NEWS

PRIVATE PLACEMENT CLOSED

Private Placement Closed

-NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO OR THROUGH US NEWSWIRE SERVICES-
Golden Arrow Resources Corporation (TSX-V: GRG, FRA: GAC (WKN: A0B6XQ), "Golden Arrow" or the "Company") announces that, further to the Company's news release dated April 16, 2013, the Company has received approval from the TSX Venture Exchange to complete the loan to Mr. Carlos Fernandez Mazzi, the Company's President and CEO, to provide sufficient funds for Mr. Fernandez to purchase 750,000 Units of Golden Arrow, pursuant to a private placement, at the price of $0.30 per Unit. Each Unit consists of one common share of Golden Arrow and one non-transferable share purchase warrant. Each whole warrant will entitle Mr. Fernandez to purchase one additional common share of Golden Arrow for a period of 24 months at the price of $0.37 per common share. All securities issued are subject to a minimum four-month hold period pursuant to Canadian securities laws. The loan is non-interest bearing unless there is a default in repayment, and will be secured by a first priority charge and security interest over the Units acquired by Mr. Fernandez. 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. ON BEHALF OF THE BOARD        "Joseph Grosso" _______________________________ Mr. Joseph Grosso, Executive Chairman 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. The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.