Golden Arrow Resources Corporation (TSX-V: GRG, FRA: GAC (WKN: A0B6XQ), "Golden Arrow" or the "Company") is pleased to announce that it has commenced the 6,000 metre (19,700 feet) Phase III diamond drilling program at the Chinchillas Silver Project in Argentina ("Chinchillas" or the "Project"). 

This drilling program is focused on increasing the size of the current resource, as announced in the recently filed PEA. The program also sets out to delineate potentially new resources on the recently acquired adjacent ground and is part of a larger commitment to complete a planned 25,000 metres (82,000 feet) of drilling at Chinchillas.

Chinchillas Exploration Program

The Chinchillas deposit remains open to resource expansion in most directions. The recently completed geophysics and surface mapping program has been successful in delineating several new targets. In addition, there are areas within the deposit that were not drilled at sufficient spacing to be included in the 2013 resource estimate.

There is excellent potential that this drill campaign can increase the overall size of the Chinchillas resource by:

Expanding the known resources at the Chinchillas deposit with "infill' drilling; and, Expanding the resources through discovery with the new exploration targets identified on both the original property and on the adjacent newly acquired ground.
The Company has completed surface mapping, sampling and an extensive ground based geophysical program including Magnetics, CSAMT and IP / Resistivity over Chinchillas and the newly acquired Chinchilla1 property.

Several highly prospective targets for resource expansion have been identified, including a new zone approximately one kilometre south east of the current resource area where coincident magnetic destruction (indicating alteration) and a large, deeply penetrating conductive zone is interpreted to be similar to the Silver Mantos resource area with tuff overlying a chargeable basement. This has the potential to host mineralization similar in style to the Silver Mantos or Basement zones, or a new style hosted in a deeper intrusive.

The Company plans to drill up to 53 holes in these targets, or approximately 6,000 metres, during the Phase III program. This campaign is expected to last approximately two months, and if successful, the Company plans to continue with an infill drilling program to upgrade the resource categories in order to move the Chinchillas project to a feasibility stage.

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.