Golden Arrow Resources Corporation (TSX-V: GRG, FRA: GAC (WKN: A0B6XQ), "Golden Arrow" or the "Company") announces that in adjusting the Company's strategy under current market conditions, and for the next phase of the development and advancement of the Chinchillas Silver Project, the Company has enacted a program to review and restructure the management team. In this light, the Employment Agreement with Mr. Carlos Fernandez will not be renewed. Accordingly, the Company will not be proceeding with the previously announced private placement and loan (see news release dated May 3, 2013). The Company wishes Mr. Fernandez well in his future endeavours. In the interim, Mr. Joseph Grosso, the Company's Executive Chairman, will act as President & CEO.
While the status of the current economy persists and calls for management to implement a conservative approach toward corporate expenditures, the technical team will continue with the advancement of the Chinchillas project. This includes further metallurgical testing, an internal Preliminary Economic Assessment and an exploration program aimed at upgrading and expanding the current resources.
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 core focus is on advancing the flagship Chinchillas Silver Project located in Jujuy, Argentina. Golden Arrow has a strong treasury which will allow the company to advance its Chinchillas Silver Project. Golden Arrow will continue to execute its strategy to leverage the Company's exploration exposure by attracting partners to fund work on its other high quality mineral projects. 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
Mr. Joseph Grosso, Executive Chairman
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This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. 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.