Vancouver, BC / TNW-Accesswire / October 27, 2015 / Golden Arrow Resources Corporation (TSX-V: GRG, FRA: GAC (WKN: A0B6XQ), "Golden Arrow" or the "Company") is pleased to announce that the Phase 5 drill program is currently underway at the Chinchillas Silver Project in Jujuy Province Argentina. The program was jointly developed by Golden Arrow and Silver Standard Inc., (TSX-SSO; NASDAQ-SSRI, "Silver Standard") as part of the pre-development activity period of Golden Arrow's business combination agreement with Silver Standard as announced on October 1st, 2015. The purpose of this activity is to advance the Chinchillas project and evaluate a business arrangement that will see Silver Standard's Pirquitas Mine and the Chinchillas project combined into a 75% (Silver Standard) 25% (Golden Arrow) jointly owned mining operation.
"We are excited to continue to advance Chinchillas towards production. This drill program will allow the companies to evaluate the synergies of a combined Chinchillas / Pirquitas mining operation, maximizing the value of existing infrastructure at Pirquitas with the resources at Chinchillas." commented Brian McEwen, Golden Arrow's Vice President of Exploration and Development.
Two diamond drills are operating at site and a third drill will be mobilized to site this week. The priority drilling is infill to upgrade mineral resources and geotechnical holes to define high wall angles in the pit and is expected to be complete by the end of November. The program will also include drilling holes for hydrogeology, metallurgy, condemnation and exploration which is expected to be complete by Q1 2016. The drilling will bring the project to a pre-feasibility level in order to complete the proper engineering studies for optimal potential development. The estimated budget for the pre-development activities is US$12.6 million.
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.
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 main focus is on advancing the flagship Chinchillas Silver Project located in Jujuy, Argentina. 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, President and CEO
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Certain information contained in this news release constitutes "forward-looking statements", concerning the business, operations and financial performance and condition of.
Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to".
Forward looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Golden Arrow to be materially different from those expressed or implied by such forward-looking statements. Golden Arrow believes that the expectations reflected in this forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information included in this press release should not be unduly relied upon. This information speaks only as of the date of this news release. In particular, this release may contain forward-looking information pertaining to the following: the likelihood of completing and benefits to be derived from the Arrangement; potential to reduce capital at Chinchillas, financial returns to shareholders, the Benefits of the Transaction; the closing of the Transaction, the exercise of the option by Silver Standard and the receipt of the necessary shareholder and other approvals.
There can be no assurance that such statements will prove to be accurate and may differ materially from those anticipated in this forward looking information. Accordingly, readers should not place undue reliance on forward-looking statements. These factors are not, and should not be construed as being, exhaustive. Statements relating to "mineral resources" are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions that the mineral reserves and mineral resources described can be profitably produced in the future. The forward-looking information contained in this press release is expressly qualified by this cautionary statement. Golden Arrow does not undertake any obligation to publicly update or revise any forward-looking information after the date of this news release to conform such information to actual results or to changes in their respective expectations except as otherwise required by applicable legislation.
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