silver Mantos side of the deposit starting at the north and running along the western edge, ending with CGA-142 to the southwest. These holes targeted expansion of the Mantos Basement mineralization in these directions. Intercepts of the typical brecciation in this area were limited to mainly short intercepts and/or low grades. It appears that the potential to further expand resources in these areas is limited. Note that hole CGA-137 was only assayed in the interval from 33 to 74 metres, and hole 142 has not been assayed.

Hole CGA-139 is situated on the central western edge of the Silver Mantos, between CGA-138 and CGA-140, and stepping out approximately 48 metres to the west of Phase III hole CGA-122. CGA-139 intersected the continuation of the silver and lead mineralized breccia in the older hole, returning several high-grade intercepts, including 14 metres grading 207g/t silver and 1.9% lead.

Hole CGA-143 is an infill hole in the Silver Mantos side of the deposit and was planned to test the continuity of Mantos-style mineralization at depth which was previously detected by the surrounding holes CGA-126, CGA-95 and CGA-44. In addition to intersecting high-grade mineralization near surface (15 to 40m) results from CGA-143 confirmed the presence of a thick Mantos-style mineralized body at depth between 171 and 234m. This deep mantos mineralization will be tested with additional holes to confirm the size of the body, but these results are expected to add to the resource. Note that intervals from 0 to 14, 62 to 155 and 290 to 301.5 metres have not yet been assayed.

Hole CGA-144 is an exploration hole drilled on the southern extent of the Socavon del Diablo zone, with the hypothesis of connecting the Socavon to the deep zinc mineralization of CGA-110, which is situated on the opposite side of the dacite dome that bounds the Socavon zone to the south. However, CGA-144 intercepted 190 meters of dacite and ended in dacite, unable to reach the mineralized basement breccias.

Hole CGA-145 is an exploration hole, drilled below a small historic adit where mineralized basement breccias were mined. The hole confirmed mineralization close to surface, and additional drilling will be done in this area to define the scope of mineralization.

Hole CGA-146 is located on the North Slope where previous drill holes CGA-75 and CGA-107 detected mineralized intervals in basement brecciated rocks just below the contact with the tuffs. Results from CGA-146 show the continuity of this mineralization 40 m to the west of CGA-107, including 20 metres grading 109 g/t silver, 1% lead and 0.9% zinc, (170 g/t silver equivalent). Further drilling will be done to test the expansion potential of this mineralization to the west. The hole was not assayed from surface to 110 metres.


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.


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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