Golden Arrow Reports Drilling Ahead of Schedule at Chinchillas Silver Deposit; results include 4m @ 3,748 g/t silver, 5.2% lead and 2.0% zinc.

Vancouver, BC / TheNewswire / December 16, 2015 / Golden Arrow Resources Corp. (TSX-V: GRG, FRA: GAC (WKN: A0B6XQ), "Golden Arrow") is pleased to announce the results of assaying of an additional thirteen drill holes in the Phase V drilling program at the Chinchillas Silver Project in Jujuy Province, Argentina. Results from the first eight drill holes were announced December 2nd, 2015. The drilling program is part of the Chinchillas Project pre-development activities, funded by Silver Standard, which are being undertaken to evaluate the feasibility of creating a combined mining business with Silver Standard's Pirquitas mine, as announced October 1st, 2015. The program is on-going and additional results will be announced as assays are received.

Selected highlights from these drill holes include:

• -4 metres @ 3,748 g/t silver, 5.2% lead, 2.0% Zn in CGA-193

  -16 metres @ 273 g/t silver, 4.8% lead, 0.5% zinc in CGA-198G

  -31 metres @ 159 g/t silver, 1% lead

  -72 metres @ 162 g/t silver, 0.6% lead

  • -including 5 metres @ 873 g/t silver, 1.3% lead

"We are pleased with the latest drill results that continue to indicate the robustness of the deposit. The team has made excellent progress with the program, and we will have completed over fifty percent more drilling than expected by the end of the year. This will accelerate the evaluation of the project and we now anticipate a resource update in the first quarter of 2016." commented Golden Arrow VP Exploration and Development, Brian McEwen.

The Phase V drill program started on October 19th 2015. To date, over 9,400 metres of drilling in 72 core holes has been completed, comprised mainly of infill holes in the Silver Mantos and Mantos Basement zones to upgrade the Mineral Resource categories, plus five geotechnical holes to support slope angle recommendations for the potential future pits. The program is on-going and will include additional infill drilling focused in the Silver Mantos area and drilling to characterize ground waters in the project area.

Table 1 below includes the results from thirteen drill holes totaling 2,600 metres in length. A map of the drill hole locations is available on the Chinchillas map page on the Golden Arrow website at http://www.goldenarrowresources.com/i/maps/2015-12-16_NRM_GRG_6sGFSC.jpg.

Chinchillas Deposit Geology

The Chinchillas deposit is a volcanic vent system in which explosive volcanic activity produced diatreme breccias and tuffs in the upper part of the vent and brecciated the underlying Ordovician basement metasediments. Silver-lead-zinc mineralization in the tuff and tuff breccia units is disseminated within thick mantos (layers), and in the basement is mainly within the fractures of the breccias. Mineralization occurs in four main zones: to the west is situated the Silver Mantos tuff-hosted zone and the Mantos Basement zone; to the east is situated the Socavon del Diablo ("Socavon") tuff-hosted zone and the Socavon Basement zone. The zones are described in detail in the most recent NI 43-101 Technical Report, filed under Golden Arrow's SEDAR profile dated November 2nd 2015.

Drill Hole Details

Mineralized intercepts are reported in Table 1, and all holes reported were collared in the western area of the deposit.

The consulting engineering firm Knight Piesold Ltd. ("KPL") was contracted to design and supervise a drill program to test the geomechanical and hydrogeological features of the future pit. Holes CGA-191G, CGA-194G, CGA-198G and CGA-201G were angled holes (-60?) drilled as part of this program, and logged for geomechanical properties by personnel from KPL. After the geomechanical logging the core was subject to Golden Arrow's standard geological logging, sampling and assaying procedures. Hole CGA-191G tested the south wall of the pit, CGA-194G the east wall, CGA-198G an internal wall and CGA-201G the west wall. The first three holes intercepted several low grade silver intervals in the Silver Mantos zone and CGA-198G also intercepted the known deep mantos layer at 204 metres, which is the northern-most expression of this layer to date.

The remaining holes reported were drilled to infill the Silver Mantos and Mantos Basement zones and test the limits of mineralization.

Hole CGA-192 is collared at the north edge of the deposit. It intercepted the basement rocks at 247 metres, deeper than nearby holes because it is located close to the throat of the volcanic system. Silver-lead mineralization was encountered at different horizons within the Silver Mantos and at the contact between the tuffs and the basement rocks.

At the north edge of the Silver Mantos zone, previous holes have shown erratic mineralization, but hole CGA-193 shows almost continuous mineralization from 30 to 108 metres, with a very high grade interval at 47 metres (4 metres @ 3,748 g/t silver).

In the central-north part of the Silver Mantos holes CGA-195 and CGA-196 encountered traces of mineralization, which increases to the south and east as demonstrated in holes CGA-197 and CGA-199. Hole CGA-197 was drilled deeper to test the basement breccias and confirmed the presence of the deep mantos layer at 178 metres and below that the mineralized Mantos Basement zone. Hole CGA-199 confirmed near-surface mineralization similar to the nearby previously released holes CGA-37, CGA-38 and CGA-54.

Holes CGA-200, CGA-202 and CGA-203 are located in the high grade core of the Silver Mantos and they all confirmed mineralization in layers between 5 and 100 metres deep.

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

Notes to Table 1:

1. 1.The reported intervals are downhole lengths and are believed to approximate true width; this will be confirmed with geologic modeling.

2. 2.All grades are uncut

Table 2. Drill hole location and orientation data

Methodology and QA/QC

Analyses of the drill core were performed by ALS Minerals, in Mendoza, Argentina, an internationally recognized assay service provider. All samples were analyzed by method ME-ICP61 that consists of a four acid digestion followed by ICP-OES detection. Silver results >100 g/t Ag 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 method OG62 that consists of a 4 acids digestion and ICP-OES or AAS 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 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 results of the Company's drilling program have been reviewed, verified (including sampling, analytical and test data) and compiled by the Company's geological staff under the supervision of Brian McEwen, P.Geol., VP Exploration and Development to the Company. Mr. McEwen is a Qualified Person as defined in National Instrument 43-101, and has reviewed and approved the contents of the news release.

About Golden Arrow:

Golden Arrow Resources is a Vancouver-based exploration company focused on creating value by making precious and base metal discoveries and advancing them into exceptional deposits. The Company is currently focused on its Chinchillas Silver Project located in the mining-friendly Province of Jujuy, Argentina. Exploration has progressed rapidly since the acquisition of the project in late 2011. The innovative transaction announced October 1st 2015, positions the Company to maximize shareholder value by fast-tracking Chinchillas to production and becoming a 25% owner of the world-class Pirquitas silver mine.

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: info@goldenarrowresources.com

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. Statements concerning mineral resource estimates and the interpretation of drill results may also constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if the Chinchillas project is developed. These statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about the following: assumptions made in the Chinchillas Mineral Resource Estimate, including geological interpretation, grade, recovery rates, silver, zinc and lead price assumptions and operating costs; the availability of financing for exploration and development activities, including Silver Standard Resources Inc. ("SSRI") meeting certain milestones and exercising its election to proceed with the transactions contemplated under the Business Combination Agreement dated September 30, 2015 among the Company, SSRI and certain other parties; the Company's ability to attract and retain skilled staff; the Chinchillas project development schedule; the exchange rates of the Canadian dollar and United States dollar to the Argentina peso; market competition; ongoing relations with impacted communities; and general business and economic conditions.

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 the transactions contemplated by the Business Combination Agreement; 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, including as recommended in the Chinchillas Mineral Resource Estimate; 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 project 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; and risks related to the Chinchillas project 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 drill results from the Chinchillas project 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 other than as required under applicable law.

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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