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Golden Arrow Agrees to Repurchase Common Shares

November 29, 2012

Golden Arrow Resources Corporation (TSX-V: GRG, FRA: GAC (WKN: A0B6XQ), the "Company" or "Golden Arrow") announced today that it has entered into a Share Sale and Purchase Agreement with one shareholder to repurchase for cancellation 8,047,000 of its common shares ("Shares") at a price of $0.30 per Share, representing 14.56% of the Company's issued and outstanding Shares. The Company shall pay to the selling shareholder an aggregate purchase price of $2,414,100. The Company has obtained an independent fairness opinion, confirming that the proposed transaction is fair. Following completion of the repurchase and cancellation of the Shares, the Company will have 47,216,655 issued and outstanding shares.

The Company has agreed to the repurchase because the 8,047,000 Shares are held by one shareholder, and the Company believes that the repurchase of the Shares is in the best interests of the Company. The Company believes that the purchase of these Shares for cancellation will increase the proportionate interest of, and be advantageous to, all remaining shareholders. The Company has received conditional approval from the TSX Venture Exchange, but the closing of the transaction is subject to final acceptance of the TSX Venture Exchange. The Company is also proceeding with the repurchase of a further 5,393,000 shares for cancellation, pursuant to a notice of dissent received from another shareholder.

About Golden Arrow:

Golden Arrow is a Vancouver-based explorer and prospect generator 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 will be on advancing its flagship Chinchillas Silver Project located in Jujuy, Argentina. Golden Arrow has a strong treasury which will allow the company to drill its Chinchillas Silver Project over the coming months with the aim of publishing the first NI 43-101 resource calculation on Chinchillas in the first half of 2013. 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.


"Joseph Grosso"
Mr. Joseph Grosso, Chairman, President & CEO

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.

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.


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