Golden Arrow Resources Corporation (TSX-V: GRG, FRA: GAC (WKN: A0B6XQ), "Golden Arrow" or the "Company") is pleased to announce that the annual general and special meeting of the shareholders of Golden Arrow (the "Meeting") was held yesterday with over 66% of the shares of Golden Arrow represented in person or by proxy at the Meeting.
The Company is pleased to announce all resolutions received overwhelming support from its shareholders at the Meeting.
The Company is proceeding to close the sale of the 1% net smelter returns royalty over the production from the Gualcamayo gold mine, located in San Juan, Argentina, to Premier Royalty Corporation in exchange for consideration of CAD$17.75 million. Completion of the royalty sale transaction is anticipated to occur on or about September 30th, 2012, and will provide the Company with the means to fund its primary objective of advancing the Chinchillas property.
The Company is in the process of validating dissent notices received from two shareholders representing an aggregate of 13,440,000 shares. Subject to compliance with applicable laws, these dissenting shareholders will be entitled to receive the fair value of such shares as of September 10th, 2012.
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 Company is well positioned for growth of shareholder value with the pending close of the sale of its 1% NSR on Yamana Gold Inc.'s Gualcamayo Gold Mine to Premier Royalty for $17.75 million. The Company also has an attractive portfolio of highly prospective exploration projects and a pipeline of new opportunities under review. Golden Arrow will continue to execute its strategy to leverage the Company's exploration exposure by attracting partners to fund work on its portfolio of 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, President & CEO
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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 anticipated timing of completion of the royalty sale transaction, the expected use of proceeds from the royalty sale transaction and the potential outcome of any dissident proceedings which may occur. 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.