Golden Arrow Resources Corporation (TSX-V: GRG, FRA: GAC (WKN: A0B6XQ), "Golden Arrow" or the "Company) is pleased to announce final results for the Phase I drill program at its Chinchillas Silver Project in Jujuy, Argentina. Results for the last 4 of 27 drill holes have been received, The highlight of the final 4 holes was CGA-40 that intersected 282 g/t AgEQ* over 14 m and 83 g/t AgEQ* over 35 m. In summary, 26 of the 27 holes from the Phase I drill program contained significant mineralization.

"The entire Golden Arrow Team is extremely pleased with our Phase 1 drill program at Chinchillas. The results have been outstanding, with all of the holes at the Silver Mantos target returning significant mineral intercepts. Going forward, our immediate objectives will be to expand on our drilling success and to outline a 43-101 compliant mineral resource. The Phase 1 program has greatly enhanced the value of our Chinchillas project with a relatively modest amount of drilling and I believe that the project holds substantial exploration upside," stated Dr. Gerry Carlson, Head of Exploration.

Drilling Summary
The Company's Phase I drill program included 3,224 m of core in 27 drill holes (CGA-17 to CGA-43): 26 of the 27 holes contained significant mineralization. Two known zones were tested by the majority of the drilling: Silver Mantos (12 holes) and Socavon del Diablo (9 holes). In addition, new targets were tested by 6 holes. Full drill results are tabulated on Golden Arrow's web site (http://www.goldenarrowresources.com/assets/news/Chinchillas-Drill-Results-120723.pdf).

Table 1. Silver Mantos Target - Highlights of Drilling

Zone	HOLE	From (m)	To (m)	Length (m)	Ag (g/t)	Pb (%)	Zn (%)	Ag EQ* (g/t)
SILVER MANTOS	CGA-17	3	34	31	132	-	-	132
	CGA-18	17	37.7	20.7	163	2.47	-	214
	CGA-19	5	22	17	49	-	1.90	87
	CGA-20	23	26	3	80	0.83	-	97
	CGA-34	16	39	23	217	0.64	0.48	240
	and	44	57	13	88	-	2.32	135
	CGA-35	6	35	29	631	1.72	0.93	685
	and	39	56	17	323	-	-	323
	and	61	67	6	148	2.02	1.93	229
	and	71	73	2	246	-	-	246
	CGA-36	33	39	6	99	-	-	99
	and	65	93	28	155	1.38	-	183
	CGA-37	12	23	11	122	-	-	122
	and	31	34	3	107	-	-	107
	CGA-38	37	59	22	591	1.9	0.00	630
	CGA-39	15	44	29	515	0.68	1.18	553
	CGA-40	14	28	14	236	1.29	0.98	282
	CGA-41	27	37	10	64	0.54	1.18	99

* Silver Equivalents (AgEQ) were calculated using US$28/oz. for silver, US$0.85/lb. for lead and US$0.85/lb. for zinc. Metallurgical recoveries and net smelter returns for the purpose of this calculation are assumed to be 100%.

Table 2. Socavon del Diablo - Highlights of Drilling

Zone	HOLE	From (m)	To (m)	Length (m)	Ag (g/t)	Pb (%)	Zn (%)	Ag EQ* (g/t)
SOCAVON del DIABLO	CGA-21	2	79	77	64	1.36	3.09	155
	CGA-22	45	57	12	75	1.15	3.98	180
	CGA-23	18	29	11	47	0.86	1.10	87
	CGA-24	25	32	7	42	1.14	4.22	152
	CGA-25	0	36	36	64	0.60	0.97	96
	CGA-26	66	72	6	86	1.73	4.09	205
	CGA-27	23	38	15	34	0.83	2.18	96
	and	75	95	20	100	2.27	2.36	195
	CGA-42	4	6	2	65	1.6	1.80	135
Charge Sur	CGA-28	139	173	34	79	0.76	0.82	111
	CGA-29	69	72	3	113	-	1.89	152
Labor 4	CGA-32	10	25	15	218	-	-	218
Contacto Sur	CGA-33	4	30	26	46	0.73	2.73	117

Silver Mantos
Silver Mantos zone is currently defined by 16 drill holes (12 completed by Golden Arrow) that tested an area of approximately 6 ha (300 m x 300 m). Mineralization is disseminated in two or more flat lying layers composed of strongly clay altered volcanic tuffs and breccias.

The mineralization at Silver Mantos occurs between surface and 90 m depth and is open to expansion in all directions. There are two and locally three mineralized layers or mantos ranging between 2 and 48 m thick, averaging 12 m in thickness. The silver is thought to occur mostly in the silver sulphosalts, boulangerite and tetrahedrite, that occur disseminated with galena and sphalerite in the volcanic tuffs. Two mineralized drill holes on the margins of the volcanic basin suggest the potential to greatly expand Silver Mantos area. CGA-32 is located 160 m west of Silver Mantos at Labour 4 and intersected four mineralized layers including 218 g/t Ag over 15 m. CGA-33, located 100 m south of Silver Mantos at Contact Sur, cut 26 m at 116 g/t AgEQ*. There is good potential for continuity between mineralization at Silver Mantos and exploratory drill holes.

Socavon del Diablo
At Socavon del Diablo, 12 drill holes (9 by Golden Arrow), have defined a mineralized area of approximately 3.5 hectares (250 m by 150 m). Drill holes are between 30 m and 70 m apart. Mineralization includes manto-style within favourable shallow dipping volcanic tuff horizons and crosscutting feeder structures and hydrothermal breccias. All nine drill holes intersected significant near surface mineralization, with thicknesses between 2 m and 77 m. Within the zone there are typically between two and four mineralized layers, averaging approximately 12 m thick. Grades for the mineralized intercepts average approximately 52 g/t silver and 1.7% zinc. Lead is somewhat less consistent, but locally contributes significant value. High grade intervals occur, with individual one meter samples grading up to 485 g/t Ag, 11.1% Pb and 8.5% Zn. The Socavon del Diablo target is open to expansion and future drilling will concentrate on extending this favorable area and targeting feeder zones.

New Target Area - Charge Sur
At Charge Sur (previously called Chinchillas target) in the area of the historic Chinchillas mine workings, two drill holes (CGA28 and CGA29) targeted an east-west structural zone below the old workings, with a coincident chargeability geophysical anomaly. Both holes intersected large intervals of breccia with sulphide matrix and corresponding silver-lead-zinc mineralization (see press release July 5, 2012). The two drill holes are spaced 150m apart and this new zone has significant potential to add to a future Chinchillas resource.

Future Work.
Golden Arrow plans to focus future work on expanding the known mineralization and drilling untested targets in a Phase II drill program.

Chinchillas Project
The Chinchillas project is located in the prolific Bolivian silver-zinc-tin belt which extends into northern Argentina. Golden Arrow has the option to earn a 100% interest in the Chinchillas (details in GRG News Release dated August 3rd, 2011). The Company believes that Chinchillas has the potential to host a large silver-zinc-lead deposit. Chinchillas is a Tertiary aged maar diatreme volcanic complex that has erupted through the Paleozoic basement schists. The resulting depression or basin, filled with volcanic breccias and tuffs is approximately 1.5km in diameter. Mineralization occurs within the basin, hosted in favorable volcanic tuff units, hydrothermal breccias and along faults and structural zones as well as on the margins of the basin within footwall schists and across the schist volcanic contacts. The mineralization occurs mostly as disseminations, veinlets and matrix filling. The Chinchillas project geology is most similar to the San Cristobal Mine in Bolivia where low grade Ag-Zn-Pb mineralization is mined from an open pit within a similar diatreme breccia environment. San Cristobal mine has estimated reserves (June 30, 2011) of 285 million tonnes, grading 1.41% Zn, 0.48% Pb, and 53.0 g/t Ag or 484 million ounces of silver, 4Mt zinc and 1.3 Mt lead1.

The technical information contained in this release has been prepared by Bruce Smith, Chartered Professional MAusIMM Geologist and Golden Arrow's Exploration Manager and has been reviewed by Dr. Gerald G. Carlson, Ph.D., P.Eng., Head of Exploration for Golden Arrow, both Qualified Persons as defined in National Instrument 43-101.

Analyses of the drill core were performed by Alex Stewart Assayers, in Mendoza, Argentina, an internationally recognized assay service provider. The Company followed industry standard procedures for the work carried out on the Chinchillas Project, with a quality assurance/quality control (QA/QC) program. Blank, duplicate and international 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.

1. San Cristobal Mine reserves were obtained from the San Cristobal website http://www.minerasancristobal.com. The mine is owned and operated by Sumitomo Corporation. The reserves are believed to be reliable.

The Company intends to carry out a significant follow-up drilling program to further expand on these step out holes and to complete an initial 43-101 compliant resource estimate. The Company intends to finance this program assuming the sale of its 1% royalty on the Gualcamayo Gold Mine closes, which would result in no dilution to shareholders.

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 sale of its 1% NSR on Yamana Gold Inc.'s Gualcamayo Gold Mine to Premier Royalty for $17.75 million pending shareholder approval (details in GRG News Release dated May 24th, 2012), ongoing drilling at the advanced Chinchillas Silver project, 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

"Joseph Grosso"
_______________________________
Mr. Joseph Grosso, 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.